LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
What portion of LendingTree’s services in connection with my loan request is free?
There is no cost to submit a loan request, get matched with lenders and receive conditional loan offers or quotes. You may review the conditional loan offers or quotes and talk to the lenders at no cost. Of course, the lender you choose may require a fee to process your formal loan application, appraisal, and/or credit report, but until you agree to pay the lender any fee(s), you may shop with LendingTree at no cost.
How does LendingTree get paid?
LendingTree does not charge you, the consumer, a fee for its services. Who pays our bills? The lender. Of course, you will be responsible for paying any loan processing, closing costs or other fees to the lender with whom you close.
Calculators are made available as tools for your use in researching and comparing products. LendingTree does not guarantee the accuracy of the results and you should seek individualized advice from qualified professional(s) who can assist you in regard to your personal financial circumstances. All tools and calculators are deemed examples and are for illustrative purposes only. Your final payment, interest rate, loan, amount and/or fees are unknown and all calculations are estimates only. When calculators are placed in LendingTree Widgets there are times when certain assumptions will be utilized, including, but not limited to the following:
Assumptions
Estimated annual property tax is 1.14%. Estimated annual homeowner’s insurance is $800. Annual homeowner’s association (HOA) dues are $0. Loan term is 30 years. This includes private mortgage insurance (PMI). These are examples only are not guaranteed amounts for any one location. Amounts are national averages from 2013 obtained from several sources. Estimated taxes and insurance amounts will adjust using the above assumptions when a new purchase/refinance/home estimated value is placed into the field and is not a guarantee of what actual amounts may be for any particular product or property.
Assumptions
Rental amount includes one year of rent (you place into the calculator) and rental insurance (based on the national average for 2013). Loan term is 30 years. Property tax assumption is 1% of the home value. Annual homeowner’s association (HOA) dues being set at $100. Maintenance of owning a home is assumed at 2% of home value. Personal tax rate of 33% is factored into the calculation(s). Calculator assumes home appreciation of 4% and a rent increase of 4% annually. The cost of selling a home is 8% of the sales price based on national average of repairs, staging, and Real Estate Agent commissions. The rate of return on investments after tax is assumed at 5% pursuant to 2013 statistics.
Mortgage Checkup and calculators are made available as tools for your use in researching and shopping for mortgage products and are not intended to be investment advice of any kind. LendingTree, LLC does not guarantee the accuracy of the results and you should seek individualized advice from qualified professional(s) who can assist you in regard to your personal circumstances. All tools and calculators are deemed examples and are for illustrative purposes only.
The calculator is for illustrative purposes only and uses an estimated rate, term, origination fee, mortgage insurance pre-payment, etc. from information gathered from the LendingTree Network. The calculator and a Reverse Mortgage Loan are not intended to be investment advice, or a recommendation by LendingTree as it cannot guarantee the accuracy of the results. Private mortgage insurance may be required and estimates of the same are used in the calculation, but the calculator does not include taxes and insurance, which are required to be paid during the duration of a Reverse Mortgage Loan. Rates vary by lender, by state, and on consumers LTV and personal financial situation. Terms and Conditions Apply and vary per lender, so ask each lender what costs, fees and terms are available for your personal financial situation.
The Reverse Mortgage calculator is an estimate only and not an offer of credit by any one Lender. Reverse Mortgage requires that one of the homeowners be at least 62 years of age; have a substantial amount of equity in your primary residence and you intend to remain in the home for the duration of the loan. Taxes and interest still have to be paid even while your mortgage payments may stop. Speak with a qualified Reverse Mortgage Counselor to discuss all of your options.
Mortgage rate quotes displayed on LendingTree LoanExplorerSM, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.
Home Equity Loan/Home Equity Line of Credit
If your home is worth more than you owe you may be able to borrower again that portion of available equity in your home. So which product is right for you? You should talk to your personal financial advisor before making any decisions. If you become delinquent on your payments to your mortgage and your home equity loan you could lose your home in a foreclosure proceeding. Think about the additional monthly payment and if you truly have an ability to repay it. Be honest with your lender and provide all the requested documents and fill out a formal application with the lender you choose, pay attention to points, fees, interest rates and terms associated with each product and find the one that suits your personal financial situation.
Home Equity Loans: Most Home Equity Loans have a fixed interest rate, so your monthly payment will be the same for the agreed upon term. The interest paid is generally tax deductible, but always find out for sure through your financial and/or tax advisor. Qualifying for a Home Equity Loan depends on the underwriting criteria set by the lender, the available equity in your home and your ability to repay the loan. Generally lenders review your credit score, credit history, employment history, debt, income and ability to repay. Some lenders require that you have an account with them and have a certain percentage of equity in your home to qualify. Ask them what up-front fees are assessed and if there are any pre-payment penalties.
Home Equity Line of Credit: A Home Equity Line of Credit (HELOC) is a type of loan also takes a security interest in your home but allows you to have a “draw period” so that you can access the line of credit (like a credit card) when you need it. HELOCs, generally, are variable rate loans which means the interest rate of repayment will be based on a predefined index rate. Terms for repayment can be 25 years with a period to draw off the amount for 10 years. Maybe you don’t need all the money at once and this way you can use what you need and begin repayments and draw again (during the prescribed time) when you need it again.
“As Low As Rates” as of 03-Jun-24:
| Loan Amount | APR | Payment |
| $25,000.00 | 6.63% | $160.08 |
| $50,000.00 | 6.63% | $320.16 |
| $100,000.00 | 6.63% | $640.31 |
The “As Low As Rate” of 6.63% APR is the lowest rate that most consumers at LendingTree were able to get. Some consumers received lower rates, and other consumers received higher rates, but a typical consumer can get rates as low as the above rates based on the typical loan amount sought.
LendingTree does not warrant lender information/data and makes no claim to the availability or terms associated with these products. Ask what criterion is required to qualify for each lender and for each product. Please weigh your options carefully. Rate and terms may change at any time before or after account opening and vary by property type, loan amount, credit history, lien position, and loan-to-value (LTV) ratio, debt-to-income (DTI) ratio, FICO score and draw amount at closing, if product is chosen. Generally, home equity loans are not available for homes currently for sale. Homes previously listed for sale must generally be off the market for at least ninety days prior to applying to lenders for a home equity loan or HELOC. Rates subject to change daily and minimum line amounts may apply. All accounts are subject to individual lender approval. See also http://files.consumerfinance.gov/f/201204_CFPB_HELOC-brochure.pdf
