Is LendingTree Legit? Can They Find the Cheapest Mortgage?

Buying a home usually means taking out a mortgage. And searching for a perfect deal can be stressful and time-consuming.

However, online platforms such as LendingTree make this process much easier. The purpose of this website is to find the best possible loan offers for its users.

But is it possible to solve such a big problem in such a simple fashion? That’s what makes many people skeptical about this system. Let’s find out if LendingTree is legitimate.

Is LendingTree Legit?

LendingTree is legit as it gets. It has been around for more than 20 years and has had over 100 million users.

Is it a lending company? No, it isn’t. It’s only a marketplace where borrowers find lenders willing to loan them cash.

This system of individual lenders and borrowers may seem a bit suspicious. But there’s no need to worry because the platform is completely safe. The website will protect all your personal and sensitive information with first-rate encryption methods.

That means that nobody can hack or see any transaction. However, it’s always good to check whether you’re on the right website. You can do that by clicking on the lock or key icon next to the search bar.

Can Lendingtree Find the Cheapest Mortgage?

LendingTree’s system should provide the best possible offers. However, does it deliver every time? Well, it depends.

The problem here is that not all mortgage brokers are on the platform. So, there might be better offers somewhere out there. That said, not everybody has time to go through all possible home loan offers offline. You need to make dozens of calls, fill countless documents, and wait a long time for a response.

On the other hand, LendingTree allows you to skip this step. You’ll only fill out a simple questionnaire, and the website will come up with the best available offers. You’ll get a plethora of options right at your fingertips.

You might find the cheapest mortgage outside the platform. But who knows how many weeks or months will pass.

How Does Lending Tree Work?

The platform has a bunch of lenders in one place, and they compete with each other to offer you the best possible loan. Thus, you can often find cheaper and better loan then anywhere else.

Here’s how the entire process works:

You answer a set of questions, mainly about the type of loan that you’re interested in and how you will use it.
The platform transfers your request to suitable lenders.
You receive offers, and you compare them.
You choose whether you want to contact a lender directly to renegotiate the terms further. Alternatively, you can just accept and apply online.
You wait for the other side to confirm the deal, and you get your money shortly.

Using the platform is entirely free for borrowers, but lenders have to pay. That’s because LendingTree sends their offers to potential borrowers. The interest rates will depend on your credit score and your lender.

Lenders typically require a credit score of 640 or above. You can find lenders who are willing to accept lower credit scores, albeit with higher interest rates. However, there’s no need to worry about LendingTree hurting your credit.

The company offers student loans, auto loans, personal loans, and others. Don’t worry, some lenders provide home mortgage and refinancing, too. However, there’s still a question over those mortgage deals.

Legit and Useful

LendingTree is one of the most convenient and secure platforms for finding a suitable loan.

It can find you a cheap mortgage, but maybe not the cheapest possible. However, if you’re lucky, you’ll find a bargain offer and compensate for the higher fee with the time you’ll save.

On top of everything, the platform is entirely free. So even if you have your doubts, you can still try it out.

Have you got any experience with online platforms such as LendingTree? Do you prefer it over searching for offers offline? Leave a comment below and let us know.