Zillow Home Loans is the Zillow Group affiliate that is in charge of looking after mortgages. This provider that joined the business in 2018 caters to people across most states but does not have much of a physical presence, with most of the work done online. People can apply for mortgage refinancing by filling out an online form or by giving Zillow a ring over the phone.
As a reputable direct lender, it aims to offer competitive rates. One of the highlights of its offering is the extremely useful calculators that can help you figure out if refinancing makes sense to your specific situation. This review will walk you through the various aspects associated with refinancing a mortgage through Zillow.
|Mortgage types||Home Equity Loans, Mortgage Refinance (cash in & cash out), FHA, VA|
|Repayment terms||15, 20, or 30 years|
|Minimum credit score||620|
|Lender type||Direct Lender|
Zillow Mortgage Loans: Pros
- Competitive refinancing rates.
- Provides useful refinancing rates.
- Trusted lender.
- Offers a variety of refinancing options.
Zillow Mortgage Loans: Cons
- Not available in all states.
- Origination fee of $1,500 to be paid.
If you are interested in potentially working with Zillow to get your mortgage refinanced, then there is a useful calculator on the website that can showcase what you can expect if you are refinancing. This can provide some useful initial insights before you decide to formally submit an application.
Once you have decided to proceed with Zillow and your refinancing, you will be able to apply over the phone or through the website. You will not be charged a fee for submitting an application.
Currently, Zillow Home Loans does not provide products or services to people in Washington D.C., Wyoming, West Virginia, Vermont, South Dakota, New York, New Jersey, and Hawaii.
Your first step when getting started is choosing which type of mortgage refinancing you want to do. This could be as simple as just changing the interest rate and term of your home loan or putting more cash towards the equity, taking money out (cash-out refinance), or streamlining the refinancing so your monthly payments are lower.
The next step is then comparing the different interest rates on offer to see what loan length and rate is going to fit your needs the best. You can then submit your application for this type of mortgage refinancing. Once you agree on the interest rate and complete a home appraisal, you will be ready to finish the process.
Terms & Requirements
All lenders are going to have their own sets of rules and requirements when it comes to giving out loans. These will vary depending on the provider, so it is worthwhile digging a bit deeper and learning about the different options that are on offer. We have taken a look at what is involved with refinancing through Zillow:
Most of the time with Zillow Home Loans, you are going to need to put down 3% or more as a down payment. For those people who are getting a normal home loan and the down payment does not reach 20%, then private mortgage insurance is going to be a necessity.
For FHA loans, a 3.5% minimum is in place, while VA loans will not require any down payment or mortgage insurance but there will be a funding fee. In terms of minimum necessary credit scores, you could be eligible for refinancing once your score is at least 620. Those people who have a credit score of at least 740 are usually going to get preferable rates.
There is an origination fee of about $1,500 associated with getting a home loan from Zillow. You do not have to pay anything for submitting an application. Naturally, you will have to deal with the various closing costs from third parties, including the likes of appraisal fees. These closing fees can vary depending on what state you are in.
Sometimes you might be entitled you get some credit if the property is eligible. The APRs that you will be looking at will change depending on what state you are in, as well as what type of refinancing plan you are looking for and the time period. Generally, the interest rates will range between 2.5% and 5.25% for the majority of options. You can quickly see the different rates for your state on the website.
The average cost for refinancing will usually be 2%-6% of the total loan size. Zillow Home loans currently only offer mortgage time periods of 15, 20, or 30 years. You can choose from a variety of different repayment plans depending on your specific needs. Generally, the repayment terms with Zillow are pretty comparable with its competitors.
Privacy & Security
Zillow Home Loans has a good reputation for being a legit provider of mortgage refinancing. As well as being certified as an equal housing lender, it has an A+ rating with the Better Business Bureau (BBB).
The organization also has appropriate licenses in each of the states it operates in. Zillow has a privacy portal which means that you can request a copy of your data and delete it as you see fit. This gives you a great level of control over your privacy.
If you have any issues whatsoever when it comes to Zillow Home Loans, you can either have a look at the FAQs or contact a member of the support staff. The quickest option will often be to ring the team over the phone. Otherwise, you can use the email form and send detailed correspondence to the team this way. You will get plenty of support from the lender throughout the entire process.
Zillow Home Loans looks to be a very good option for people who are looking to refinance their mortgage. It offers a wide range of different ways in which you can structure this new loan and it offers competitive rates.
You are able to utilize a number of easily accessible calculators to see what product will be the ideal fit for you. The process from start to finish is also pretty straightforward, so you can get started in no time.
10975 El Monte St.
Overland Park, KS 66211
Disclaimer: ©2020 Zillow Home Loans, LLC Zillow Home Loans, LLC is an Equal Housing Lender, NMLS ID#: 10287 www.nmlsconsumeraccess.org | This is not a commitment to lend. Not all applicants will be approved; subject to borrower and underwriting approval. Eligible Rural Housing areas and loan limits are determined by the United States Department of Agriculture. Program terms, rates and fees are subject to change without notice. Contact Zillow Home Loans for more information and for current rates. AK #Ak10287; AL #21014; AZ #0942065; AR #111469; CA Residential Mortgage Lending Act: #4130698; CO; CT #10287; DC # MLB10287; DE #011578; FL #MLD1689; GA #16183; ID #MBL-7446; IL #MB.6760621; IN 10875; IA #2010-0031; KS #MC.0001200; KY #MC23280; LA; MD #18568; MA #ML10287; MI FR0021840; MN #MN-MO-40205078; MS #10287; MO #18-1750; MT #10287; NE #135; NV #4078; NH #22029-MB; NM; NC #L-106943; ND # MB103363; OH #RM.850011.000; OK #ML012123; OR #ML-4993; PA #32124; RI #20112743LL; SC #10287; SD #ML.05249; TN #109281; TX – 123 Chisum Dr, Millsap, TX 76066; UT #7648806; VA #MC-1957; WA # CL-10287; WI 10287. NOT LICENSED IN THE STATE OF NEW YORK. ADVERTISEMENT NOT INTENDED FOR NEW YORK CONSUMERS.