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When folks wish to buy a house, they’ll both select a direct lender (like a financial institution or a credit score union), or they’ll submit an utility to a dealer that then locations the mortgage with one of many lenders in its community. LendingTree gives a 3rd choice, as a third-party service that’s neither a dealer nor a vendor, however relatively a market. This implies that after customers fill out an utility on LendingTree, it submits that information to its community of brokers and direct lenders. This results in competitors between them, probably leading to decrease charges.

Application course of

Screenshot from Taken June 28, 2019.

Consumers can submit an utility by way of LendingTree’s web site or over their 800 quantity. After submitting your customary data–income, belongings, training, money owed, occupation and size of time at your job, and SSN–the firm then performs a credit score pull. Since LendingTree will not be a lender, it doesn’t course of the applying any additional, or have something to do with approval or denial. Instead, it makes use of the borrower’s FICO rating to pick out the lenders it should suggest from its community. These (as much as 5) lenders then put collectively a preliminary quote, and get in touch with potential debtors (normally over the telephone).

Pros and Cons of Using a Marketplace

Shopping round for mortgage gives by way of a market corresponding to LendingTree can supply a number of distinctive benefits. Not solely will you obtain a number of competing gives from lenders searching for your online business, you may additionally have the ability to parlay this competitors right into a decrease charge by saying you bought a decrease quote from anyone else. The comfort of having the ability to play one lender in opposition to one other, from only one utility, is tough to overstate, as the corporate itself reveals under.

Screenshot from Taken June 28, 2019.
We additionally favored the quantity of academic assets the corporate gives customers, with useful explanatory articles on completely different residence purchase-related subjects, suggestions, and evaluations on their mortgage lenders.

However, LendingTree’s enterprise mannequin does imply you’ll must undergo the trouble of being contacted and (seemingly relatively aggressively) marketed to by every of the 5 completely different lenders. This state of affairs occurs sufficient that we discovered it to be a recurring theme throughout a number of completely different shopper assessment web sites.

Consumers who’re frightened about laborious credit score pulls, on account of having few accounts or a brief credit score historical past, may wish to tread with warning. Though LendingTree itself performs a credit score pull, it’s potential that every of the lenders you’re matched with may wish to get considered one of their very own. If these pulls all happen inside a month, credit score bureaus normally assume you’re buying round and don’t depend them individually. If not, they could trigger a drop in your rating. Of course, this depends upon whether or not they’re laborious or smooth pulls. A tough credit score inquiry takes place when a monetary establishment “pulls” your report from one of many three credit score bureaus to verify once you’re making use of for a debt product (like a mortgage or bank card), and lead to an computerized level deduction out of your credit score rating. Soft pulls, alternatively, don’t have any impact in your score–they happen in conditions corresponding to once you verify your personal report, throughout background checks, and once you open a brand new checking account.




Though it’s solely been in enterprise for slightly over 20 years, and within the mortgage trade even lower than that, J.G. Wentworth stands out on account of its massive menu of mortgage varieties. Mortgage merchandise embrace typical, ARM, and jumbo loans, in addition to USDA, VA, and FDA ones as effectively.

Screenshot from Taken June 30, 2019.

For this final choice, the corporate gives not simply the usual first mortgages, but in addition the FHA 203okay loans, which elements in the price of sure repairs and renovations into the whole quantity. Finally, Wentworth additionally has loans for buying condos, financing funding properties, or constructing a home from scratch.

Online Application

J.G. Wentworth’s web site redesign earned it an Outstanding Efficiency and ROI award in 2018 from Ellie Mae, a mortgage trade cloud-based platform supplier. And making use of actually is straightforward: the applying is absolutely on-line, paperwork can all be uploaded and e-signed, and debtors may even decide in to textual content message standing updates. Consumers might, technically, full their complete mortgage with out ever speaking to an individual, ought to they so desire (although there are mortgage officers accessible to assist, as effectively). And if a mortgage doesn’t shut on time, the corporate covers the primary month’s mortgage cost as much as $2,500, due to its “Close-on-Time Guarantee.”

Screenshot from Taken June 30, 2019.

Transparent Rates

While many lenders that publicize low charges function numbers that embrace low cost level assumptions, J.G. Wentworth claims to be absolutely clear concerning the charges it reveals customers. To get to those, potential debtors want solely click on on the “Get My Rate” button and fill out some primary, non-personal info, and they’re redirected to a reside charge quote they’ll use for comparability functions. Rates may be locked for as much as sixty days freed from cost, and in the event that they go down, you might be able to reap the benefits of it by way of the lender’s “lock and lower” program. We additionally favored that they had been clear about their flat-rate origination payment of $795 for many loans (Costco members might be able to decrease that to $275).


Despite its early roots within the on-line lending trade (stretching again to the late 90s), loanDepot has a tangible dedication to face-to-face service, with over 150 affiliated mortgage shops across the United States. The lender has a superb quantity of mortgage varieties accessible: FHA, VA, typical mounted and adjustable-rate mortgages, jumbo, and refinance.

FHA Loans

loanDepot is among the largest originators of FHA  (and VA) loans within the trade. J.D. Power’s 2018 Customer Satisfaction Survey discovered that loanDepot had a Power Circle ranking of four out of 5, amongst main mortgage originators, a rating that interprets to “better than most.” Since a lot of the lender’s enterprise is carried out in individual, this leads us to conclude that customer support is a excessive precedence for the corporate, and makes them a good selection for customers searching for a private contact.

Screenshot from Taken June 30, 2019.

They additionally supply the 203okay fixer-upper mortgage we talked about above, supreme for customers who want to transform or replace their new residence.

Applying with loanDepot

As we talked about above, the lender has over 150 mortgage places within the U.S. and is licensed in all 50 states and the District of Columbia. The concentrate on service extends to the progressive, as a reasonably latest funding of $80 million in proprietary expertise now permits the corporate to confirm employment, revenue, belongings, and even conduct credit score checks, all digitally. This powers the mello smartloan™, during which loanDepot’s mortgage engines decide the choices which can be finest for you, cost- or time-wise–in simply seven minutes on common.

Screenshot from Taken June 30, 2019.

The concept is that the financial savings from the decrease overhead prices can then be handed on on to the patron, permitting for higher charges and offers. According to the corporate, it additionally reduces the time from utility to closing by as a lot as 75 %.


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