In a Nutshell
- Competitive rates
- Top notch customer service
- Trustworthy and transparent
- Not licensed in all states
- No live chat customer support
Zillow Home Loans at a Glance
|Direct lender or marketplace||Direct Lender|
|Loan Types||Purchase, rate-term refinancing and cash-out refinancing|
|Featured Loans||Conventional loans (fixed-rate), FHA loans, VA loans|
|Repayment Terms||10, 15, 20, 25, 30 year fixed|
|Minimum Down Payment||0% to 3%|
|Minimum Credit Score||620 for conventional; 660 for FHA and VA|
|Best for||First-time home buyers|
Zillow Home Loans (NMLS #10287) is an Equal Housing Lender that provides mortgage loans for the purchase of new homes and refinancing options for current homeowners. With a variety of loan products available, including conventional loans, VA loans, and FHA loans. Zillow Home Loans have flexible repayment terms, low or no down payment, depending on the loan type, and competitive rates.
Additionally, Zillow Home Loans has a manual underwriting procedure. While this may take a little longer, it's actually a good thing for borrowers because it means each case is looked at personally and decided on a case-by-case basis. That gives borrowers a better chance of finding approval than the generic, automated process offers.
Zillow Home Loans is a particularly good choice for new home buyers for two reasons. For one thing, the Zillow Home Loan team is reputed to be supportive, dedicated, and highly-qualified at what they do. Based on consumer reviews and a built reputation, Zillow Home Loan officers are efficient, ready to go to bat for you, and knowledgeable in all the right areas.
What’s more, Zillow Home Loans spells everything out very clearly on the website. So, for first-time buyers who aren’t familiar with the process of buying a new home, don’t know the terminology, and aren’t clear on the details, Zillow Home Loans gives them all the information they need to proceed with confidence.
Types of Loans/Products
Zillow Home Loans offer several loan products for both new purchases and current homeowners looking to refinance. Purchase loans available include
- Conventional loans, including Home Possible and HomeReady loans
- VA loans
- FHA loans
Zillow Home Loans has fixed-rate mortgages. Additionally, you can find refinancing options that include:
Zillow Home Loans offer both mortgage loans and refinancing options for single-family homes, townhomes, manufactured homes, and condominiums.
- Credit required: 620 for Conventional loans and 660 for FHA and VA loans
- Down payments: 0%-3% (requires PMI if lower than 20%)
- Loan terms: 10, 15, 20, 25, 30-year fixed
The Application Process
You can get a mortgage loan directly through Zillow Home Loans. This is a straightforward process that offers the benefit of having a professionally-trained loan officer handle your case from start to finish. After filling out the online application form, a Zillow Home Loans rep will reach out to you to finalize your application process. Borrowers who are interested in continuing directly with Zillow Home Loans will be sent a digital disclosure form. That's a convenient step in the process. Zillow Home Loans’ underwriters manually verify each applicant's employment income and assets and will look into property in question to verify that it meets requirements.
Rates and Fees – The Bare Basics
Zillow Home Loans offers some very low rates. It does charge an origination fee, though, so watch out for this one. Ask before you get too deep into the process how much this will be and if there are any other fees associated with the overall mortgage loan process you should know about.
In terms of loan rates, Zillow Home Loans’ are very competitive. It offers a variety of different loan types, and you can even find low or no down payment loans. You can get a conventional loan for 3.40%-4.57% APR. Plus, Zillow Home Loans also have rate-lock offers in different time frames to accommodate more borrowers.
Zillow Home Loans offers several repayment options, a big benefit for homebuyers who like to have their options left open. You can choose between 10, 15, 20, or 30-year fixed-rate loans. Alternatively, Zillow offers adjustable-rate mortgages (ARMs) that range from 3/1, 5/1, and 7/1 variations. Which is the right one for you will depend on how much you could afford to put down, how much you can pay per month, and how fast you want to repay your loan.
Help & Support
As mentioned, borrowers will get a loan officer to deal with their case from start to finish. This is personalized customer support at its best. If you have questions before you’ve been assigned someone, you can reach out to customer support via the phone or with the online contact form. Unfortunately, there’s no live chat.
Zillow Home Loans is a reliable name in the real estate industry, so expanding its offerings to the home mortgage sector has been generally viewed as a win-win for everyone. With mortgage and refinancing loans boasting low rates, flexible repayment terms, and personalized customer service, Zillow Home Loans is certainly settling into the new industry admirably.
Q: How will I know how much to take out for a mortgage loan?
A: Zillow Home Loans has several online tools that can help first-time buyers figure out how much they should take out for a mortgage loan. To begin with, there is an affordability calculator. This will help you understand exactly how much you can afford to pay towards a mortgage based on your income, expenses, and other factors. Then, the mortgage calculator will help you figure out how much money you should take out for your loan.
Q:What is homeowners insurance, and do I need it?
A: Homeowners insurance is a kind of insurance policy that covers the costs of several damages, including fire, burglary, and structural damage. Homeowners insurance is generally a requirement if you want to get approved for a mortgage loan.
Q: What are closing costs?
A: Closing costs are a broad category of fees you may have to pay when purchasing a home. They're paid at the time of closing the transaction and include things like appraisal, attorney fees, escrow fee, home inspection, origination fee, property tax, survey fee, and more.
10975 El Monte St.
Overland Park, KS 66211