All About LendingTree's Home Loan Marketplace | Credit Shout
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All About LendingTree’s Home Loan Marketplace

all about lendingtree home loan marketplace

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You've probably seen commercials for LendingTree, an online lending marketplace that connects borrowers to lenders and banks. Since its start in 1998, LendingTree has become one of the largest marketplaces to compare rates and lenders for home loans, including mortgages, mortgage refinance loans, home equity loans and reverse mortgages. The idea is simple: make it easy for you to review competing offers to save money on your biggest expenses.

After all, who doesn't want to save money?​

How LendingTree Works

LendingTree is not a lender. Instead, it matches consumers with banks, credit unions, small companies, and individual investors who provide home loans, equity loans, and refinance loans. To start, all you need to do is provide LendingTree with some basic information.

After you apply through LendingTree's website, you will be given up to five offers to compare. And none of this costs you any money. LendingTree gets paid by collecting a fee from a matched lender when you follow through with it.

Since its start, online competition has certainly increased. LendingTree is now joined by more than one dozen competitors, all of which connect you with mortgage and home equity loan providers who compete to give you the best offer.

However, LendingTree remains one of the largest and best providers in the online home loan marketplace. So, if you are planning to get a new mortgage, equity loan, or refi loan in the near future, here is your chance to find out how LendingTree works and what to expect from the experience.

Even if you are not ready to request quotes just yet, you can also browse live rates being offered to other LendingTree users in your area.

browse home loan rates

Screenshot from on 7/19/2016 at 7:19 am

While the rates shown using this feature will not be tailored to you, they will give you an idea of what you can expect when you apply.

Types of Home Loans

LendingTree offers all popular home loan products:

  • Home purchase loans
  • VA loans
  • FHA loans
  • Reverse mortgages
  • Home equity loans
  • Refinance loans
  • Home construction loan

What to Expect from the Application Process

Getting started with LendingTree is painless. Simply create a free profile and answer basic questions, including your estimated credit rating, employment, pre-tax income, personal identification, and loan amount.

From there, you receive nearly instant offers from lenders.

Quotes provided include the lender's name along with the loan amount, APR, term, estimated monthly payments, and contact information.

You then can choose to request additional information from lenders, or apply for an offer by providing additional information.

As you compare loan offers, you can check lender reviews and use LendingTree's Mortgage Negotiator tool to compare a Good Faith Estimate (GFE) against hundreds of offers to secure the best deal on your loan.

Who are the Lenders?

LendingTree's network of lenders includes major banks as well as companies, investors, and credit unions.

In the past, you didn't know much about who was offering you a loan unless it was a recognizable financial institution. Since 2009, however, LendingTree has allowed customers to leave reviews of the lenders in their network to increase trust.

LendingTree currently lists more than one thousand lenders with customer reviews including:

  • Capital One Home Loans
  • Discover Home Loans
  • Wells Fargo Home Mortgage
  • HomePlus Mortgage
  • Americash
  • Quicken Loans
  • Huntington National Bank
  • SoFi

Are There Any Drawbacks?

The biggest drawback to LendingTree is that you will receive a lot of offers.

While this may sound like a great thing, consider that you will be flooded with phone calls and emails from dozens of lenders almost immediately after requesting quotes. There is no way to stop the influx of offers from lenders who are trying to follow up a lead.

When you reach out to the lender of your choice, the pushy approach may continue. Some people report follow-up calls and emails persisting for months, even after they decide to go forward with another lender.

And, if you have bad credit, LendingTree may not be the best choice. According to reviews, you will mostly receive offers for mortgages from small companies or independent investors who are pushy and charge higher rates.

Is LendingTree the Best Choice for Your Next Home Loan?

If you want a one-stop mortgage shopping experience and you have good to excellent credit, LendingTree offers an easy way to get multiple loan offers from many types of lenders.

The system isn't perfect, though. Many users report being unable to stop lenders from calling and emailing them after they submit their information to LendingTree. Despite this, LendingTree has survived for more than two decades for a reason: it offers an easy way to receive and compare hundreds of mortgage offers without doing all the legwork yourself.

Compare Rates Today

The LendingTree online marketplace provides you the opportunity to have lenders compete to finance your home loan. By comparing multiple offers, in one place you can save time and money.

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Editorial Discloser: Opinions expressed here are authors alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.