Has Lending Tree Met its Match? Home Loan Giant Overshadowed by Newcomer Lender Locator
Lender Locator, a recently launched free countrywide mortgage referral service (www.lenderlocator.com), was designed with the consumer in mind as a superior alternative to Lending Tree.
(PRWEB) January 14, 2005 -- Lender Locator, a recently launched free countrywide mortgage referral service (LenderLocator.com), was designed with the consumer in mind as a superior alternative to Lending Tree. This website makes shopping for a home loan countrywide easier and more convenient for both prospective home buyers and home owners considering refinancing their current home loans. Lender Locator has modified and improved the Lendingtree.com concept, making significant changes to save the consumer potentially hundreds of dollars.
LendingTree.coms marketplace concept was created especially to let consumers countrywide choose one of up to four competitive home loan offers from major, national, regional, and local lenders. According to their website, Lending Tree does not charge the consumer any fees for their services; the lenders pay their bills for the opportunity to compete.
The problem lies in that the winning lender who closes the consumers home loan must presumably charge the consumer higher rates and fees than they normally would in order to compensate for the up to $1,000 fee Lending Tree requires upon the closing of the loan," said Grant Prevor, President of Lender Locator. In essence, Lending Tree is earning a percentage of the amount the consumers borrow." The fee charged to the winning lender by Lending Tree is scaled according to the amount borrowed.
Lender Locator was designed to eliminate the fundamental flaws of the Lending Tree home loan process. Their countrywide mortgage concept is simple: an individual can complete one short online application and receive home loan offers from up to four pre-screened mortgage lenders doing business in his or her area. Further improvements to the concept include not requiring a Social Security number to apply online, a common apprehension of consumers reluctant to apply for an online home loan. Applicants can also specify what time of day is most convenient to avoid intrusion.
Participating lenders pay Lender Locator a nominal marketing fee of approximately $20.00 to receive the application and have an opportunity to compete for the consumers home loan. No additional compensation is required from the lenders, thereby allowing them to truly make their best home loan offer to the consumer. Lender Locator facilitates the home loan process by providing the best opportunity to receive multiple competitive offers and providing the lenders a way to benefit from the power of the Internet at an affordable price.
This countrywide lender network concept offers consumers at www.LenderLocator.com unparalleled choice and convenience while choosing the best home loan. Consumers can fill out the free online application at www.LenderLocator.com to begin receiving home loan offers from lenders in their area.
About Lender Locator
Lender Locator specializes in connecting the consumer to up to four lending professionals who will work to find the loan that meets the consumers particular needs. All types of loans are available through Lender Locator, including home loans, refinance loans, purchase loans, second mortgages, debt consolidation, and home improvement loans.
Lender Locator is presently accepting applications for lenders to compete for a consumers business in all 50 states.
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