Does Lending Tree really have the best mortgages available?
I need to refinance my house and I'm confused about which bank to go with.
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If you're interested you could look into hard money lending. There is a great website out there, http://www.pitbullmortgageschool.com . You should check them out.
The short answer is NO. Lending tree is not a bank. It's simply a lead generation service for mortgage brokers. Once they have your contact information they sell your name to 3 or 4 mortgage brokers who will contact you and attempt to extract as much commission from your transaction as legally possible.
The best course to follow is this – if you have good credit, or equity in your home, or good income or 3-6 months of mortgage payments saved – go to your local bank and get your mortgage. You'll get the best rate and lowest closing costs. There is nothing that prevents you from shopping 3 or 4 reputable local banks on your own. Get an idea of what local and national rates are by reading bankrate.com.
If you have issues with credit, equity in your home, income, etc, then by all means use local mortgage broker. Shop 2 or 3 and tell them when you sit down with them that you're going to shop others for rate and fees. Don't let them discourage you from shopping by saying multiple inquiries will lower your credit score. If its done within 30 days and its for the same purpose (mortgage) you won't have anything to worry about.
Good luck. I hope this information empowers you.
Lending Tree is an on-line mortgage broker, not an actual lender.