Let’s take a closer look at the so-called “LendingTree $1000 Best Deal Guarantee.”
To qualify, applicants must submit a completed refinance loan request through LendingTree or LendingTree Loans, the lending arm of LendingTree, LLC.
Time of the Essence
Once you receive an offer via the LendingTree network, you’ll need to get a competing lender’s Good Faith Estimate (GFE), which details the interest rate and associated fees, within a week.
It must be from a funding lender, not a mortgage broker, and must be dated the same day or later than the date of your GFE from LendingTree.
You must contact the LendingTree Customer Excellence Team at 1-800-913-6702 and provide a copy of the GFE from the competing lender within twenty-four (24) hours of receiving the GFE.
It will then be analyzed, and within three business days, LendingTree and its affiliates will determine if they can meet or beat the competitor’s offer.
If they cannot meet or beat the competing lender’s offer, and you close your loan with that same lender, you must provide LendingTree with both a copy of the signed Note and final HUD-1 Settlement Statement showing that the loan’s interest rate and adjusted loan origination charges (from line 803 of the HUD-1) were both lower than LendingTree’s.
The closed loan must be on the same terms and be the same loan product as reflected in the LendingTree Lender’s GFE, and you must close the loan within sixty (60) days of requesting the LendingTree $1000 Best Deal Guarantee.
Assuming you qualify, LendingTree will send you a check for $1000 roughly 6-8 weeks after submission of the required documentation.
Special note: The Best Deal Guarantee is void if you already locked your mortgage rate with a lender before completing your LendingTree loan request.
And the competing lender cannot be a part of the LendingTree network.
So is it worth it?
Well, it sounds like a lot of legwork to actually get the $1,000, what with all the deadlines and action required.
And by shutting out mortgage brokers and requiring that you not lock your loan before applying with LendingTree, it could present some challenges.
You also have to go to LendingTree first, or at least on the same day as a competing lender, so you can’t really shop around elsewhere prior.
But if you think you’re up to the challenge, it might be worth your time to see if LendingTree can do any better than local banks and lenders.