So you went to the Lending Tree website to refinance and now the calls won't stop. You wonder who you can trust and who has your information? When it comes to protecting yourself from identity theft online, take the time to research who you are doing business with. Keep in mind that the Lending Tree is a network exchange, so you will be connected with several brokers, lenders and possibly some scams.
Sadly the pitfalls of using the Lending Tree include being prey to deceptive ads which are just marketing tactics aimed at grabbing your attention. The problem with lending exchanges like the Lending Tree is that your initial inquiry is sold to several different companies, so in order to avoid identity theft, you need to do your research. As a consumer you have the right to allow each lender compete for your business to get you the best loan; but beware of giving too little information.
Beware of email quotes used as bait
If you are trying to refinance online through Lending Tree, don't hide behind your email hoping that you will receive a rate quote that will satisfy you. The bottom line is that organizations that send email rate quotes may only be trying to peak your interest through advertisements that may or may not be realistic to your situation. According to hundreds of consumer complaints, the problem with providing too little information is that it can lead to being misinformed about the true nature of your potential loan.
Protecting yourself from identity theft online should be your number one concern; so if you want real answers, go to a lender since they are in control and will not approve you unless they know they can do your loan. If you do decide to use a broker, be aware that a rate promised with a broker may not be concrete according to several consumer complaints made against those who used the lending tree.
Refinancing your home is not the time to take risks, so before you take the leap, understand your rights to keep yourself protected from identity theft and predatory lending. According to a Consumer Affair's complaint, people are getting tricked into paying money for an appraisal which is used as a lock in tool for an overpriced loan. For one victim, false agents claiming to be part of the Lending Tree used a fake email rate quote as bait only to hit them with false promises as long as they signed up for an immediate appraisal.
When it comes to identity theft safety and mortgage shopping, do not take a chance, because predatory lending practices and loan fraud result when you as a borrower are misled. For a list of local resources and help with predatory lenders in your state, visit http://www.hud.gov/buying/localpredlend.cfm
As you begin your refinance, keep in mind that some entities will use predatory lending practices. The U.S.Department of Housing and Urban Development (HUD) warns that it is your job as a consumer to be on the lookout and know your rights. For help protecting yourself from predatory lenders visit http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_14591.pdf
Using the Lending Tree has risk but it can pay off if you use it to your advantage and allow reputable lenders to compete to get you the best loan. To protect yourself form identity theft do your research and beware of enticing and possibly false email quotes.
You can also learn how to protect yourself from mortgage identity theft and other mortgage scams by visiting, http://www.idtheftcenter.org/Financial/mortgage-identity-theft.html
As always thank you for your visit today, it is appreciated. Stay tuned and subscribe for more information about mortgage shopping and identity theft safety.