About ZeroMortgage by Interfirst
ZeroMortgage by Interfirst (NMLS #7872) is an online-based mortgage lender that exclusively offers conventional home loans. Its loan products are available in 41 states as well as Washington, D.C. The company has originated $36 billion in loans and provides potential loan applicants with free rate quotes directly from its website.
Overall Satisfaction Rating
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- 1 stars
ZeroMortgage does not advertise its current rates online, so you have to request a personalized rate quote. However, in 2020 and 2021, the company offered an average rate that was slightly better than the national average.
Keep in mind that mortgage rates are affected by personal factors, like your credit history and debt-to-income ratio, as well as external factors, like the economy and the state you live in.
ZeroMortgage only offers fixed-rate mortgages; if you want an adjustable rate, you’ll need to choose another lender. This is a good option for borrowers looking for a predictable monthly payment.
ZeroMortgage average home purchase rate vs. national average
|Year||Difference from national average|
To start the application process with ZeroMortgage, you can request a rate quote on the company’s website. It then asks a few questions about your financial situation, including what your estimated credit score is and how much you plan to offer as a down payment.
This rate quote won’t affect your credit score, and the process should only take a few minutes, as long as you have this information in mind ahead of time. In order to receive your rate quote, you need to provide a valid email address and phone number, though.
You can complete a loan application after you get a rate quote. Expect this application to ask for more detailed information, like your income, and be prepared to upload documentation, including tax returns and bank statements. ZeroMortgage uses this information, as well as other undisclosed factors, to determine your loan eligibility.
ZeroMortgage Mortgage Company application features
|Mobile document upload|
|Publishes minimum rate on website||X|
|Rate lock||15 to 60 days|
|Pre-qualification (no hard credit pull)|
|Certified approval letter||X|
ZeroMortgage only offers conventional mortgages, so it has no FHA, VA or USDA loan options. However, it does help with refinancing for borrowers looking to get lower rates. Loan terms range from 10 to 30 years.
In 2021, ZeroMortgage initiated 2,481 loan applications. Of those applications, 1,288 loans were originated. About 8% of applications were denied.
Loan applications for home purchases only by year
|Home purchase applications||2,481||178||N/A|
|Home purchase loans closed||1,288||79||N/A|
|Home purchase applications denied||204||28||N/A|
|Home purchase preapprovals denied||0||0||N/A|
In 2021, ZeroMortgage primarily originated refinance loans. Only 9.3% of its loans that year were for home purchases. This isn’t uncommon, though — refinancing was a popular choice for many borrowers in 2020 and 2021 due to record low interest rates.
Since 2021, rates have been rising, which makes refinancing a less attractive option for most borrowers. However, you may still consider refinancing your existing loan if you are certain you can save money in the long run.
Even small reductions in interest rates could save you thousands over the life of the loan. Just keep in mind that refinancing does come with closing costs, which can cost 2% to 6% of the loan amount. Weigh any potential interest savings against the upfront costs of refinancing.
Home purchase vs. refinance loans by year
|Home purchase loans||9.3%||2.34%||N/A|
ZeroMortgage does not publish information about its borrower requirements. However, most lenders adhere to conventional loan requirements set by Fannie Mae and Freddie Mac, often requiring at least a 620 credit score.
National mortgage requirements by type
|Min. credit score||Min. down payment||Compare with other lenders|
|Conventional||Typically 620||Typically 3%||Mortgage lenders|
Costs and fees
ZeroMortgage doesn't charge application fees, underwriting fees or lender fees. However, borrowers may still need to pay for third-party fees and other closing costs, which typically include property taxes, home appraisal fees, homeowner’s insurance premiums, private mortgage insurance premiums (if you put down less than 20%) and other fees. Most closing cost totals fall between 2% and 6% of the loan amount.
Once you apply for a mortgage with ZeroMortgage, you should get a formal Loan Estimate, which will give an approximate breakdown of your interest rate, monthly payment and closing costs.
What is ZeroMortgage?
ZeroMortgage is an Illinois limited liability company offering home loans. Its corporate name is Chicago Mortgage Solutions LLC, but it does business under the ZeroMortgage name.
Is ZeroMortgage legit?
ZeroMortgage is a legitimate mortgage lender that has originated $36 billion in loans.
Where is ZeroMortgage available?
ZeroMortgage is available in 41 states and Washington, D.C. However, it’s not currently available in:
- New Jersey
- New York
- North Carolina
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You're an idiot if you didn't go with Interfirst. They gave me a really good rate, lower than anyone would even talk to me about getting on my home loan, and when I was having some communication issues with them, my loan officer went to his boss and said they needed to be better at communicating with me. Immediately after that, anytime I'd send an email, I'd get one right back. When I would call, if they didn't answer, I would leave a message and they would call me back.
