Re: LendingTree.com - Posted by Rob-IN
Posted by Rob-IN on January 31, 2002 at 19:50:11:
I recently used LendingTree.com to purchase investment property and was very disappointed. The lender they hooked me up with (Freedom Mortgage Corp out of NJ) was incompetent, slow and very deceitful. The terms and rates I was quoted by this company were totally different than what I was presented at closing (interest rate 1% higher and 15 year instead of 30). Unfortunately, LendingTree takes no responsibility for the lenders they use nor hold the lenders accountable to the low-ball rates they submit to attract your business. They (LendingTree) do send e-mails frequently (every month) until closing, asking if you are having any problems, however when you answer requesting help they are not willing (or more likely unable) to obtain any relief for the customer.
I would suggest using a local company, getting everything in writing (although I had a signed rate lock document that didn?t stop a rate increase!) and meet the person handling the loan processor. At least you can beat on their door when the terms and fees start changing.