Anyone who has searched for the best home equity loan knows of the commitment involved in such a decision! After all, they act as a second mortgage to many homeowners. When the Star team began our quest for home equity loan providers that would make your experience easy, we had to stop at the LendingTree website. We liked how user-friendly and straightforward it appeared to be initially, and we dared to dig deeper. Here is the information you need to know.
What's New?
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Limited-time lowest price guarantee offers $500 if you find lower rates somewhere else.
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Compare up to 4 home equity loan offers instantly.
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Bad credit accepted.
Star Reviews' Favorite Feature:
Compare home equity loans from four separate lenders in one place-With competition being so fierce, it's no wonder LendingTree can offer a low-price guarantee.
The LendingTree Experience:
When you apply for a home equity loan at LendingTree, you fill out one easy-to-understand application form. Once you've filled out and submitted the application, LendingTree matches you with up to four different home equity lenders. These lenders compete for your loan, offering you the lowest home equity rates possible.
Filling out the LendingTree application is not a hassle. You just need to provide them with your personal information, financial details and answer questions regarding your home. LendingTree then provides you with quotes from up to four different home equity lenders. The entire process takes less than 15 minutes and you can see the results on the Lending Tree website as soon as information becomes available.
It's important to understand that even though the instant-approval takes just a few minutes, the entire loan process will actually be much longer and some applicants won't even qualify for instant approval. (In these situations, you'll be notified via email if and when lenders who match your needs are found.)
Even though you get pre-approved for your home equity loan online and you're provided with almost-instant equity loan rate quotes, it will still take at least a few weeks for the lender to verify your information, appraise your home and close the loan. Realize that LendingTree is the service that connects you to lenders and doesn't directly provide you with a loan.
We liked that LendingTree provided useful resources such as a glossary of home equity and refinance terms and links to topics such as ‘Home Equity or Line of Credit?’ They make your stay on the site very pleasant.
LendingTree Features:
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$40,000 home equity loans with payments as low as $277 per month
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Online approval
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Compare up to four home equity loan quotes at once
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Home equity loan calculators
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Live customer support
LendingTree Customer Support:
When it comes to customer support, LendingTree is all about service and not at all about sales. That's a breath of fresh air and quite different from many of the home equity lenders who offer loans directly. You can contact LendingTree via phone or live chat. When we called Lending Tree we were immediately connected to someone who happily answered our questions regarding credit requirements, fees and other loan-related questions (and told us when and why they couldn't answer some of the questions we had).
Chat support was also very helpful. We were in queue for less than two minutes and the rep we chatted with online was just as helpful and friendly as the rep who answered Lending Tree's customer support phone line. All in all, it was a very pleasant customer service experience. Good job, LendingTree!
Upside:
Great customer service, low price guarantee, lenders compete for your business.
Downside:
LendingTree is somewhat of a "middle man" so they can't answer loan-specific questions you may have.
Summary:
Overall, we truly appreciated LendingTree for its simple-to-use website interface and user-friendly application. The application process should only take you about 15 minutes, but do keep in mind that the entire process will take longer since loan lenders review your application, appraise your home and close your loan. You'll be notified via email if you qualify, so there won't be any questions here. LendingTree offers home equity loan calculators and $40,000 home equity loans with payments as low as $277 per month. Customer support via telephone and live chat was friendly and efficient. We recommend this site to anyone looking for a home equity loan!