LendingTree Mortgage Refinance Review
LendingTree is a duly licensed mortgage broker that facilitates home refinancing services through a convenient online portal. It helps connect homeowners searching for home refinancing options with its large network of mortgage lenders. Homeowners are able to get quotes from as many as five lenders in a matter of minutes. LendingTree aims to make home refinancing easier by empowering homeowners to make more informed decisions by selecting the best quotes from numerous mortgage lenders.
Types of Home Refinancing Mortgages
- Fixed Rate Mortgages
- Adjustable Rate Mortgages
Other home loan options
Aside from providing mortgage refinancing, LendingTree also offers home equity loans and reverse mortgage options through its network of mortgage lenders.
- Home Equity Loans
- Reverse Mortgage
Qualifying for Mortgage Refinance
A majority of people applying for home refinancing are having difficulty keeping up with their monthly payments. Hence, most of these homebuyers may have experienced a drop in their credit ratings. LendingTree lets mortgage lenders compete for your business. This means finding a mortgage lender that accepts less than ideal credit scores is possible.
|
Credit Score |
580 or better |
|
Income to Debt Ratio |
35% or more |
|
Years Employed |
2 years |
|
Loan Terms |
Up to 30 years |
Things that lenders may ask for
- Current mortgage information
- Homeowners insurance
- Property tax bill
- Prior closing documents
- Latest payroll stubs
- W-2 forms
- Most recent bank statements
Refinance Mortgage Rates
Fixed Rate Mortgages
|
|
30-Year Term |
15-Year Term |
|
Mortgage amount |
$100,000 |
$100,000 |
|
Annual percentage rate (APR) |
4.177% |
3.625% |
|
Number of monthly payments |
360 |
180 |
|
Principal and interest |
$484.65 |
$727.22 |
Adjustable Rate Mortgages
|
5/1 ARM |
|
|
Mortgage amount |
$100,000 |
|
Annual Percentage Rate (APR) |
4.61% for the first 60 months |
|
Number of monthly payments |
360 |
|
Principal and interest |
$492.58 |
Why Mortgage Refinance at LendingTree
LendingTree as a mortgage refinance service truly shines because of its ability to connect homeowners to different lenders who all compete for their business. Rather than working with a single company and negotiating for smaller interest rates, LendingTree gives homeowners multiple options for making a more informed decision.
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