My wife and I are considering taking advantage of the current low intrest rate, and refinancing our house. We figure we can knock a couple of years off our term and still lower our monthly payment. I’ve done my homework and have compared options with the banks and credit union we currently work with. I would like to compare that information with that from other banks. I know that LendingTree will allow you to look at a bunch of different banks, but before I give them my personal information, I would like to know how they work. If I give LendingTree my information, would they turn around give it to solicitors? Or would they give me the lenders’ information, which would allow my wife and me to compare information at our leisure and contact whoever we would like to do business with?
I’ve used Lending Tree a couple of times. You give them your information and then Lending Tree lets companies “bid” for your business. What this means is that you get a list of lenders who want to talk to you, and the lenders get your email address.
I’ve found some pretty good priced loans from them. But pay attention to the lenders’ ratings and previous customers’ comments.
I wasn’t too troubled by excessive email, etc. The people who get your email are the actual loan brokers themselves. They don’t get paid unless they write you a loan. If you tell them, “thanks, but I’m working with somebody else right now” they drop it and move on to a more likely job.
J.