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Zillow Home Loans Mortgage Review 2023

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At a glance

Zillow Home Loans
NMLS: 10287
Editor's take

Zillow Home Loans is good for borrowers seeking standard home financing products, especially if they prefer an online process. It has fewer options compared to other lenders, but also boasts competitive interest rates on both purchases and refinances.

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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4.8
Rating: 4.8 stars out of 5

91 ratings

Mortgage Percent

Loans offered

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

Credit Good

Min. credit score required

620 for conventional loans

Location

Nationwide availability

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

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA 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

First time home buyer!

Very happy to say Brianna helped me and my wife out, to purchase our first home. Her and her team made our processes very easy, everything went smoothly, had no problems. She answered all my questions no matter how many times I’d ask the same question. Our closing process was super quick. She helped...

Miguel Tapia
Georgia  (Dec 16, 2022)

Rating: 5 stars out of 5

One of the easiest things I've done. Lauren W made it easy

It's clear to me that this is the way things are going. We went from application to cleared in 2 weeks. Zillow just asks for info, you give it to them, and you're done. It was no more complicated than applying for a credit card. You don't get the face to face experience but Lauren was friendly...

Fast, very friendly, very knowledgeable
Dublin GA (Dec 16, 2022)

At a glance

Zillow Home Loans

NMLS: 10287

4.1

Rating: 4.1 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

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

Location

Nationwide Availability

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

Credit Good

Min. credit score required

620 for conventional loans

Zillow Home Loans overview

Zillow Home Loans, formerly Mortgage Lenders of America, is a direct mortgage lender affiliated with Zillow Group; the realty giant acquired the company in 2018 and renamed it the following year. Headquartered in Irvine, California, Zillow Home operates virtually, providing conventional, FHA and VA loans in most states. As the financing arm of a firm famed for its online listings, it boasts an easy-to-navigate, information- and tool-packed site.

Pros and cons of Zillow Home Loans

Pros
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    Dedicated loan officer throughout the process

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    Online resources including calculators and checklists

Cons
  • Close X

    Can't apply for a loan in-person

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    Can’t apply or check loan status through the Zillow home search app

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    Doesn’t display rates on its website

Our Editor’s Take on Zillow Home Loans

Zillow Home Loans is good for borrowers seeking standard home financing products, especially if they prefer an online process. It has fewer options compared to other lenders, but also boasts competitive interest rates on both purchases and refinances.

How Bankrate scored Zillow Home Loans

To determine Zillow’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: You’ll need to complete an application online in order to find current mortgage rates for Zillow Home Loans.
  • Availability: Zillow Home Loans offers conventional, jumbo, and government-insured loans for home purchases and refinances.
  • Borrower experience: Zillow Home Loans has a user-friendly website and an A+ rating from the Better Business Bureau.

Affordability: 3/5

Loan expensiveness is a deciding factor for many borrowers. The affordability nature of loans differ from lender to lender, so comparing costs is key.

If you’re not ready for a conversation with a loan officer just yet, you might have a hard time comparing offers from Zillow Home Loans with others — the lender doesn’t display current rates on its website.

Availability: 4.8/5

Availability factors can make the overall mortgage-application process smoother or more challenging. As the financing arm of Zillow Group, Zillow Home is available to borrowers in most states (New York and New Jersey being notable exceptions). It offers conventional (including jumbo) loans, FHA loans and VA loans, but not USDA loans.

Borrower experience: 4.7/5

Customer experience factors can help you know what to expect when you work with a specific lender. Zillow Home has an A+ rating from the Better Business Bureau. Its website is designed to be easy to navigate, with homebuying educational resources and calculators to learn more about the mortgage process and estimate costs. If you have questions about a loan, you can fill out a form online or call 888-852-2212. Its customer service hours span Monday through Saturday.

How to apply for a mortgage with Zillow Home Loans

As a digital lender, Zillow Home Loans doesn't operate from branch locations. To apply for a loan or refinance, you can call or fill out a form on the lender’s website. 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.

Here's how the process generally works.

  1. Review your finances. Evaluate how much you can afford in a monthly home loan payment, accounting for payments on the principal, interest, taxes and insurance. Make sure that your credit, debt-to-income ratio and savings are in good shape. A strong credit score can help you secure a competitive interest rate and save thousands over the life of the loan.

  2. Complete the Zillow Home Loans questionnaire. Indicate whether you’re purchasing or refinancing, answer a few questions about your home purchase plans, and enter your contact information. A loan officer will contact you to continue the process.

  3. Get preapproved and start shopping. You’ll need to provide detailed documentation of your financial life in order to get preapproval, a statement from the lender that lets you know how much of a loan you qualify for. Good for 45–90 days, preapproval letters tell sellers you’re serious.

  4. Schedule an appraisal and home inspection. After you have an accepted offer on a property, arrange for a home inspection and home appraisal. You need to check for any major issues and the lender will want to assess the home’s value before you close on the loan.

  5. Close on the loan. It takes between an hour and an hour and a half to sign the closing documents at the title or escrow office. You should be able to access funds two to three days after your signing.

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 display its refinance rates or fees online, however, so you’ll need to connect with a loan officer to determine whether a refi — whether rate-and-term or cash-out — is worth doing.

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 Zillow Home Loans to other lenders

Zillow Home Loans
Rating: 4.1 stars out of 5
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4.1

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Better Mortgage
Rating: 5 stars out of 5
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5.0

Bankrate Score
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Read full review

Cardinal Financial

Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

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

Loans offered

Purchase, refinance, fixed-rate, adjustable-rate, FHA, VA and bridge loans

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans; investment property; disaster relief; manufactured home, tiny home and container home loans

Min. credit score required

620 for conventional loans

Min. credit score required

620 for conventional loans

Min. credit score required

580 for conventional loans, 550 for FHA loans, 550 for VA loans, 580 for USDA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3.5% for FHA loans, none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

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

Nationwide availability

Available in all U.S. states

Nationwide availability

Available in all U.S. states

Zillow Home Loans customer ratings and reviews

logo

NMLS: 10287

4.8

Rating: 4.8 stars out of 5

91 ratings

Info

This lender has 7 reviews.

Knowledge
Rating: 4.8 stars out of 5
Level of service
Rating: 4.8 stars out of 5
Professionalism
Rating: 4.8 stars out of 5
Responsiveness
Rating: 4.8 stars out of 5
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93%
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3%

95% of customers would recommend this lender.

of 7 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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