Zero Mortgage Review
Zero Mortgage, owned by Interfirst (corporate name Chicago Mortgage Solutions LLC), was founded in 2001. Initially, they were a retail originator and expanded into the wholesale channel in 2008. They went on to develop partnerships with mortgage brokers in all the states where they were licensed. Interfirst’s team has more than 100 years of mortgage, sales/ marketing and consumer-related experience, which helps them tailor their mortgages to each individual, and deliver a personalized experience. The company has funded and originated more than $50 billion in mortgage loans and prides itself on its technology and automation, which helps them be faster and more efficient. Through artificial intelligence, they streamline processes and remove redundancies lowering the cost of their operations, which they then pass as savings on to their customers.
ZeroMortgage has a quick and efficient online application process, with no impact on your credit score to see the interest rates you qualify for. Their application is free and has no application fee, lender processing fee, or other hidden fees. ZeroMortgage does not offer VA, USDA or FHA loans. They also do not consider alternative credit scores, like rental history. Pre-approvals and pre-qualifications can be done through their online application process and usually take 1-2 business days to process.
|Mortgage Type||Mortgage Purchase Mortgage Reﬁnance
Rate-and-term and cash-out refinancing
|Mortgage Amount||Minimum loan amount $100,000|
|Mortgage Repayment Term||10 to 30 years|
|APR – Fixed Rate||Prospective buyers must fill out applications to receive a rate quote.|
|APR – Variable Rate (ARM)||Prospective buyers must fill out applications to receive a rate quote.|
|Min. Credit Score||620 for conventional loans|
|Soft Credit Pull (for prequaliﬁcation)||Yes|
|Funding Time||30 – 45 days|
|Lender Type||Direct lender/marketplace|
|Reﬁnance – Fixed APR||ZeroMortgage does not advertise its rates online, prospective customers must fill out applications to receive a rate quote.|
|Reﬁnance – Variable APR||ZeroMortgage does not advertise its rates online, prospective customers must fill out applications to receive a rate quote.|
|Amount||ZeroMortgage does not advertise its loan details online.|
- Online Process
- People Working Remotely
- Quick funding
- Professional ﬁnancial assistance
- Lower than national average APRs
- Adjustable rates or ARM
- Jumbo loan amounts
- Repayment terms
Pros & Cons (Mortgage Purchase)
- Online application process
- Quick and easy pre-approval
- No fees
- Doesn’t offer FHA, USDA, or VA loans
- High credit score requirements
- No alternative to traditional credit score accepted
Pros & Cons (Mortgage Reﬁnance)
- Can lower your current interest rate
- Chance to work with a better lending institution
- Save thousands of dollars in interests
- Costs or fees to refinance may be high
- Interest rates may be rising
- Interest savings vs Closing costs
Mortgage Loans Terms & Requirements
ZeroMortgage offers conventional, jumbo, fixed-rate, adjustable-rate, investment property, rate-and-term and cash-out refinancing. Their typical loan durations are 10 to 30 years. Other terms of loans differ depending on the customer’s profile (income, savings, credit score, loan type). Their website doesn’t list any requirements or interest rate offer – prospective clients need to fill out applications to know their rate or call their number and talk to a loan officer. Depending on the person, getting a loan from ZeroMortgage can be easy and efficient for someone looking to go through the entire process online or by phone, while saving on fees and costs related to going into physical office locations.
How to Apply
To apply for a mortgage with ZeroMortgage simply go to their website and on the homepage click “Get Your Quote”. This will take you to the application where it will ask you questions relating to your income, credit score, type of property you are looking to buy, zip code, budget, downpayment, and contact information.
|Min. Credit score||Min 620 required|
|Min. debt-to-income ratio||N/A|
|Min. annual income||N/A|
|Min. age of borrower||N/A|
To get pre-qualified for a mortgage with ZeroMortgage, customers fill out an application by either calling their listed phone number or filling out an online application. They will ask questions relating to your income, budget, credit score, and desired loan. Some customers may need to provide additional documents depending on their individual circumstances.
Application Steps & Time Frames
- Fill out short online application (5-7 minutes)
- Receive an email with 1-2 business days about your pre-approval
- Get a locked interest rate for 90 days
- Find and put an offer on a house
- Close with 30 – to 45 days
For people that require efficiency and simplicity this process is the best there is. ZeroMortgage is an industry leader in online-only mortgage solutions.
2022 Chicago Mortgage Solutions LLC, DBA, ZeroMortgage, NMLS 7872.
Chicago Mortgage Solution LLC is licensed in the following states: AL, AR, AZ, CA- Licensed by the Department of Financial Protection and Innovation under the California Finance Law License., CO, CT, DC, DE, FL, GA- Georgia Residential Mortgage Licensee., HI, IA, IL- Illinois Residential Mortgage Licensee., IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NM, NV, OH, OK, OR, PA, RI-Rhode Island Licensed Lender, SC, SD, TN, TX, UT, VA, WI, WV and WY.
Privacy & Security
ZeroMortgage takes standard security measures that comply with federal law to protect your information from unauthorized access. ZeroMortgage shares your information with their affiliates for marketing purposes, and you have the right to limit the sharing of information for marketing purposes. However, they share your information for their own marketing and everyday business purposes and by law you do not have a right to limit this. They also share your information such as your transactions and experiences with their affiliates for their affiliates everyday business purposes and also you don’t have the right to limit this.
Financial institutions can choose how they share your information as long as it complies with federal laws. Individuals have the right to limit some information sharing but not all of it.
ZeroMortgage, an online-only institution, has a contact us page on their website where customers can submit any questions or requests they have along with their contact information. A loan officer will reach out to you within 24-48 hours with a response, their phone number and office address to help you in whatever way they can. They also have a customer service phone number you can call during their business hours Monday through Friday, and they will connect you with your respective state loan officer to answer any questions you may have.
|Phone Support|| Mon – Fri: 9:00 am – 5:00 pm CT
Sat – Sun: Closed
|Email Support||Yes : firstname.lastname@example.org|
|Social Media||Facebook / instagram / twitter|
|Headquarters||9525 W Bryn Mawr Avenue Suite 400 Rosemont, IL 60018|
Getting a loan with ZeroMortgage is typically for people looking to get the process done virtually and quickly. ZeroMortgage is an online-only mortgage lender, with a digital application and lending process. They pride themselves on their technology and automation process to lower costs for both the buyer and themselves. Their website has little to no information other than their application, address and contact info; nothing related to their current interest rates or the documentation they would require from you. They also do not operate in every state. However, they offer a pre-qualification process that is free and doesn’t affect your credit score.