Helpful but not necessary
Written: Nov 13 '00
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Product Rating:
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Pros: Helpful Service
Cons: Time consuming
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| KLP's Full Review: LendingTree |
Recently I was looking to consolidate my bills through a home equity loan. I did the independent search for a bank to work with. But I kept running into high rates and rude people. I saw a commercial for lendingtree.com, it claimed that through it's service you would have banks competing for your business. So, I figures what could it hurt to try this site.
I logged on and found that it was easy to navigate through the sites options. Then came the page they asked for your information. This was very time consuming since they wanted very detailed information. I spent about 10 minutes completing this form. Once done, I submitted it and then waited for a response. Within two hours of my submission, I recieved my first offer. Then, by the next day there were two more. They offered similar rates, I made some comparisons and then selected City Bank to work with.
City Bank quickly contacted me and we began my loan preperations. To my dismay, the rates that they had initial quoted me were "based on qualification", they were not guaranteed. The rate that City Bank offered me was considerably higher. So, I told them to forget it and went about searching again.
After 3 weeks, I decided to give lendingtree.com another try. I resubmitted my application, which is again time consuming, and within 24 hours I received 3 more offers. This time I selected Nation Wide and from there they have been very helpful in assisting me with my loan.
I found lendingtree to be helpful but not necessary. They seem to help banks reach you with junk mail and fictitious offers. If you use lendingtree be prepared to submit quite a bit of your financial and personal information. Also, once you receive the offers be selective. Don't just take the first one to come along. If the first time out you don't get the offer you would like, resubmit your application, you might do better the second time around.
Recommended:
Yes
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Epinions.com ID:
KLP
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Member: Karen Petzold
Reviews written: 24
Trusted by: 4 members
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