Is it Priceline or is it Lending Tree? You decide!
Written: Jun 22 '00 (Updated Jun 28 '00)
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Product Rating:
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Pros: didn't cost me anything to surf on by
Cons: this is lending Tree, but they don't advertise it as such - they make it sound like they have their own mortgage service
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| ned1's Full Review: Priceline Mortgage |
I'm not even sure why Priceline bothered going into the mortgage business, because this is really Lending Tree.com and you enter the site through Priceline homepage. Of course they keep that little secret well hidden on the radio and TV commercials and even on the web page.
It wasn't until I was pages into the online application that I realized my information would be reviewed by Lending Tree and since I'd already been to their web site and found they couldn't help me, I was a wee bit ticked off.
Another nice thing to advertise on the commercials for both sites would be the fact they they don't have mortgage services for new construction or even a newly constructed home that the financing fell through on. I realize that a lot of mortgage companies don't offer such services - because as we found out we are forced to go through the builder's mortgage service, but we put a clause in our contract that if we didn't like the program or rate we would be able to get another mortgage and still have the same perks they gave us by using theirs. Priceline should at least put this information up front on the Web page or say it during the commercial so I didn't waste my time typing in all the information.
I was spending a day surfing around looking at lenders and trying to get some input as to what was out their should we not like our program or rate. I went to lending tree first because they are so heavily advertised on the radio. Priceline is also so I went there next. The only subtle difference between the two site is that Priceline asks you to enter your desired terms and rates and then submits it through Lending Tree to see if there are any bites, or if you will be counter offered by a lender. They have two days to get back to you with all the offers and if you accept one you pay a nominal fee - something like $75.00 to accept the terms, of course they don't tell you how much the actual application fee will be with the lender.
The other thing that makes this sound like a good way to go is that no matter what you will have several offers by the time deadline. Since I didn't actually submit my application I can't verify that, but from what I have heard this and Lending Tree are services designed for people with perfect or near perfect credit so if you don't fall into that category and have a low credit score, you might not even waste your time stopping by. You won't be flooded with those three offers they promise.
Overall I can't see any benefit to this Website. Why does Lending Tree need to ways to enter one site? It's stupid and misleading. If Priceline wants to have a mortgage service, then they need to have their own and not by rights to an existing web site. They also need to advertise that this isn't a site that will give mortgages to everyone like they make it sound - receive at least three offers in 24 hours (unless you have borderline or bad credit). they don't charge your card for filling in an application but they don't divulge a lot about the hidden costs if you accept a mortgage so you can't really comparison shop.
Recommended:
No
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Epinions.com ID:
ned1
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 - Top 100 |
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Member: Nancy
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