Analysing a lender compared to a mortgage broker service is similar to comparing apples and oranges. The main target of both businesses is to save you time and provide quotes,
But that might be where the similarities end. Therefore, choosing the company that fulfills your demands would be better than rating these two.
With just one entry of your financial data, LendingTree can help you start your comparison shopping by providing quotes from possible lenders who might suit you. However, the biggest mortgage lender in the US, Rocket Mortgage, is a company you want to add to your list if you'd like to avoid spam and do your research.
As you look into lenders, you may decide to collaborate with both. Check out this article to know all about LendingTree Vs. Rocket Mortgage.
LendingTree Review
If you are wondering whether is lending tree a good mortgage company, then the answer is Yes. It is not a broker or a supplier of mortgages.
The business links customers with a broker, like multiple banks and lending institutions, and provides you with reliable services. Instead of helping you navigate the mortgage application process like a broker,
It acts as a lead-generating platform that lets lenders bid on borrowers and homeowners who meet their requirements. Unlike brokers, it does not impose a fee as a percentage of the loan amount.
Perks of Using LendingTree
Acquiring quotes from many lenders is essential if you want to take out a mortgage, refinance, or home equity loan.
You may compare prices quickly and easily using its smooth loan request process. It will take users as little time as it takes to fry an egg to check whether they qualify for a loan and the terms.
Moreover, since you'll probably be receiving multiple offers quickly, you can attempt to interact with lenders to have the interest rate or closing expenses lowered. You may obtain a better loan offer than the one you were given earlier.
How to Apply for a LendingTree Personal Loan
Since LendingTree is a marketplace, you won't apply directly to the business. However, it offers personal loans that you can compare and apply for in three easy steps.
Get prequalification
The pre-qualification procedure will begin with you giving the following basic personal details in the order listed below:
- The loan's objective.
- How much do you wish to borrow?
- When you need the money.
- Street address and zip code.
- Situation of housing.
- Range of credit scores.
- Birthdate.
- Workplace status.
- Total yearly revenue.
- Add a co-borrower
- Complete name.
- Your email address and phone number.
Compare the Deals
LendingTree will utilize your information to perform a soft credit check, which won't affect your credit score, and will share some initial rate offers from lenders in response to its query.
You can see your best and average offers for similar users at the top of the page.
Apply With Your Selected Lender
When you press Continue on an offer, it will take you to the lender's website in this way, you will be able to finish the loan application.
Pros and Cons of a LendingTree Personal Loan
Pros:
- Many lenders provide pre-approved loans
- It will not affect your credit score
Cons:
- Most loans close a week after an application is approved.
- Only some lenders have a representative.
- Specific lenders demand upfront costs.
- The maximum loan amount is $50,000.
Rocket Mortgage Overview
Rocket Mortgage ranks among the biggest mortgage originators. Every year, without fail, it was also known as Quicken Loans.
If you choose this option, then you will be able to avail of Conventional, jumbo, FHA, and VA home loans Not only this, the lender also offers you purchase financing, cash-out refinancing, and rate-and-term refinancing.
A low down payment or a minimum FICO score of 581 is required for several schemes. Borrowers can view the current mortgage rates online.
However, until you apply, the lender does not disclose your rates or potential lending expenses. Although this online mortgage lender receives many applications, customer ratings are mainly positive. However, there are a few complaints.
Most of the criticism is focused on the challenges associated with automating principle and interest payments and computing escrow payments.
How to Get Approved for a Loan from Rocket Mortgage
The application process is entirely online, and the best part is that you don't need to go anywhere to apply for the loan.
You can upload documents using the computer or camera on your phone.
To finish the prequalification process, consult a home loan specialist, depending on your circumstances.
A few cases of exceptional circumstances are wanting a first-time homebuyer loan or being self-employed.
Usually, an agent will get back to you in a matter of minutes via phone, text, or email. However, you can make a phone call or live chat conversation anytime during the application process if you want hands-on help.
Pros and Cons of a Rocket Mortgage Loan
Pros:
- Provides jumbo, VA, FHA, and conventional loans.
- Offer live customer service the entire week.
- It provides the majority of the loans it creates.
- You can use Rocket Rewards to save on closing costs.
Cons:
- There is no access in person.
- Does not provide home equity or USDA loans.
- Preapproval is required to view the customized pricing.
- There are no lender fees that are made public.
Which is better? — Rocket Mortgage vs. LendingTree
The best way to describe LendingTree is as a concierge or referral service. While LendingTree does not directly provide loans, it gathers your data and gives it to lenders.
On the other hand, Rocket Mortgage offers you an extensive range of loans with affordable rates and terms via a fast application procedure.
Conclusion
In short, LendingTree vs Rocket Mortgage are great options and worth trying if you want to secure a house loan. Rocket Mortgage makes it simple for you by providing an all-online approach,
while LendingTree helps you compare multiple lenders. It depends on whether you prefer a simple application process or want to compare possibilities. That is all you need to know about LendingTree vs rocket mortgage review!
