I called Lending Tree for a home equity loan. Within seconds of emailing in my inquiry, I got four calls. I was on the call with the first company that called, Royal United, whoever they are, while the others came in. I was kept on the phone for some time. So first, I don't want to spend 30 minutes with each of four or five callers. This essentially eliminates the supposed benefits of lenders "competing" for my business.
Second, apparently the companies that call can be disreputable. Royal United quoted me closing and origination cost of over $5000 (after I asked specifically) and a loan rate of 5.25%. They were in a rush to get the process started. When I said I would be looking at other options I stopped hearing from them! Want to know why? Well, my local banker with whom I have my accounts was shocked at the price quoted. She said that was higher than even closing costs on an original mortgage, and had NEVER heard of anything so outrageously priced.
As it turns out, the bank (Fifth Third) was willing to lend more money, do it faster, acknowledged my credit score was considerably higher than what Royal United said it was, lend at a full percent less rate, and with all costs less than $500. These facts speak for themselves. Do NOT use Lending Tree!
Bottom Line: No, I would not recommend this to a friend
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