Types of Loans & Products
LendingTree offers a plethora
of mortgage options including what they call conventional loans (jumbo,
conforming, sub-prime, and portfolio loans) and VA and FHA loans along with
HELOCs and home equity loans. Concerning the mortgages it offers, it’s also
worth noting that the minimum required credit score for a conventional loan is
620. Jumbo loans do not operate on predefined parameters while a portfolio loan
allows the borrower to establish their own set of rules. Finally, a sub-prime
loan is aimed at people with low credit scores, poor credit history, and less-than-average
incomes.
The minimum required credit
score for an FHA loan, which is government-insured, is 500 but there can be
certain limits depending on your area of residence. VA loans are good options
for both active and retired military personnel and require a 620 minimum credit
score. Moreover, it’s worth mentioning that LendingTree even allows you to
close your mortgage in 30 days.
When it comes to eligibility
requirements, LendingTree will take into account your credit score. Besides
that, they will pay attention to your debt-to-income ratio which means how much
you are spending on a monthly basis versus how much you will have to pay. The
maximum DTI that the company allows is usually 45%. They will also look at
whether or not you can make the required down payments. For FHA loans, this
accounts for about 3.5%. Last but not least, LendingTree will take into account
your employment history when selecting mortgage options for you. You must have
worked at the job you have now for at least two years.
Application Process
- Fill out an application form on the
website with personal and financial details;
- Your credit is pulled and all of your
info is sent to the LendingTree partners;
- The lenders that can help you will
contact you with offers;
- After comparing your options, you are
free to pick the best loan for you;
- LendingTree doesn’t provide the loans
itself but only connects you with the best offers.
Repayment Terms & Fees
When it comes to terms and
fees, these will solely depend on the particular loan offers that you will
receive from various lenders. The only thing that you can do to find out more
details about those is to actually apply for a loan with your personal and
financial info and see what offers you get. However, it’s important to know
that details like your desired loan amount, eligibility characteristics, and
credit score can drastically affect the repayment terms and the rates that you
will get.
As for fees, LendingTree does
not charge any at all. Their platform is free to use by anyone who wishes to
compare mortgage offers quickly and easily. Also, even after you have accepted
a loan offer from a lender, they will not charge any fee before the entire
process is closed.
Contact Information
You can contact LendingTree
at:
(800-813-4620)
Monday to Thursday - 8 AM to 9 PM EST
Friday - 8 AM
to 8 PM EST
Saturday - 10 AM to 7 PM EST
There is also a contact
form on the website where you can select your issue, enter your details, and
wait for someone to contact you back. Moreover, their FAQ section is very
interesting and comprehensive and could even offer the answer to most questions
that you may have. Lastly, the physical address of LendingTree is:
1415 Vantage
Park Drive, Suite 700
Charlotte, NC 28203