I wouldn't waste your time on lending tree. The most important factor in my opinion is that you work with someone local and reputable. That could be a broker or a bank. Interview one of each and select the one you feel most comfortable with (note: this is not always the one with the lower rate). A good lender will have knowledge of the local market, a good reputation (get referrals from friends,family,or your agent) and will offer competive rates and fees.
You never know what you will get on L-tree, and with a purchase you don't really want to chance things. "When banks compete, you win" is not really the truth. When it comes down to it and you are sitting at the closing table it doesnt matter what you were quoted. You'll have to suck it up and close anyway. When you work with someone reputable you decrease your chances of surprises at closing because good lenders tend to do a good job of estimating your total cost.
Best of luck!
Mortgage broker could offer more types of loans than just a lender with only one or two opp's for you
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
As for Lending Tree, you will get offers from several different lenders/brokers. They could be from anywhere in the U.S. And, they don't always offer the best deals.
Choose a mortgage broker you trust and can have a good relationship with. One of my lenders closed this week(see: http://www.trulia.com/blog/david_chamberlain/2009/02/barclay ), if your loan was with that lender you would be out of luck but because I am a mortgage broker I immediately started working on getting another lender. Because I did not have enough time to close with a new lender I called the Realtor and started working on getting the contract extended.
Obviously banks and lenders don't close down all of the time but I wasn't limited to only working with that lender.
My best advice for you is to shop around, When speaking with any lender/bank always request a "good faith estimate" that explains in writing the program and closing cost fees.
Best of luck!!
The only thing I can add to what has already been said is to be careful with online companies like lending tree. They simply take your information and send it to several banks/brokers. The problem here is that all of these lenders pull your credit report and eveytime that your report is pulled your score goes down a little. Find a bank or broker that will pull your credit and then get a copy of it to shop around. Best of Luck!
Judy is right on the mark......our recommendation is to get out there and find out about the best programs and rates for you.
Finding a funding source is a lot like finding a home with many possibilities to consider. Our best advice is to become as informed as possible about this process from each source before making a decision.
When speaking with an agent always request a "good faith estimate" that explains in writing what they have quoted you for rate and program.
I want to disclose that I am a Realtor and can only provide opinions and suggestions about financing.
My OPINION is that you should talk to a mortgage broker AND individual banks, mortgage companies and credit unions. In essence, you should go mortgage "shopping".
My SUGGESTION is that you ask for a list of fees and closing costs. In some cases, a mortgage broker can find you the best rates and terms, but you will be charged a "brokerage fee".
No matter who you speak with, you should feel comfortable, relaxed and that all of your questions are being answered to your satisfaction. I can provide you with some names in your area if you'd like.
As for internet companies, I urge you to remember, "IF IT'S TOO GOOD TO BE TRUE, IT PROBABLY IS!"
BEST OF LUCK!!!