Ally Bank
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If you’re looking for a no-fee, online-only process, ZeroMortgage could be your lender. However, it only offers conventional mortgages, which limits borrowers who have lower credit scores.
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Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
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Loans offered
Conventional, jumbo, refinancing and more
Min. credit score required
620 for conventional loans
Nationwide availability
All U.S. states except Alaska, Massachusetts, Nevada, New Jersey, New York, Vermont and Washington
Min. down payment
3% for conventional loans
ZeroMortgage, an affiliate of Interfirst Mortgage Company, is an online-only mortgage lender headquartered in Chicago. If you qualify, you could get a preapproval in as little as one day, and close in 30 days to 45 days, according to the lender. One major highlight: This lender doesn’t charge points, application fees, lender fees or other hidden fees. As with every mortgage lender, you’ll still pay for costs like an appraisal and title insurance.
Online application process
No points or hidden fees
Doesn’t offer FHA, VA or USDA loans
Not available in all states
You’ll need to get in touch with ZeroMortgage directly to obtain a rate quote and understand your costs, as the lender doesn’t display current mortgage rates on its website. One potential benefit, though: This lender doesn’t charge fees.
ZeroMortgage works with borrowers in the majority of states (excluding New York, notably). It only offers conventional loans, which means some borrowers won’t qualify.
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.
You can apply for a mortgage with ZeroMortgage online or by phone at 800-520-7087. Here are some tips to prepare for the process:
ZeroMortgage offers both rate-and-term and cash-out refinancing options. The lender doesn’t showcase refinance rates directly on its website, but it also doesn’t charge fees on any of its loan products, including refinancing.
Rating: 3.8 stars out of 5
3.8
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.9 stars out of 5
4.9
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
|
Rating: 4.8 stars out of 5
4.8
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Loans offered Conventional, jumbo, refinancing and more |
Loans offered Conventional, jumbo, FHA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Min. credit score required 620 for conventional loans |
Min. credit score required 620 for conventional loans, 500 for FHA loans |
Min. credit score required 620 for conventional loans, 580 for FHA loans, 580 for VA loans |
Down payment 3% for conventional loans |
Down payment 3% for conventional loans, 3.5% for FHA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Nationwide availability All U.S. states except Alaska, Massachusetts, Nevada, New Jersey, New York, Vermont and Washington |
Nationwide availability Available in all U.S. states except Texas |
Nationwide availability All U.S. states |
NMLS: 7872
State License: MC-5688
4.5
448 ratings
This lender has 0 recent reviews.
91% of customers would recommend this lender.