Mortgage-related complaints at major lenders The company has a score of 4.1 out of 5 stars on Trustpilot.īoth refinance and home purchase borrowers spoke highly about the level of customer service and they often described their loan officers as knowledgeable and friendly.Īccording to customer reviews, many borrowers closed on time - sometimes within weeks - and were satisfied with their mortgage rates. Zillow Home Loans receives mostly positive reviews from its borrowers. This includes your actual loan terms, including the interest rate, monthly payment, and cash needed to close. You’ll receive a Closing Disclosure form about three days before closing. And once you have a signed purchase agreement, you’ll receive a Loan Estimate with your estimated loan terms. You should receive a preapproval after completing your application. Your loan officer will provide specific instructions regarding preapprovals, Loan Estimates, and closing. You’ll then email or upload your supporting documentation to an online portal. Other documents requested by your lender.Year-to-date Profit and Loss statement (if you’re self-employed).Bank and/or retirement account statements.W2s and tax returns from the previous two years.You can’t complete a loan application or ask questions until after you’re contacted by a loan officer.Īfter completing an application you’re typically required to submit supporting documentation, including: It’s only a contact form, which you must complete before proceeding.

You’ll provide details about the type of loan you’re looking for, your timeline for buying, and personal information. When starting out, it can appear as if you’re completing a prequalification or preapproval application online. Working with Zillow Home LoansĪlthough it’s an online lender, Zillow Home Loans does not have a wholly online mortgage application process. From there, you can complete a mortgage application and ask questions. But unfortunately, there isn’t a lot of clarity in this area.Īccording to a customer representative, you must first fill out a contact form - providing your personal and financial details - then wait for a loan officer to contact you. When shopping for a home loan, transparency about rates and requirements can point borrowers in the right direction. Some borrowers might also view the lender’s lack of information on its website as a disadvantage. Plus, the lender isn’t yet licensed in all 50 states, which means borrowers in several states will have to find another mortgage company for a new loan. The company doesn’t appear to offer adjustable-rate mortgages, reverse mortgages, jumbo loans, home equity loans, or USDA loans. These include government-backed mortgages like FHA and VA loans, as well as conventional loans backed by Fannie Mae or Freddie Mac.īut unfortunately, Zillow Home Loans doesn’t provide loans for everyone. The good news is that Zillow has several popular loan programs. Home loan programs vary, so it’s important to choose the right loan for your financial situation. Start here Zillow Home Loans review for 2024 Average mortgage rates at major lendersĪverage rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA). Instead, you have to speak with a loan officer for rate information.īased on data from 2021 - the most recent figures available - the average 30-year interest rate offered by Zillow Home Loans was lower than some other major lenders.Īlso, Zillow borrowers paid lower closing costs on average - about $3,700 in total loan costs and $1,500 in loan origination fees in 2021. While many mortgage lenders advertise their rates online, Zillow Home Loans isn’t as transparent. Is Zillow the best mortgage lender for you?.Where can I get a mortgage with Zillow Home Loans?.

Mortgage loan products at Zillow Home Loans.

i solved this by getting a generic couple of online quotes to ballpark costs in my city. I chatted with a couple of lenders and they gave me some general ranges for 5% down and my (self reported at this point) credit score ranges.Īlso for my state they way over estimated homeowners insurance, by about double. if you have really good credit the calculators will way over estimate that in my experience. Because PMI is a factor of LTV and down payment, as well as credit, lenders can have different ranges. PMI was a really big swing too if you’re putting less than 20% down. i solved this by chatting with my county property assessment office and understanding property taxes for the area i was looking at, so i could adjust the calculators. my house in the calculators showed them to be almost 1k a year higher than they actually are. I found property taxes in my city to be wildly overestimated.

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