Lending Tree

saveuplife
saveuplife Posts: 1,173
edited August 2008 in All Encompassing Trip
Anyone ever use this service? If so, go well?

My wife and I are buying a house, but it's so tough to know what all this mortgage lingo means. UGH.
Post edited by Unknown User on

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  • vduboise
    vduboise Posts: 1,937
    saveuplife wrote:
    Anyone ever use this service? If so, go well?

    My wife and I are buying a house, but it's so tough to know what all this mortgage lingo means. UGH.

    I've used and did not have a good result. I ended up going with someone else. Getting a good lawyer is just a thought. Ours helped us understand all the small print. And also told us what we should look for in the mortgage contract.
  • saveuplife
    saveuplife Posts: 1,173
    Uh Oh. Well, atleast we didn't go with them yet.
  • vduboise
    vduboise Posts: 1,937
    saveuplife wrote:
    Uh Oh. Well, atleast we didn't go with them yet.
    I've talked with several mortgage companies and realtors- they all say to shop around. The major banks may be hurting, but they are still a better bet. I've gotten a good rate with Wamu.
  • saveuplife
    saveuplife Posts: 1,173
    vduboise wrote:
    I've talked with several mortgage companies and realtors- they all say to shop around. The major banks may be hurting, but they are still a better bet. I've gotten a good rate with Wamu.


    Thing is, lending tree showed me that Chase (fairly big bank) is willing to give me a pretty damn good deal. I don't know, but it looked good. I figured there may be a catch, so that's why I posted.

    I appreciate the input. I will look more closely at the fine print when it becomes available.
  • juliefer
    juliefer New Westminster, BC Posts: 401
    I don't know if works the same in the US, but in Canada you get a mortgage broker and they find the best rate and all that and you don't pay them, they get paid by the company who you're getting your mortgage through.
  • saveuplife
    saveuplife Posts: 1,173
    juliefer wrote:
    I don't know if works the same in the US, but in Canada you get a mortgage broker and they find the best rate and all that and you don't pay them, they get paid by the company who you're getting your mortgage through.


    We can do that too. It's tough to know where to start. We only have 8 days! :(
  • vduboise
    vduboise Posts: 1,937
    saveuplife wrote:
    We can do that too. It's tough to know where to start. We only have 8 days! :(
    8 days make an offer on a house? That's cutting it a bit close- sometimes it takes 1-2 months to finalize on a mortgage. My friend waited 4 months before the other persons bank would finalize the paperwork.

    Your best bet is going to Chase, since Lending Tree showed them, and seeing if the rate was a good one or if it was just through Lending Tree.
    good luck!
  • riffrandall
    riffrandall Posts: 685
    If you have decent credit, go with somewhere else besides Lending Tree. Every time I've shopped around, Lending Tree has always come back with the highest interest rates around.
    "If you're looking for someone to pull you out of that ditch, you're out of luck."
  • wolfbear
    wolfbear Posts: 3,965
    I used them through Costco. I didn't know it was Lending Tree at the time but got offers quickly. We ended up with a good deal. All four of our quotes were from large banks. I'd try them for sure as there is no obligation. :)
    "I'd rather be with an animal." "Those that can be trusted can change their mind." "The in between is mine." "If I don't lose control, explore and not explode, a preternatural other plane with the power to maintain." "Yeh this is living." "Life is what you make it."
  • Lostdoggie
    Lostdoggie Posts: 257
    The way Lending Tree works is they take your information and then sell it to banks and brokers. They say they sell it to 4 different institutions, and who knows if it's true.

    What can happen though is one of those 4 institutions will take your info and sell it again to whoever will buy it, so you could have 20 brokers hounding you for your business. I would stay away and go to a local broker or bank.
    Sometimes life don't leave you alone

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