If you’ve ever looked for a home, then you’re surely already familiar with Zillow Home Loans, America’s largest real estate marketplace. But did you know the Zillow Group also operates a separate lending business? It offers a variety of mortgage loans to meet your needs, including low down payment options. The service is speedy, and you can count on Zillow Home Loans to meet your deadlines.
Whether you’re looking to purchase or refinance, the application process starts with a short online questionnaire. The questionnaire consists of around 15 questions, and you should be able to complete it in under five minutes.
- Where is your home located?
- What kind of home do you currently own?
- How are you using this home?
- Are you or your spouse a veteran or active military?
- What’s your home’s value?
- What’s your current home loan balance?
- Do you have a second mortgage or a home equity line of credit (HELOC) on this property?
- Do you want to borrow additional cash when you refinance?
- What’s your annual income before taxes?
Once you’re done, a loan officer in your area will reach out to you to discuss your options, answer any questions, and help you apply for pre-approval. If you don’t have a real estate agent, Zillow Home Loans will offer to connect you with one.
As you can see, you won’t need to hand over any sensitive information to get started. However, if you do choose to proceed to pre-approval, then will be need to provide documentation. Fortunately, after completing the online questionnaire, Zillow Home Loans will email you a link to a page outlining exactly which documents you’ll need to AR installment loans get pre-approved.
On the home page, you’ll see all the loan options transparently laid out before you. There’s even an option to see sample loan terms for each loan type – a nice touch that helps you visualize what you’re getting. And if you still have questions, then Zillow Home Loans’ expert loan agents are well-equipped to help.
The only major problem with Zillow Home Loans is that it’s still not licensed in seven states. If you’re buying in New York, New Jersey, Vermont, Maine, West Virginia, Wyoming, or Hawaii, then you’ll have to look elsewhere for a loan.
Zillow Home Loans offers conventional loans as well as two of the most common types of government backed loans – FHA loans and VA loans. Conventional loans can be secured with as low as 3% down payment. The usual rules apply to the other loans: minimum 3.5% down payment for FHA loans and zero down payment on VA loans.
Strangely, this lender only appears to offer fixed-rate loans
Like the Zillow Home Loans property platform, Zillow Home Loans offers plenty of free features and tools to help you make a decision.
As you would expect of a service provided by the Zillow Home Loans, the Zillow Home Loans platform is very easy to navigate
Zillow Home Loans won’t let you see pre-qualified rates without filling out an initial application form, although it does offer minimum APRs as a guide. There is no mention of adjustable-rate options on its website. Repayment terms of 15, 20, 25, or 30 years are offered for conventional loans, and 15 or 30 years for government-backed FHA and VA loans.
As mentioned, Zillow Home Loans prides itself on its customer service. On its website, it promises to offer a clear and transparent service and to meet your mortgage deadlines. To begin the mortgage process, fill out the online form on the Zillow Home Loans website and wait for a loan agent to call you. Alternatively, you can call Zillow Home Loans directly on 888-852-2212. Zillow Home Loans is based in Overland Park, Kansas.
If we had to give one reason to use Zillow Home Loans for your purchase or refinance, it would be: national reach, local service. Wherever you live, your loan application will be handled by a Loan Officer with deep knowledge of your area.