Using a home equity loan or home equity line of credit (HELOC) is a convenient way to turn your home’s value into cash that you can use for other purposes.
LendingTree is an online lending marketplace that matches you with home equity lenders to help you get the best deal.
With LendingTree, you enter the basic information of the loan you’re looking for along with some personal info, and LendingTree gives you a list of lenders that you might be able to work with.
Rates, fees, and terms will vary from lender to lender, but LendingTree makes it easy to compare them all at the same time.
In this review:
Getting a home equity loan or HELOC through LendingTree
Here is what you need to know about comparing home equity loan and home equity line of credit (HELOC) offers through LendingTree.
LendingTree doesn’t offer home equity loans directly. Instead, it is a marketplace that matches you to multiple lenders that you can choose to work with if you’d like. Because of this, LendingTree doesn’t list any specific eligibility requirements.
In general, to get a home equity loan or HELOC, you must own a home and have some equity. Most of LendingTree’s partners will let you borrow up to 85% of the equity that you’ve built in your home, so you need to make sure you have enough equity to get a large enough loan for your needs.
If you only have $5,000 in equity, getting a home equity loan where you can only borrow up to $3,500 doesn’t make much sense when you can get similarly sized personal loans.
Typically, lenders also want to make sure you have at least a fair credit score. You may still be eligible with poor credit, but you can expect to have lower borrowing limits and higher interest rates.
Applying for a home equity loan or HELOC through LendingTree is easy. You can get started and see which lenders you are matched with in under 10 minutes.
1. Provide some basic information
First, you have to provide the type of property you own (single-family, condo, multi-family, etc.). You also have to provide your address and how you use the home, as well as information about your mortgage, the home’s value, and the amount you want to borrow.
LendingTree will also ask questions about your credit history, whether you have accounts at certain banks, and whether you’ve served in the military. It uses this information to match you with the right lenders.
2. Compare lenders you are matched with
Once you’ve finished the questionnaire, LendingTree will provide a list of lenders that it thinks are a good fit for your borrowing needs. You can compare estimated rates, term lengths, fees, and more.
3. Choose a lender and apply on its site
If you like an offer, you can apply on the partner’s website immediately.
If you need more information, you can request additional details. Some of the lenders that LendingTree matched you with may reach out through phone or e-mail to discuss your options.
Once you’ve chosen a lender, you’ll have to fill out its application to complete the process.
Pros & cons of LendingTree home equity loans & HELOCs
Compare multiple lenders in minutes, saving you time and money as compared to applying to each lender
Soft credit pull won’t affect your credit score
Quick application process
Does not offer direct loans
Does not include all possible options on the market
You may get marketing calls or mail from potential lenders after you apply
Alternatives to home equity loans through LendingTree
LendingTree is just one loan marketplace that people can use to compare different lenders. If you’re in the market for a home equity loan or HELOC, shopping around to find the best deal is worth the effort.