Zillow Home Loans Mortgage Review 2022

At a glance

NMLS: 10287

4.1

Rating: 4.1 stars out of 5

Bankrate Score

Loans offered

Conventional, FHA, VA, fixed-rate; rate-and-term, cash-out and streamline refinancing

Nationwide Availability

Available in all U.S. states except New Jersey and New York

Min. credit score required

620 for conventional loans

Pros and cons

Zillow Home Loans overview

Zillow Home Loans is a direct mortgage lender affiliated with Zillow Group. The digital lender provides mortgages in most states, but doesn't generally operate from branch locations. To apply for a loan or refinance, you can call or fill out a form on the lender’s website. With conventional, FHA and VA loans on its roster, Zillow Home Loans has fewer options compared to other lenders, but also boasts competitive interest rates on both purchases and refinances. Often, you can get approved in two business days and close in just over 40, which is in line with the average application-to-closing timeline today (as of this review). Zillow Home Loans was renamed in 2019 following Zillow Group’s acquisition of Mortgage Lenders of America the previous year. The lender now has more than 300 employees, including dedicated, experienced loan officers who assist borrowers throughout the home loan process. It’s headquartered in Overland Park, Kansas.

Good for

Borrowers who appreciate the convenience of online lending or the opportunity for discounts

Loan types

• Conventional
• FHA
• VA
• Fixed-rate
• Rate-and-term, cash-out and streamline refinancing

Lender fees

Zillow Home Loans’ lender fees can vary by loan type or other factors. Keep in mind there are typically other expenses associated with getting a mortgage, such as an appraisal or credit check fee, that are included in your closing costs. These are charged by third parties involved in the transaction, not the lender. 

Rates

Zillow Home Loans does not display mortgage rates on its website. You’ll need to complete an application online in order to get a quote.

Online services

Zillow Home Loans is an online-based mortgage lender, so its website is designed to be easy to navigate. As far as features, the lender’s website contains homebuying educational resources and calculators you can use to estimate costs and learn more about the mortgage process.

Minimum borrower requirements

In general, conventional loans require at least 3 percent down. If you’re borrowing a conventional loan and your down payment is less than 20 percent, you’ll need to pay for private mortgage insurance (PMI), which adds to your monthly mortgage payment. FHA loans require at least 3.5 percent down plus FHA mortgage insurance. VA loans, for military members and veterans, don’t have down payment or mortgage insurance requirements, but do come with a funding fee. 

Refinancing with Zillow Home Loans 

Zillow Home Loans offers refinancing options whether you want to take equity out of your home, reduce your interest rate or lower your monthly payment. The lender doesn’t advertise its refinance rates or fees, however, so you’ll need to connect with a loan officer to determine how much it will cost to refinance and whether it’s worth doing.

Not sure if Zillow Home Loans is right for you? Consider these alternatives 

• United Wholesale Mortgage review: Best if you’re working with a mortgage broker
• Rocket Mortgage review: A convenient website and app-based experience and nationwide service
• LoanDepot review: Good for a completely online lending process with the option to meet in-person if you want to
• PennyMac mortgage review: Offers a closing guarantee
• Sage Mortgage review: A broker who can guide you through the process from start to finish 

Breakdown of Zillow Home Loans overall review score

• Affordability: 3/5
• Availability: 4.8/5
• Borrower experience: 4.7/5

Review methodology 

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.