I got excellent results in May 2003 using LendingTree to find a refinance deal.
My local banks and then-current lender offered me totally unacceptable pricing.
LendingTree hooked me up with MortgageSelect, which was fantastic, plus two other offers that were not impressive.
The service is free. You lose nothing by allowing them to find offers. If your local banks can do better, that's fine.
Quoted:
...lendingtree.com is run by Lending Tree Loans LLC....the "offers" they come back with are the banks who they intend to sell your loan to once you sign with them....
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The funny thing about that in my case is that my old first TD was with Countrywide, which wanted about $1,500 more in fees for a higher interest rate loan than I got from MortgageSelect.
MortgageSelect promptly sold my loan.
To Countrywide.
Bankers and others in the real estate related industries are not necessarily the smartest business people.