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Wednesday, June 23rd
LendingTree is one of a small number of services we evaluated that allow you to receive and compare quotes from multiple lenders. That means that your mortgage refinancing won't actually be funded by LendingTree itself, and you'll still have to go through all of the application steps required by the lending partner you select from the quotes you get. (In fact, some of their lenders are included in our reviews here!)
Enter Your Information
To begin, select "refinance" as the purpose of your loan and then provide the information requested at each step:
Generic Results List
If you decide not to provide LendingTree with the information they need to verify who you are, you'll get a generic results list showing "today's mortgage rates" and no specific offers. Our results showed rates from NBKC Bank and RockBottom Mortgage LLC.
Matched With Up To 5 Lenders
If you opt to get quotes tailored to your situation (specific to your credit score, residence, and so on), you'll be matched with up to 5 lenders in the LendingTree network - but their disclosures say that they aren't necessarily the best ones available to you. Why not? The compensation that LendingTree receives "may impact how and where products appear on this site". In other words, if they'll make more money for referring you to one bank or lender than another, chances are good that you'll see those partners first.
See What Other Customers Have Said
You can see for yourself what other clients have said about each of the lenders from whom you receive offers. Just because LendingTree is making money from their partners doesn't mean you won't still get a great deal on your mortgage refinancing. Just do your due diligence before you sign on any dotted lines.
Customer Feedback Is Mixed
LendingTree has an "A+" rating and accreditation with the Better Business Bureau. That's a good sign. Customer feedback is mixed, however. Because LendingTree works by matching you with other companies for your refi, it should come as no surprise that you'll be consenting to have your contact information passed along within their network. The vast majority of the 200+ complaints received by the BBB center around the numerous calls, texts and emails that people got after using the LendingTree platform.
Overall, this is a trustworthy resource to use if you want to get an idea of what various lenders might offer on your mortgage refinancing. Providing LendingTree with your personal details could land you on some mailing/phone lists that are hard to get out of, but it won't impact your credit score to make the inquiry. But, because you'll still have to work with a lender directly - and vet them individually, check their rates and fees, and so on - this site only serves as a first step towards your refi.
While it might be tempting to go with a local mortgage broker or even your community bank, you're not likely to get the lowest rates or ideal terms that way. Why? They usually work with their preferred partners instead of negotiating or "comparison shopping" to get you the best deal. You're paying for convenience and familiarity, but that's it. Fortunately, there are many reputable online lenders that make it quick and easy to get low rates and great terms, all from your laptop or even your mobile phone!
With interest rates at historic lows, it's worth your while to consider mortgage refinancing. Whether you want to shave years off your current mortgage and lower your interest rate or get cash out from your established equity, there's no better time than now. Using an online lender lets you compare rates, complete the application, and finish the entire process without ever leaving home: some services send a mobile notary to you for the final steps of signing the paperwork! Otherwise, you can often choose a local title company if you prefer to go the more traditional route.
Not all online mortgage refinancing providers work the same. While some operate more like a regular bank, funding your loan themselves, others act as a referral service so that you can compare rates and offers from multiple lenders at once. Whichever site you choose, don't be afraid to take the quote you receive and ask other lenders to compete for your business! Some of the fees charged in the refi process are negotiable, so why not see who can give you the absolute best loan terms?
As you start the process of refinancing your mortgage, keep in mind the following criteria for each lender or service you're considering:
TopConsumerReviews.com has reviewed and ranked the best services for mortgage refinancing available today. We hope this information saves you money by helping you find the best rates and terms when you refinance your mortgage!
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