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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Zero Mortgage Review

Ali Rivzi Ali Rivzi Last update:
NMLS#
7872
Min Credit Score
620
Repayment Terms
10-30 years

Overview

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

Conventional

Fixed

Investment property

Adjustable-rate

Rate-and-term and cash-out refinancing

Jumbo

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
Origination Fee None
Prepayment Fee None
Underwriting Fee None
Other Fees None
Soft Credit Pull (for prequalification) Yes
Funding Time 30 – 45 days
Lender Type Direct lender/marketplace
NMLS # 7872

Mortgage refinance:

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. 

Best For

  • 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)

Pros:

  • Online application process
  • Quick and easy pre-approval
  • No fees

Cons:

  • Doesn’t offer FHA, USDA, or VA loans
  • High credit score requirements
  • No alternative to traditional credit score accepted

Pros & Cons (Mortgage Refinance)

Pros:

  • Can lower your current interest rate
  • Chance to work with a better lending institution
  • Save thousands of dollars in interests

Cons:

  • 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.

Qualification Requirements

Min. Credit score Min 620 required
Min. debt-to-income ratio N/A
Min. annual income N/A
Min. age of borrower N/A
Citizenship/residency N/A

Required Information

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.

Required documents N/A

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.

State Availability

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.

Customer Support

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 : info@zeromortgage.com
Live Chat no
Social Media Facebook / instagram / twitter
Headquarters 9525 W Bryn Mawr Avenue Suite 400 Rosemont, IL 60018

In Conclusion

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.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Ali Rivzi Ali Rivzi
This review is based on the writer's personal opinion.