"Lending Tree" - Is it Legit?

[Jack_Dawson]

"When banks compete, I win", right? I need to re-fi again and wuz wondering if anyone had any good/bad experiences w/ Lending Tree.

Of if you have a better idea, I'm all ears.

Thx

JD

[Crankie Avalon]

1. I've heared you should avoid it...

...because when you send your info over the internet, all those different banks each do credit checks on you and that many checks actually lowers your credit rating a little.

[Jack_Dawson]

3. Excellent Point

Now that's what I'm talkin' about.

[merwin]

5. The only checks that lower your credit rating, you must approve.

The other kind are a general sort of check that doesn't return any specific information (just a score i believe), and doesn't affect your credit at all.

If you get your credit report you will notice a list of recent checks (past couple or few years) and 100% of them will be ones that you directly approved (car loan, credit card app, etc).

[Left Is Write]

6. It's my understanding that the checks made through

one source (Lending Tree) only count as one inquiry on the credit report, even though they are shopping rates at different banks. Basically, Lending Tree does the rate checking for you.

However, I have not used them, so take that for what it's worth.

We refi'd with a local bank at 4.25%, and then our mortgage was sold to Countrywide.

[FormerDittoHead]

2. I wouldn't hold my breath, however...

I wouldn't just go to your neighborhood bank and trust whatever they say, either.

Shop around and don't be afraid to go back to "A" and let them know you got "x%" and want to know if they can do better.

I've found some bank people can be very intractable, and others very flexible.

[Jack_Dawson]

4. Are you really a former Rush fan?

As in the band or Limbaugh?

And why are you "former" as opposed to "current"

:shrug:

[FormerDittoHead]

8. Former Rush Limbaugh fan

Brief run down of my 'journey':

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=1454047&mesg_id=1460502

[merwin]

7. Call Century 21 Mortgage...

They are by far the best I have come across (they are the direct lender), and they will match any other company's rate... although with me that wasn't necessary as they provided the best rate.

http://www.century21.com/finance/