Zillow Home Loans Review
Joining the Zillow Group in 2018, Zillow Home Loans is an online mortgage lending company. It offers home loans, refinancing solutions, and an extensive selection of educational resources.
But is it the right option for you? Let’s dig into what Zillow Home Loans offers in order to see if it can help you refinance your mortgage.
Pros and Cons of Zillow
- Mortgage calculators, content hub, and loan applications are all free to access
- Refinance application takes just a couple of minutes to complete
- Competitive interest rates and low down payment options
- Currently unavailable in Hawaii, Maine, New Jersey, New York, Vermont, West Virginia, or Wyoming
- No option to live chat with customer service
What Does Zillow Home Loans Offer?
You could describe Zillow Home Loans as offering four different services: home loans, refinance loans, mortgage calculators, and a content hub filled with educational blogs and guides.
In terms of loans, the company offers a variety of different types catering to different needs and financial situations, including these three popular types described by Zillow Home Loans below:
|Loan Type||Conventional Loan||VA Loan||FHA Loan|
|Minimum Down Payment||
While rates can fluctuate depending on various factors, including the market and your credit score, typically, rates are in the range of approximately 2.6% to above 5%. Plus, if you (or a spouse) are a veteran or currently active in the military, you might be able to qualify for a VA Interest Rate Reduction Refinance Loan (IRRRL).
As you fill out Zillow’s online refinance application form, you also have the option to take out a larger loan than is required to cover your current loan (cash-out refinance), allowing you to use your home mortgage to get some cash.
Outside of the loans themselves, Zillow Home Loans also offers several calculators you can use to understand your specific mortgage situation better. For example, if you’re thinking of taking out a mortgage, you can use their “Mortgage Calculator” to estimate how much you’ll pay each month for your new home.
Similarly, you can use their “Refinance Calculator” to determine whether or not refinancing makes sense for you. This calculator will estimate your new monthly payment after refinancing and how much you’ll save as a result of your new monthly payments compared to what you currently pay.
There’s also a third calculator called the “Affordability Calculator,” which estimates how much you can spend on your home. More specifically, this calculator looks at your current income (as well as several other factors) to give you a home price point that should fit comfortably within your budget — a handy piece of information for first-time homebuyers.
Finally, Zillow Home Loans also offers a deep content hub filled with dozens of articles readers can use to simplify the home-buying journey. This hub is conveniently broken down into the following categories for easy navigation:
- Where to Start
- Home-Buying Basics
- Down Payments
- Getting the Best Rate
- Loan Types
You’ll find articles catering to just about any aspect of home loans you can think of, with such titles as “How much do you really need to put down on a home?”, “Finding the right lender and real estate agent for you,” and “What to expect during the mortgage process.”
This devotion to customer education is certainly a refreshing addition to the traditionally transaction-based world of home loan lenders.
What To Expect on the Site
Applying for refinancing is very easy. From the homepage, select “Refinance my home.” You’ll then be taken through a series of questions, including:
- What kind of home do you currently own?
- Are you or your spouse a veteran or active military?
- What’s your home’s value?
- Do you want to borrow additional cash when you refinance?
- Do you know your credit score?
If you’re uncertain about exact figures, Zillow Home Loans says it’s ok to estimate. After answering the questions and providing your contact information, a Zillow Home Loans rep will reach out to discuss your options.
The Bottom Line
If you’re looking for a convenient and trustworthy way to refinance your home online, Zillow Home Loans could be a good option. It offers competitive rates, flexible terms, and an application process that only takes a few minutes. Even if you’re not quite ready to refinance, its educational resources can help you make better decisions when you are ready.
So, as you compare the best mortgage refinance lenders, it’s worth considering Zillow Home Loans.