ZapRates Mortgage Loans Review

BySarah PritzkerJul.15, 2021
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In a Nutshell

ZapRates is a resource for comparing many lenders, types of loans, and rate offers.


  • Compare multiple loan quotes in minutes
  • No upfront fees or obligations


  • The number of products can be overwhelming
  • No FAQ section

ZapRates at a Glance

Loan types: Conventional ARM--fixed and variable, Jumbo, refinance, FHA loans. VA loans, Home equity and line of credit, Reverse mortgage

Loan features: Compare rates

Repayment Terms: Various

Suitable for: Comparing multiple lenders


ZapRates is a home loans platform that helps homeowners and homebuyers compare the rates, terms, and conditions of mortgage loans across multiple providers. It’s not a direct lender so there’s no information about the rates and repayment terms on the website as they will vary depending on your provider. Through its trusted providers, ZapRates helps borrowers to access and compare a large range of home loan products including conventional, FHA, and VA home purchase loans, home equity loans, HELOC, reverse mortgages, and refinance loans. ZapRates’ quotes are free and come with no obligations and no impact on your credit score.

  • No upfront fees
  • VA, FHA, and Jumbo loans as well as conventional fixed-rate and variable-rate loans, home equity loans, HELOC, and reverse mortgage loans.
  • Access many quotes, terms, and rates offers
  • Compare options easily to make the right decision for your circumstances
  • Low minimum down payment and poor credit accepted

Suitable for?

Because ZapRates covers so many different loan products it’s ideal for homebuyers and homeowners who aren’t yet sure what type of home loan to take and want to be able to compare all of their options. ZapRates doesn’t charge any fees, and preapproval doesn’t affect your credit score so there’s nothing to lose from checking available rates for a few different possible home loan options. Borrowers with poor credit scores and small down payments will do well with the government-backed FHA loans option.

Pros and Cons

As a home loan marketplace, ZapRates’ biggest pro is that it brings together obligation-free pre approved loan quotes from many different home loan lenders in a way that makes them easy to compare. You don’t need to decide which type of home loan you want before applying through ZapRates, you can just apply for a few different types and see which products give you the most suitable terms and rates. There’s no upfront application fee and your credit score isn’t impacted, so you can request a quote and then make your decision without having lost anything by the request.

On the other hand, borrowers who don’t already know what they want could find the sheer range of options on offer to be overwhelming and confusing. Without any sample rates or terms shown on the website it can be difficult to know what loan product to try first, and requesting 2 or 3 different quotes for different loan types can cause you to drown in pre approved home loan offers. Although there are plenty of educational resources about the different types of home loans, there is no FAQ section that clearly explains how ZapRates works.

Loan Features

  • No upfront application fees
  • Compare many loan quotes with a single application
  • Easy online guided application
  • VA, FHA, and Jumbo loans available
  • Choose from conventional home loans, home equity, HELOC, and reverse mortgage

ZapRates’ home purchase and refinance loans come with many features. The conventional home purchase or refinancing loans are straightforward and offered with a variety of terms including up to 40 years fixed-rate loans and 10/1, 7/1, or 5/1 ARM loans. Refinancing makes it easy to move between fixed rate and variable rate loan options. ZapRates also provides full flexibility in borrowing against your home equity with HELOC and lump sum home equity loans. Jumbo loans for amounts above $417,000 with both fixed and variable interest rates are on also on offer for specific situations and so are reverse mortgages for homeowners over 62 years old. There are no upfront application fees and one easy online application process without any obligations.

The Application Process

ZapRates has an easy, guided online application process. You’ll first need to choose which type of loan to apply for. Then, you’ll be taken through a series of guided questions that ask about your loan purpose and amount, the value of your current or prospective home, your approximate credit score, personal contact information, and some financial information. ZapRates will send you pre-approved loan quotes from direct lenders in minutes. It’s then up to you to select a lender and continue the application process from there. ZapRates doesn’t reveal how long the process will take since that depends on the individual lender. ZapRates also can’t say exactly what you’ll need to send as part of your application, but it does give an idea, such as your personal ID information and income details. 

Loan Terms – The Bare Basics

ZapRates gives quotes for home loans with almost every possible length of term. ZapRates’ FHA loans require a minimum down payment of 3.5% and the VA loans have no down payment requirement, while the Jumbo loans go up to amounts over $417,000. Other refinancing terms, reverse mortgage terms, and HELOC terms are available upon application.

Because of the wide range of loan terms and many different lenders, eligibility requirements vary. All lenders will require you to:

  • Be over 18
  • Be a citizen or permanent resident of the USA
  • Meet certain credit score minimum requirements
  • For a reverse mortgage, the youngest borrower must be 62 or older
  • In some cases, meet certain minimum income requirements

Repayment Terms

Since it’s a loan aggregator, there are no specific repayment terms or APR rates given on the ZapRates website. You have to complete an application to discover your options. However, fixed-rate loans come with terms from 15 to 40 years and variable-rate ARM loans have terms that begin at 5 years. APR rates vary depending on the loan product you choose, the amount of equity or down payment you have, and your credit score, among other factors. At least the initial application process to get personalized quotes is quick and easy.

Help & Support

ZapRates has an easy-to-use website with plenty of useful educational resources that explain the different types of loan products available and the pros and cons of each one. There’s also a useful blog for customer education. However, the website is lacking an FAQ section that explains clearly how ZapRates works. It would also be helpful if there were some sample APR rates and terms online instead of having to complete an application to get that information. ZapRates’ customer support is available by phone from 9am to 7pm, Monday through Friday, and by email. There is no live chat.

So, Should you Borrow with ZapRates? 

Overall, ZapRates is a one-stop shop to get personalized, obligation-free, and pre-approved home loan quotes for every situation. The big range of loan products available, from VA loans to reverse mortgages, means that every homeowner and would-be homeowner will be able to find the right loan for their situation. The application process is fast and easy and there are no upfront application fees. A quote from ZapRates also doesn’t affect your credit score.

Physical Address

550 Cochituate Road Suite 25

Framingham, MA 01701

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