RateZip Review

ByBestmoney StaffJul.15, 2021
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In a Nutshell

RateZip is a mortgage loan comparison tool that helps consumers find competitive rates and flexible loan terms for their mortgages. With a network of thousands of banks, brokers, and private lenders, RateZip provides up to date and low-cost solutions for Americans across the United States. The system is fast, easy to use, everything is done online for convenience.


  • Quick and simple online process
  • Free service to use
  • Connected to hundreds of reputable lenders


  • Not a direct mortgage lender
  • Not enough customer support options

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RateZip at a Glance

Loan TypesMortgages, refinance, fixed terms and adjustable
Featured LoansFHA, VA
Repayment TermsVaries based on lender, 10-, 15-, 20-, 30-year fixed, 5/1, 3/1, 7/1 ARM
Minimum Down PaymentVaries based on lender
Minimum Credit ScoreVaries based on lender
Suitable ForHomeowners looking for an easy way to compare different rates and get a lot of info quickly
Direct Lender or Marketplace


RateZip is not a mortgage lender. Instead, you can think of this service as a publisher of financial data. The team of finance-educated and practicing brokers reviews various banks and lenders, researches rates, and draws up comparisons. It then publishes all of this information in a clear format for consumers to use to their advantage. So, RateZip is more of a lending marketplace where you can go to find rates for your mortgage loan.

What makes RateZip stand out from the competition is its process. This service allows you to compare rates from a wide variety of mortgage lenders that are appropriate for your given situation and location, just like the hundreds of other mortgage loan aggregators out there. However, unlike other mortgage rate marketplaces, RateZip doesn't let a machine do the dirty work for you. Rather, RateZip has a team of educated brokers who have worked in these industries for years crunching numbers for you. These analysts look at trends, market values, and the fluctuating mortgage rates before publishing any of the information. So, you are really getting solid results when you run your searches.

Suitable For?

If you’re looking for a simple process, RateZip makes comparison shopping an easy chore with its online tools, fast application form, and up to date information.

That’s also why RateZip is a good choice for people who like to have data available to them before they make a decision. And when it comes to taking out a mortgage or refinancing your current home, it is important to have as much information as possible. RateZip really goes the extra mile to give consumers the information they need to make informed decisions.

Types of Loans/Products

Since RateZip is not a direct lender, it does not have specific loan products or programs on offer. Instead, it features direct lenders such as banks and private lenders with competitive rates for their mortgage loans. And since RateZip has a network of hundreds of banks, mortgage brokers, and private lenders, consumers can really take advantage of the competitive marketplace style to find the most convenient loan terms for them.

Among the hundreds of lenders within the RateZip network, there are a few general mortgage loan types, including:

  • Fixed-rate mortgages
  • Adjustable-rate mortgages
  • VA loans
  • FHA loans
  • Refinancing loans

The Application Process

As mentioned previously, RateZip is not a direct lender. So, you aren’t applying for a loan directly when you fill out this application form. What you are doing is giving RateZip the information it needs to find you appropriate lender matches from within the network. Here’s how it works:

  1. You fill out the online application form.

    This is pleasantly fast, not only because it’s online but also because RateZip doesn’t bog you down with a lot of questions. You’ll be asked basic stuff like your general credit score range, how much you want to borrow, what type of mortgage you want to take out, and where you are looking to purchase or refinance.

  2. You’ll receive results.

    RateZip will then put your information through its system and come back with the direct lenders that are compatible with your information and situation. This is a time saver because you only have to fill out one application form to get multiple lenders on your radar. What’s more, RateZip only recommends lenders that are in your area and right for you. So, you won’t waste time applying with a lender that won’t work with your credit score or within your area, for example.

  3. Browse the results and select the mortgage loan you’d like.

    Now’s the fun part. You get to take control. Look at the various loan offers available to you, and pick the one that works for you based on APR, repayment terms, and service fees being charged.

  4. Get in touch with the direct lender to finish the loan process.

    Here's where you and RateZip part ways. You will be put in touch directly with the lender of your choice to finalize the details, have a more detailed credit check done, and sign the contract. Once that's done, you'll receive your mortgage funds.

It’s a pretty fast process for shopping around. And what’s more, RateZip is free to use. So, you have a big advantage with this service.

Rates and Fees – The Bare Basics

RateZip charges no fees. That’s a perk of using a service like this. You get the advice of brokers and analysts without having to pay for it. You’ll still have to pay certain fees such as closing fees, late payment fees, and more. But those fees are charged by the lender associated with the loan. So, RateZip really is free to use. How much and which fees you’ll pay are decided by the direct lender you choose.

In terms of APRs, those are also determined by the lender, but RateZip publishes rates frequently on the website, like the shot we’ve shared above. So, you can look at the site to find out current APR info.

Repayment Terms

As with rates and fees, RateZip does not set the repayment terms of your loan. Instead, the direct lender handles those details as well. RateZip partners generally work with a pretty flexible repayment plan, though. Consumers can choose from fixed or adjustable-rate loans with terms ranging from 10, 15, 20, and even 30 years.

Help & Support

One area RateZip could use a bit more work on is its support options. You can send an email via the online contact form, but that's about all you'll get. If you want to speak to a representative directly, RateZip publishes a phone number for one of the top partners in its network: 18663627999.

How RateZip Compares

RateZipLowRatesOn Q
Credit requirementsVaries based on lender620580
Minimum down paymentVaries based on lenderFrom 0%Usually 3%, but zero-down options are available
DTI ratioVaries based on lender43%N/A
FeesFree service to use, loan fees vary based on lenderOrigination, closingOrigination
Repayment termsVaries based on lender10, 15, and 30-year fixed10, 15, 20, 25, 30 years


Bottom line, RateZip offers a better than average comparison service that lets you see and compare different mortgage rates from reliable lenders around the country. The online system is easy to use, and you can generate multiple quotes by changing your information in seconds. RateZip partners with some huge names and uses real data analysts to provide the most up to date and accurate information possible. This puts RateZip a cut above the rest in our books.

RateZip FAQ

Q: What is a fixed-rate mortgage?

A: A fixed-rate mortgage, as opposed to an adjustable-rate mortgage, is one that has the same interest rate for the full term of the loan. Adjustable rates, on the other hand, fluctuate with the market value.

Q: What is an FHA loan?

A: An FHA loan is a government-backed loan. These are insured by the Federal Housing Administration and generally come with better terms such as lower down payments, more flexible repayment terms, or lower APRs.

Q: What is pre-approval?

A: Pre-approval is a confirmation from a direct lender that you are eligible for a loan from them.

Q: Why is pre-approval helpful for buyers?

A: With a pre-approval letter, sellers know you are serious. So, brokers and sellers will be more willing to work with you. It also gives you an edge over other buyers who haven’t received pre-approval yet. What’s more, this process helps you know what your buying budget is since you get pre-approved for a certain amount. So, now you know how much you can spend on your new home.

Physical Address

78 Deer Run Rd.

Red Hook, NY 12571

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