{"id":3820,"date":"2024-09-18T12:26:11","date_gmt":"2024-09-18T17:26:11","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=3820"},"modified":"2025-04-17T17:15:37","modified_gmt":"2025-04-17T22:15:37","slug":"lendingtree-vs-rocket-mortgage-whats-the-difference","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/lendingtree-vs-rocket-mortgage-whats-the-difference\/","title":{"rendered":"LendingTree vs. Rocket Mortgage – what\u2019s the difference?"},"content":{"rendered":"\n

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Lending Tree & Rocket Mortgage: the basics<\/h3>\n\n\n\n

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LendingTree: The Marketplace Aggregator <\/strong>LendingTree is an online marketplace that connects borrowers with multiple lenders. Unlike Rocket Mortgage, LendingTree doesn\u2019t lend directly. Instead, you input your information, and they sell it to the highest bidder\u2014lenders who then compete for your business by offering their best rates and terms. It\u2019s a convenient way to shop around,  but it won\u2019t show you \u201call lenders\u201d (only those that pay to advertise on their channels), and you could be getting a lot of sales calls after you click submit.<\/p>\n\n\n\n

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Rocket Mortgage: The Call Center Dynamo. <\/strong>Rocket Mortgage, formerly Quicken Loans, is a giant in retail lending. With billions poured into marketing, they\u2019re hard to miss. But don\u2019t be fooled by their shiny ads\u2014Rocket\u2019s rates can be higher and fees sneakier. Their average loan size is bigger, and their customer reviews come in at 3.8 stars. Impressive, but still a step behind the best-in-class lenders.<\/p>\n\n\n\n

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Tomo Mortgage: <\/strong> Launched in 2020, Tomo Mortgage is here to shake up the industry. We offer killer rates, zero lender fees, and a process that\u2019s all about making home buying easy and stress-free. Our customer reviews? 4+ starts on every review platform: Consumer Affairs<\/a>, Google<\/a>, Bankrate<\/a>, Zillow<\/a>, etc. We\u2019re not just a breath of fresh air\u2014we\u2019re a whole new way of doing things.<\/p>\n\n\n\n

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Compare lenders on TrueRate<\/a><\/div>\n<\/div>\n\n\n\n

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The breakdown<\/h3>\n\n\n\n

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<\/td>Lending Tree<\/strong><\/td>Rocket Mortgage (formerly Quicken Loans)<\/strong><\/td>Tomo Mortgage<\/strong><\/td><\/tr>
Summary<\/td>LendingTree is a platform that connects borrowers with multiple lenders who compete to offer the best rates. It sounds ideal, but there’s a downside\u2014any lender can purchase your information, leading to a flood of sales calls from multiple lenders’ teams. With a Better Business Bureau (BBB) rating of just 1.05 out of 5 stars, not everyone is a fan.<\/td>As the second largest retail lender in the U.S., Rocket Mortgage spends more than any other lender on sales and marketing (billions since 2020). 
This approach is popular among less informed new home buyers, largely unaware of Rocket\u2019s higher rates and hidden fees. (the typical loan at Rocket averaged $4,700 in lender fees*)<\/td>		One of the fastest-growing digital lenders in the U.S., Tomo Mortgage focusses 100% on reducing the cost and complexity of buying a home. ($0 in origination fees)
Their low rates, no fees, and quick turnaround generate strong customer reviews. <\/td><\/tr>
Founded<\/td>1996<\/td>1985<\/td>2020<\/td><\/tr>
On-time Close Rate<\/td>NA<\/td>Not reported<\/td>98%<\/td><\/tr>
Customer Reviews<\/td>1.0 Stars<\/a> on Consumer Affairs<\/td>3.8 stars<\/a> on Consumer Affairs<\/td>5.0 stars<\/a> on Consumer Affairs<\/td><\/tr>
Employee reviews<\/td>3.5 stars<\/a><\/td>3.5 stars<\/a><\/td>4.1 stars<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

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Get a personalized rate quote<\/a><\/div>\n<\/div>\n\n\n\n

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How to judge mortgage lenders<\/h3>\n\n\n\n

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