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ZeroMortgage Review 2023

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At a glance

ZeroMortgage
NMLS: 7872
State License: MC-5688
Editor's take

 If you’re looking for an online-only process without annoying fees, ZeroMortgage could be your lender. However, it only offers conventional mortgages. 

Bankrate Score
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4.1
Rating: 4.1 stars out of 5
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Bankrate Score

Customer Rating
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4.5
Rating: 4.5 stars out of 5

448 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, fixed-rate, adjustable-rate; refinancing; investment property

Credit Good

Min. credit score required

620 for conventional loans

Location

Nationwide availability

Available in most states (not AK, MA, NJ, NV, NY, VT, WA)

Dollar Coin

Min. down payment

3% for conventional loans

Recent customer reviews

The customer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

Rating: 5 stars out of 5

Supportive, Organized, and Prompt Team

We had an amazing experience working with Alexander Rodriguez and Laura Delallo at Zero Mortgage. They were incredibly supportive when my husband and I were purchasing our first home. They were kind and patient, responded to our inquiries promptly, and made sure there were no delays or roadblocks in...

Supportive, Organized, Prompt
Dallas, TX (Oct 5, 2022)

At a glance

ZeroMortgage

NMLS: 7872

State License: MC-5688

4.1

Rating: 4.1 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, fixed-rate, adjustable-rate; refinancing; investment property

Location

Nationwide Availability

Available in most states (not AK, MA, NJ, NV, NY, VT, WA)

Credit Good

Min. credit score required

620 for conventional loans

ZeroMortgage overview

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. Importantly, this lender doesn’t charge points, application fees, lender fees or other hidden fees.

Pros and cons of ZeroMortgage

Pros
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    Online application process

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    Speedy preapproval

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    No points or hidden fees

Cons
  • Close X

    Doesn’t offer government-insured loans like FHA, VA or USDA loans

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    Not available in all states

Our Editor’s Take on ZeroMortgage

 If you’re looking for an online-only process without annoying fees, ZeroMortgage could be your lender. However, it only offers conventional mortgages. 

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.

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.

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.

Compare ZeroMortgage to other lenders

ZeroMortgage
Rating: 4.1 stars out of 5
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4.1

Bankrate Score
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LoanDepot
Rating: 4.4 stars out of 5
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4.4

Bankrate Score
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Rocket Mortgage
Rating: 4.5 stars out of 5
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4.5

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, fixed-rate, adjustable-rate; refinancing; investment property

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term

Min. credit score required

620 for conventional loans

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans

Down payment

3.5% for FHA loans

Down payment

3% for conventional conforming loans, 3.5% for FHA loan, none for VA loans, 10%-15% for jumbo loans

Nationwide availability

Available in most states (not AK, MA, NJ, NV, NY, VT, WA)

Nationwide availability

Available in all U.S. states

Nationwide availability

Available in all U.S. states

ZeroMortgage customer ratings and reviews

logo

NMLS: 7872

State License: MC-5688

4.5

Rating: 4.5 stars out of 5

448 ratings

Info

This lender has 1 reviews.

Knowledge
Rating: 4.6 stars out of 5
Level of service
Rating: 4.6 stars out of 5
Professionalism
Rating: 4.5 stars out of 5
Responsiveness
Rating: 4.5 stars out of 5
5 stars
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1 stars
82%
7%
1%
1%
8%

91% of customers would recommend this lender.

of 1 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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