LendingTree is a loan marketplace that connects borrowers with lenders across the country. Rather than going to different lenders on your own, the LendingTree website asks you a few questions and looks through its database of 500 lenders in every state to find the best one for you based on your credit history and needs. They also help customers compare credit cards, auto loans, business stimulus loan, debt consolidation services, personal loans, student loans, insurance providers, and more, so they can find the best deal for their needs.
Let’s find out more about the company and why you might want to use them to look for a home loan.
What Does LendingTree Do?
They connect lenders with people who want home loan financing, credit cards, insurance, and more. You don’t have to do all the work to find a good deal by shopping around. At one point, LendingTree made their own home loans, but now they’re back to their matchmaking business, which they used to do. LendingTree doesn’t make any loans, and they aren’t a lender for mortgages, either. Many people don’t know what LendingTree does because they sound like a mortgage lender, but they’re actually a lead generator and a lender for other mortgage lenders. In other words, they don’t start or write your mortgage. Rather, they put you in touch with mortgage lenders in their network, and they get paid for this service simultaneously.
How It Works
When you go to their website, you fill out a form with your personal and property information. They then pull your credit and send your lead to lenders in their partner network.
- Lenders call you and give you loan rates and options.
- Make sure you compare, haggle, and apply for your loan with the lender of your choice before you do it all.
- A service called LendingTree lets you compare prices on things like mortgages and credit cards, and debt consolidation.
- They help speed things up by asking you to give basic information to their lender partners right away, instead of you having to contact each one and give them the same information again and again.
When they have all the information they need and your permission to sell your lead to their partners, they’ll pull your credit information. This soft pull won’t hurt your credit score or be seen by anyone but you. Within minutes, many lenders will be contacting you with personalized loan offers, and LendingTree will send you emails about these loans.
If you are looking for more information on credit lenders and more, stay tuned to Simply Business Loan.
