Zillow Home Loans, LLC
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About Zillow Home Loans, LLC
Zillow Home Loans, LLC (NMLS #10287) is a lender affiliated with Zillow, the highly popular real estate website. It offers purchase and refinance loans in all states except New York. You can answer a series of questions on the company’s website to learn more about your loan options. Zillow Home Loans is based in Irvine, California.
Pros & Cons
- Available in most states
- Conventional and government-backed loans
- Affiliated with Zillow
- May not offer down payment assistance programs
- No USDA loans
Zillow Home Loans offers conventional and government-backed loans in all states except New York. Both first-time homebuyers and experienced borrowers may find its services helpful. You can fill out a form online or call a loan officer for more information.
Top Zillow Home Loans, LLC Reviews
I really can't put into words what an absolute pleasure it was working with Alessandra. We were a little reluctant to refinance online but she allayed all our fears and walked us ...Read full review
Cristina made our first homebuying experience amazing! She clearly walked us through all of the steps (repeatedly, when we’d forget, and was happy to do so) and made sure we knew ...Read full review
Our editors’ take on Zillow Home Loans
After reading customer reviews and comparing Zillow Home Loans to the Home Mortgage Disclosure Act (HMDA) data, we concluded that it is a good choice for first-time homebuyers or refinance borrowers with non-complicated purchases. Those who are tech-savvy will appreciate the streamlined, online process.
We do not recommend Zillow Home Loans for other loan types, such as a VA loan or an FHA loan, since we do not have enough information on whether our reviewers had a seamless experience like with a conventional loan. Additionally, we do not recommend this lender for individuals with lower-than-average credit scores or complicated finances since many of our reviewers had issues with Zillow Home Loans’ requirements.
How we rated Zillow Home Loans
We rated the Zillow Home Loans application process as excellent since many reviewers found the process to be easy and fast.
Despite some reviewers praising Zillow Home Loans for its rates and fees, we could not give an excellent rating to the lender for these features. That’s because its lack of transparency on its website can make it difficult for a buyer to find the information before requesting a quote.
Finally, we rated Zillow Home Loans’ requirements as fair since they are not clearly disclosed on its site. More than one buyer said they were preapproved through Zillow Home Loans only to be denied a loan after wasting time, money and effort to submit all their paperwork.
Zillow Home Loans does not publish rates on its website. To get an idea of what rates you qualify for, you need to answer a handful of questions on the Zillow Home Loans website. Alternatively, you can call to speak with a loan officer. Zillow Home Loans lists credit score and down payment amount as two factors that influence your interest rate.
Even though Zillow Home Loans doesn’t post current rates, we know from Home Mortgage Disclosure Act (HMDA) data that its average home purchase loan rate from 2019 to 2021 was around the national average. In 2021, it was 0.04% lower; in 2019 and 2020, it was slightly above.
Several reviewers mentioned Zillow’s rates were “competitive” and that they received a better rate with Zillow than a competitor. Kenny from California said, “The rate is a better one as compared to the other loan company I applied at the same time and was very competitive when I did research online.”
Zillow Home Loans average home purchase rate vs. national average
|Year||Difference from national average|
Application process: Excellent
You can start the application process by answering questions on the Zillow Home Loans website.
First, you indicate whether you are purchasing a home or refinancing your mortgage. Then, answer a few questions and enter your contact information. If you’re buying, you’ll be asked about your timeline, where you’re planning to live, the kind of property, the property price and your down payment amount. If you’re refinancing, you should know your approximate property value and your remaining mortgage balance.
After you complete the questionnaire, you’ll be connected to a Zillow Home Loans loan officer to continue the process.
Ericka, a ConsumerAffairs reviewer from Georgia, said about refinancing with Zillow Home Loans: “I had no idea Zillow offered home loans but I'm sure glad I found out! This was my first experience refinancing my home loan and Zillow's staff was outstanding! At each and every step in the process I was impressed: from the initial call … to the knowledgeable, friendly and non-pressure approach. … Every question was answered by the incredible staff. The whole process from first call to completion took 21 days!”
A first-time homebuyer in North Carolina shared a similarly smooth experience, saying, “The entire process, from application to final approval, closing, funding, the Zillow loan team made sure my best interests and financial scenarios were pursued and achieved, efficiently and painlessly.”
