I've read it's a good idea to get pre-qualified or pre-approved for a mortgage
before going house hunting. What is the difference between these terms?
Getting pre-qualified is the first step in the mortgage process. It involves supplying
a lender with basic information regarding your debt, income and assets. From this
information, lenders can get an idea of the mortgage amount for which you qualify,
and it can usually be done at no cost.
Getting pre-approved is the next step. The process requires that you complete a
mortgage application (and usually pay an application fee) and supply a lender with
all the necessary documentation to check your financial background and credit rating.
You will then be told the exact mortgage amount for which you are approved.
How do you get banks to compete for my business?
We work hard to send your loan request to multiple Lenders in The LendingTree Exchange.
When they respond as a result, they have to operate under the assumption that other
Lenders are reviewing your loan request at the same time they are. In order to get
your business, they must make a competitive offer every time - no matter how many
Lenders you've been sent to.
Am I obligated to accept an offer?
You are under no obligation to accept a loan offer that is presented to you. However,
if you do accept an offer, you may be obligated to pay a fee to the lending institution
to begin the processing of your request.
Who are your Lenders?
The LendingTree Exchange includes many of the most respected Lenders in the United
States. You probably know many of them. Those you may not be as familiar with may
offer one or two loan types in a particular region of the country. Others only service
borrowers who are looking for a loan through the Internet. One thing all of our
Lenders have in common is that they're dedicated to providing the best service and
competitive rates.
How secure will my information be?
LendingTree uses some of the most secure technology available on the Internet to
ensure that the data you send us remains absolutely confidential and secure.
Will you share or sell my information?
At LendingTree, your personal privacy and the security of your personal data are
a primary concern of ours. LendingTree believes that you should be aware of who
we are, the types of information we may collect on our Web site, and what we do
with your personal information. Our overall
privacy policy describes how we handle your information, but in general
LendingTree will not sell or share any personal information about you to or with
any person or organization except to the Lenders on our Exchange, our authorized
agents, or as may be required by law or court order.