As a professional in this business, I highly recommend YOU search for a loan officer you feel you can trust. I did not say "rate shop." In today's volatile mortgage market, rates are fluctuating 3-4 times a day. You need to find a professional that will take time to get to know who you are, what you need and what your goals are. Someone that will take that much time to discover YOU will also provide you with the best programs and options. Because they have taken the extra time to determine what you need, they are much better equipped to advise you. A "rate quoter" is a loan officer to avoid as that is the only way they feel they can earn your business. This typically creates a situation in which a loan officer will over promise and most certainly under-deliver simply because they are shooting in the wind hoping they hit the target. A true professional will take the time to help you determine what your goals are and will then hit the target every time, usually under-promising and over-delivering. Ask any Real Estate Professional... you want that professional that underpromises and overdelivers!
Hope that helps!
Hope this helps!
I worked for LendingTree, and there are two divisions.
LendingTree sells your information to 4 lenders.
LendingTree Loans on the other hand will finance your loan directly with their dba HomeLoanCenter or LendingTree Loans.
I worked with the LendingTree Loans (LTL) division. They work with a few lenders like Citimortgage, Countrywide, Chase, and some others. They will give you 4 quotes including home from HomeLoan Center (HLC). They will try to have you fund your loan through HLC, and usually HLC gives the better rate.
The rates that are quoted from the other lenders ARE NOT the actual rates from these lenders.
They also ask for a 600 upfront deposit which is very high!
I would recommend that you try a broker instead of paying for a higher rate, and more costs.
I was one of the original Lending Tree participants. Back when they had the TV commercial with several mortgage people lined up outside the consumer couple's bedroom! Yes, I'm OLD! This goes back to 2000. Lending Tree back then was a lead-generation website where I would pay a fee to obtain leads from the website. Often I found myself competing in my local market with knucklehead mortgage "offers" from States hundreds of miles away, from Loan Officers with ZERO knowledge of local customs, laws, and regulations and closing costs.
I don't know how Lending Tree operates today, but from the responses I see below, looks like it's a similar model to my experience 12 years ago.
Here's my advice to you when it comes to buying your home:
Get a referral to a Local Mortgage Banker. Mortgage Bankers in your community will provide you with a much higher quality of service and financing options than any "Big Bank." Local Mortgage Bankers have long been the source of excellent financing options for homebuyers. Further, Loan Originators who work at Mortgage Banks are LICENSED whereas Loan Originators who work for the "Big Banks" are only REGISTERED. There's a BIG difference.
Sit down face to face with your Mortgage Banker to be thoroughly prequalified. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Consumers have been led to believe---thanks to huge advertising budgets with the BIG BANKS---that they should go to their bank for a mortgage loan. This is the WORST place to get assistance with the BIGGEST PURCHASE of your life! These BIG BANKS are basically BIG CORPORATIONS. You're a number, at best. With a Local Mortgage Banker you will be treated like a friend and a client for life. You can't imagine the high quality of personalized service you will receive from a Mortgage Banker until you try.
As to price---rate and fees---competitive if not better than the BIG BANKS. IT'S NOT ABOUT PRICE/RATE WHEN YOU'RE BUYING A HOME! IT'S ABOUT SERVICE!!!
You can verify the License of any Licensed Mortgage Loan Originator at nmls.consumeraccess.org
Proud Mortgage Banker Since 1989
lenders use to capture an unsuspecting borrower.
And for this individual to state the rest of us were wrong.....
It still goes to the issue of who you can trust, you were referred to by friend or family, and doing your home- work, and keeping your own council.
I agree that you should shop, get written good faith estimates, and compare. Don't
be afraid to ask questions.
And once you have a committment, it's important for the loan to be funded on time to meet your
closing deadlines. Stay local.
A good referral source could be your accountant, friend, financial planner etc. Hopefully, a professional referral will send you in the direction of a person who is ethical, and legitimate. With Lending Tree you get a person who is willing to pay for their leads and that speaks nothing of their character just their pocketbook.
The key is understanding the mortgage industry and it's process. Check out my website for more information.
I recommend that buyers apply for a loan with a local loan officer that has been recomended to them by freinds that have used them and been happy with their service. Come in armed with quotes and they will often be able to match them or tell you why it may be a loan that you are not wanting (an adjustable with a teaser rate or something).
I have nothing directly against lending tree, just the type of process.
I always advise my clients to shop for their loans. What may seem to be a good deal on the surface can add up in fees and delays. Please shop around and compare line item for line item. Feel free to search without obligation or signing in at http://www.queencitygal.com