Arkady Renko Posted May 10, 2008 Share Posted May 10, 2008 Has anyone had any experience this site? I am going to be buying my first house soon, so I am wondering about whether this is a good way to get the best mortgage. Link to comment Share on other sites More sharing options...
sweetbaboo Posted May 10, 2008 Share Posted May 10, 2008 a few coworkers refinanced through lending tree and got great rates from competing companies we tried lending tree as well and also got some good competitive offers...then we took those offers and presented them to our current lender and they trumped everything we got from lendingtree either way, it's a win-win. Our rate went from 6.375% for 30 years to 5.625% for 20 years. Link to comment Share on other sites More sharing options...
Alaska Darin Posted May 10, 2008 Share Posted May 10, 2008 Check out bankrate.com. You put in your zip code and it gives you a pretty good list to start with. Link to comment Share on other sites More sharing options...
R. Rich Posted May 10, 2008 Share Posted May 10, 2008 Check out bankrate.com. You put in your zip code and it gives you a pretty good list to start with. No. Link to comment Share on other sites More sharing options...
Guffalo Posted May 10, 2008 Share Posted May 10, 2008 Has anyone had any experience this site? I am going to be buying my first house soon, so I am wondering about whether this is a good way to get the best mortgage. We did the Lending tree thing a few years back. The best rate came from an online company, it was great for a while, but ALL of their transactions/correspondence/payment communications was online. there wasn't even a phone contact for a human. I finally closed it out and refinanced with another bank it had gotten so confusing. I will admit, Lending tree did do a great job of locating the competetive offers, I just picked the wrong one... Link to comment Share on other sites More sharing options...
Arkady Renko Posted May 10, 2008 Author Share Posted May 10, 2008 Thanks for the info. Do they compete on everything and not just the rate? I have been disappointed with my initial pre-approval tacking on so much extra costs above the down payment. Link to comment Share on other sites More sharing options...
Stussy109 Posted May 12, 2008 Share Posted May 12, 2008 I would recommend going to your local mortgage broker (not a bank) who can shop the wholesale rates from banks all across the country. You need to be self educated as to what the rates are so u don't pad their pockets too much. the higher the rate they can sell you, the more commission they get on closing that loan. Also, be willing to wait out a mortgage for up to a couple of months if you want to lock in the best rates. Daily mortgage rates tend to move with the 10 year bond (look at this rate on finance.yahoo.com ) its on the left hand side. As people buy the bond, the rate drops, as people sell it, the rate goes higher. (typically if the stock market does bad the rates should drop in your favor) You can also research the mortgage rates off of the same page. Dont let the guy try to sell you on a higher rate. tell him this is what you want, this is what you see on yahoo etc etc. the reason i know all of this is because an acquaintance of mine is in this business and I have gotten 3 loans from him, 2 purchases and one refinance. I started out with lending tree, but you dont have a rep locally nearby to deal with, I like using a broker, because they handle all of the hassle and paperwork needed to secure a loan. PS. get as much money into your bank accts as possible, and pay off as much outstanding debt as possible to help u secure the loan. Link to comment Share on other sites More sharing options...
Fan in San Diego Posted May 13, 2008 Share Posted May 13, 2008 Depending on the size of your town, In San Diego's paper they have a lenders section where they advertise local places that compete. Some are national companies just the local branch. Link to comment Share on other sites More sharing options...
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