LendingTree is an online loan marketplace for, among other financial needs, finding a home equity loan. Since opening its doors 25 years ago, LendingTree has helped more than 100 million customers find more than 50 billion in loans. In this review, we’ll dig into the details to help you understand what LendingTree offers. We’ll also take a look at what customers think in LendingTree customer reviews.
Pros and Cons of LendingTree
- Get up to 5 free quotes in minutes
- No minimum credit score
- Simple online application process
- Not a direct lender
- May receive solicitation calls
What Does LendingTree Offer?
While LendingTree itself doesn’t directly provide home equity loans, it does help people find and compare rates from multiple lenders. As a loan marketplace, it offers you the ability to comparison shop without having to do extra work.
After you complete a brief online application, LendingTree finds up to 5 quotes from different lenders based on your situation and needs. Then, compare those quotes and pick the right option for you. Of course, there’s no obligation to proceed with any of the offers LendingTree finds. So, there’s no pressure.
What To Expect on the Site
In order to get your custom quotes, you just need to provide some very basic information to LendingTree, including your:
- Home Value
- Mortgage Balance
- Credit Score
Once you complete the application and click “Refresh Rates,” LendingTree shows you personalized quotes from several lenders that suit your situation. Each option includes key information you’ll want to compare: the loan’s lender, APR, and monthly payment.
If you want to further compare rates, then use LendingTree’s rates table. It details average weekly mortgage rates based on data provided by S&P Global Market Intelligence. You can even use LendingTree to see how much you stand to save over the life of your loan by comparing the most and least competitive rates offered in a given metropolitan area.
Additionally, LendingTree’s website has plenty of educational resources. For instance, its Home Affordability and Refinance Calculators can help you make informed decisions about your finances.
LendingTree is free for borrowers to use. Instead, the company receives compensation from lenders whose offers appear on LendingTree’s marketplace. However, while it doesn’t cost you any money, one thing to keep in mind is that giving contact information to lenders found through LendingTree permits those lenders to contact you.
The ultimate cost of your home equity loan (in the form of terms and interest rates) will vary by lender. Terms and interest rates are influenced by factors like your credit score, your home’s location, and its value.
What People Are Saying About LendingTree
As of June 2021, LendingTree has an excellent Trustpilot rating. In sum, it has a rating of 4.5 out of 5 stars based on LendingTree reviews from more than 9,000 customers:
- 81% of customer reviews give it 5 out of 5 stars
- 92% of customer reviews give it at least 4 out of 5 stars
Customers especially appreciate LendingTree’s quick and efficient service.
The Bottom Line
LendingTree’s dedication to getting free quotes from several lenders in order to help you compare options makes it a great first step in your journey. It allows you to compare multiple rates and fees without needing to complete an application on each lender’s website.
As the cherry on top, LendingTree is completely free to use. So, you can explore, find competitive rates, and start getting in contact with lenders today completely risk-free. Whether you want a home equity loan to pay for a big expense or consolidate debt, LendingTree is a handy and free resource.
For the above reasons, LendingTree is a good option to check out as you consider top home equity lenders.