Other than that, I had excellent credit and I had a huge down payment. So it was a slam dunk for anyone that wanted to work with me and it seemed like they were the only ones that saw that. Also, the portal is easy to use when there's the category for what you're wanting to send. There were several documents that they were asking me to send that didn't have a slot for uploading. So, I was trying to communicate with them and I wasn't hearing back from them. So I would just put it into a different slot, one that they weren't asking for, that didn't apply to the document that I was uploading.
Later down the road, when I needed that slot that I had already used up, I couldn't send a different one on that same slot. It was W-2 and I used that for when I was sending my 2019 taxes. So it seemed like they weren't able to add or adjust those, and I would’ve really liked to have a miscellaneous section. Because stuff just comes up where I filled in all the things they asked for, but we needed one more thing of something else. And they were sensitive documents so I didn't want to just email them. But then, once there was a slot for what I needed it for, that portal was great.
Hi Leif, we appreciate the positive feedback. It means a lot. Hope you have an amazing day!
The team is very nice, and it was a positive experience. They're very picky, so they required a lot of documentation, but they really came through. Even though it took a long time for me to get approved, they honored their lock without any additional payment or commitment from me. It was amazing. The process took eight months and interest rates have increased substantially in the interim. I'd tell people to look into Interfirst.
We appreciate the review, Jerry. Thanks for taking the time.
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I applied online, then a man called me and we negotiated a bit on the rate and agreed on that and how much the amount of the cash-out was. Interfirst had someone come out to my home and close the deal out. It was simple, and the communication was very good. I changed the amount of cash-out a time or two and it slowed down the process a little. It took three weeks at the most. The way rates are today, I'm really satisfied. I wish I’d have got in a little earlier, but that was my fault. I'm satisfied with the terms too. A 30-year term is about as much as one can get.
Robert, thanks for taking time out of your day to review us
I was on a website that gives an aggregation of all of the different rates that are out there and I went to about four of the companies that had the best rates, and the Interfirst person had the lowest rate, lowest monthly payment, and was the easiest to work with. So, I continued on with him. His name was Alex. Communication was through either phone or email. It went very easily and seamlessly. I had backed out originally because we were gonna go with a local person that was referred to us. When we went to lock in with them, rates spiked for that day. So, we stayed locked in with Alex instead. I expected the process to be a lot more difficult, but everything was so streamlined with the way that the company has a system and process in place where they just email me and I just download or upload the documents right into the portal. The portal was very descriptive of exactly what I needed.
So glad you had a great experience, Krista.
The rep on the phone was great. She was very responsive, available if I had any questions, and got things going really quickly. I was impressed by her knowledge of what she was doing, the calmness and how she presented herself. Everything went even better than when I did my first mortgage too. The process was easy and straight to the point, and the rates and terms was fair. Overall, Interfirst was great to work with, and I would tell people to look at them first.
Glad to learn your experience was a positive one.
The process on getting a new mortgage was very easy considering the times that we live in. Whenever I needed to reach out, I send Interfirst an email and tell them I need to talk. They call back and clarify what needs to be clarified. My experience was good considering that they are a technology-driven entity where you don't get much interaction with humans. It was good in comparison to other entities that do similar things with similar business models. Usually, some of the companies that I send an email to saying, “We need to talk” would send an email back saying, “About what?” In this case, Interfirst was very responsive. The new rate and terms were reasonable too.
Hi Fransico, thanks for the great review
I applied the loan with ZeroMortgage in beginning of Sept 2022 and I got the loan estimate with rate of 5.45% and rate got locked. Today they told me that they cannot honor that rate and go with today’s rate which is around 7%. I lost my time and money. Please don’t go with them. Now I am not able to contact the loan officer.
Hi Gowrishankar, We are sorry that you are disappointed but appreciate your feedback. We are committed to providing you with a great experience and hope you give us another chance in the future. If you would like to discuss this further please email us firstname.lastname@example.org.
It was a bit slower than I thought. But overall, it was good. There were a couple of times that Interfirst needed something that I already sent them. They should put one person on it so they know what they are doing. But Warren, the guy that helped me the most, did a beyond excellent job.
We appreciate the review. Thanks for taking the time.
Zero Mortgage had low-interest rates, and they were gonna service my mortgage instead of selling it to somebody else. Everything went very smoothly and they did exactly what they said. The total process took three weeks from the point of contact. It was pretty quick. Also, everything was great with the people I did have contact with.
Zero Mortgage gave some of the better rates and was really the only one that kind of offered solutions to my situation compared to some of the other ones I've contacted. They also kept me up to date and gave me options. Their process for submitting documents online was pretty easy, and I always got notifications and emails like, “This needs to be uploaded,” or “We still need this.”
Thank you for the review. We will share this with the team!
The refi process took two months, and it went perfect. The rate and terms were perfect for me as well.
Hi Charles, thank you so much for the review
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