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ZeroMortgage Review 2024

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At a glance

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

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.

Bankrate Score
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3.8
Rating: 3.8 stars out of 5
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Bankrate Score

Customer Rating
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4.5
Rating: 4.54 stars out of 5

448 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans

Location

Nationwide availability

All U.S. states except Alaska, Massachusetts, Nevada, New Jersey, New York, Vermont and Washington

Dollar Coin

Min. down payment

3% for conventional loans

At a glance

ZeroMortgage

NMLS: 7872

State License: MC-5688

3.8

Rating: 3.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, refinancing and more

Location

Nationwide Availability

All U.S. states except Alaska, Massachusetts, Nevada, New Jersey, New York, Vermont and Washington

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. 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.

Pros and cons of ZeroMortgage

Pros
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    Online application process

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    No points or hidden fees

Cons
  • Close X

    Doesn’t offer FHA, VA or USDA loans

  • Close X

    Not available in all states

Our Editor’s Take on ZeroMortgage

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.

How Bankrate scored ZeroMortgage

  • 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-backed loans, however. The lender is licensed in most states but doesn’t operate everywhere.
  • Borrower experience: ZeroMortgage and its affiliated brands have originated $36 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.

Affordability: 6.6/10

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.

Availability: 8.2/10

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.

Borrower experience: 8/10

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 mortgage with ZeroMortgage online or by phone at 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

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.

Compare ZeroMortgage to other lenders

ZeroMortgage
Rating: 3.8 stars out of 5
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3.8

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
Info
Read full review

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

ZeroMortgage customer ratings and reviews

logo

NMLS: 7872

State License: MC-5688

4.5

Rating: 4.54 stars out of 5

448 ratings

Info

This lender has 0 recent 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 star
82%
7%
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8%

91% of customers would recommend this lender.