LendingTree is a mortgage broker and lending institution – they pitch their product as a tool for comparing loans from “1000 of lenders.” Their website is similar to others that provide a sorting service for customers to compare other lending institution’s products. In other words, they are the Kayak of loans. They handle lots of different types of loans, including auto loans, credit cards, student loans, personal loans, etc. This is a service provided for mortgage seekers and the mortgage lenders. For lenders, it is a chance to bid on potential business, for mortgage seekers they can find out some basic information about which companies might be interested in loaning them the prices of their home.
Value of Information Offered on LendingTree’s Website
LendingTrees website is not designed to learn about the process of buying a home or even the details of what home loans are available. LendingTree’s website is a place to get some general idea of which companies might be interested in offering a homeowner a loan. It is probably less useful to folks who have good credit scores and long term employment histories. Basically, everyone who sells home loans wants to lend them money to buy a house. The customer version of the site is merely a series of icons that represent different types of loans and amounts. They start broadly, asking what type of loan, what type of property, for how much, and your general credit score; the questions just keep getting more specific.
Resources and Research Available
Although LendingTree is a good first stop for people with credit issues or unique financial situations so they can limit down the number of loan companies that they should look at more specifically. The problem for them when using the site will be that the very limited choices from screen to screen mean that their particular situation will be hard to represent.