ZeroMortgage Review 2023

How Bankrate scored ZeroMortgage

To determine ZeroMortgage’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

• Affordability: ZeroMortgage doesn’t advertise current rates on its website, but you can start the process online to obtain a quote tailored to your situation (and without a credit check). You won’t have to pay an application or underwriting fee with this lender, nor points to buy down your rate.
• Availability: ZeroMortgage offers conventional mortgages, both conforming and non-conforming for more expensive properties. It doesn’t offer government-insured loans, however. The lender is licensed in most states but doesn’t operate everywhere.
• Borrower experience: ZeroMortgage and its affiliated brands have originated $3 billion in loans to date. The lender is accredited by the Better Business Bureau and has an A rating from the organization, with overwhelmingly positive reviews from customers on the BBB website. You can apply for a loan online, and the lender offers both preapprovals and prequalifications. It also offers email and phone support, and the convenience of e-signature on some documents.

• Methodology

  Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

  Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate’s methodology page spells out our rating process in greater detail.

Affordability: 3/5

Affordability differs from lender to lender, so comparing costs is key. ZeroMortgage doesn’t advertise current rates on its website, but you can start the process online to obtain a quote tailored to your situation (and without a credit check). You won’t have to pay an application or underwriting fee with this lender, nor points to buy down your rate.

Availability: 5/5

This factor can make the overall mortgage application process smoother or more challenging. ZeroMortgage offers conventional mortgages, both conforming and non-conforming for more expensive properties. It doesn’t offer government-insured loans, however. The lender is licensed in most states but doesn’t operate everywhere.

Borrower experience: 4.4/5

Know what to expect when you work with a specific lender. ZeroMortgage and its affiliated brands have originated $3 billion in loans to date. The lender is accredited by the Better Business Bureau and has an A rating from the organization, with overwhelmingly positive reviews from customers on the BBB website. If you're interested in a loan with Zero, you can apply online, and the lender offers both preapprovals and prequalifications. It also offers email and phone support, and the convenience of e-signature on some documents.

How to apply for a mortgage with ZeroMortgage

You can apply for a purchase loan or refinance on the ZeroMortgage website or by calling 800-520-7087.

Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with ZeroMortgage

Zero Mortgage offers refinancing options, which you can apply for online. The lender doesn’t advertise refinance rates directly on its website, but it also doesn’t charge fees on any of its loan products. You can start the refinance process on ZeroMortgage’s website.