Zillow Home Loans application features
|Mobile document upload|
|Publishes minimum rate on website||X|
|Rate lock||Contact for more info|
|Pre-qualification (no hard credit pull)|
|Certified approval letter|
Loan types: Good
Zillow Home Loans lists conventional loans, FHA loans and VA loans as its main options for borrowers. Its conventional loans have 15-, 20- or 30-year terms. VA loans and FHA loans have 15- or 30-year terms.
In 2021, Zillow Home Loans received 4,955 home purchase loan applications. According to HMDA data, 3,359 turned into closed loans; the lender denied 131 (2.6%) applications.
While Zillow Home Loans offers conventional, VA and FHA loans, we rated the loan types as good because it does not offer USDA loans. We also found its site limited in information about the different loan types.
Most of our reviewers are first-time homebuyers or refinance borrowers, so there are no reviews on how the VA or FHA loan process went.
Loan applications for home purchases only by year
|Home purchase applications||4,955||3,627||4,362|
|Home purchase loans closed||3,359||2,160||2,491|
|Home purchase applications denied||131||563||637|
|Home purchase preapprovals denied||0||0||0|
Zillow Home Loans provides refinance loans that help borrowers get a better rate, change their loan term or get cash out of their home equity.
In 2020 and 2021, like many lenders, Zillow Home Loans experienced a surge in demand for refinancing; the percentage of loans for refinancing increased from 13% in 2019 to 65% in 2020 to 74% in 2021. This trend occurred as mortgage rates declined to record lows. According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage fell below 3% starting in August 2020 and stayed at or below 3.1% all the way through the end of 2021.
That trend is not likely to continue. In 2022, the average rate on 30-year fixed-rate mortgages has risen above 5% for the first time since 2010, so fewer homeowners are expected to seek refinancing.
Home purchase vs. refinance loans by year
|Home purchase loans||26.05%||35.28%||86.92%|
Zillow Home Loans does not disclose specific borrower requirements for its loans. To learn which loans you qualify for and how much you can borrow, you can answer questions on its website or call to speak with a loan officer.
Lenders typically require an applicant to have at least a 620 credit score and a 3% down payment to qualify for a conventional loan. FHA loan requirements can vary — some lenders allow credit scores as low as 500, while others may not accept lower than 580. Minimum down payments on FHA loans range from 3.5% to 10%. VA loan requirements can also differ, but you typically need a credit score of 580 to qualify. This type of loan allows for 100% financing, which means there is no down payment requirement.
A first-time homebuyer in Texas had issues with Zillow Home Loans’ requirements, saying, “[The loan officer] told my husband that his debt to income ratio was slightly high and need to clear his credit cards and get gift money for the down payment to be within the qualification limit.”
Because of this, they paid off a $3,000 credit card and wired gift money, but it wasn’t enough. “One week later and our closing date pushed back, we were told they were still waiting for his W2 because my husband’s pay stubs did not match what he stated to them,” they said. “He is not making enough money to qualify for the house. We were confused as to why they pre-approved him in the first place.”
Cost and fees: Good
Zillow Home Loans does not list the lender fees it charges for new loans. After you apply, it will provide you with a Loan Estimate, a form that gives estimated costs and fees of your loan. These will include closing costs, which are typically 2% to 5% of the loan amount. At least three business days before your loan closing date, Zillow Home Loans will send a Closing Disclosure with final loan costs, including how much you need to pay at closing.
Many of our reviewers were happy that Zillow Home Loans did not have hidden or sudden fees during the process. One reviewer who had done five to six refinances in the past 40 years said their experience with Zillow Home Loans was the best.
“We had our closing 11 days after submitting an application. And, while the interest rate was virtually the same between companies, Zillow had no upfront fee to process the loan. And, we had no need for an appraisal as Zillow waived the appraisal,” they said.
Even though several reviewers mentioned the fees and closing costs were low, we rated Zillow Home Loans as good because of the lack of information published on its site.
Compare Zillow Home Loans to other lenders
|Zillow Home Loans, LLC||Homefinity||Rocket Mortgage|
|# of reviews||115||110||1,181|
|Purchase options||Conventional, VA and FHA loans||Conventional, FHA and VA loans||Conventional, jumbo, FHA and VA loans|
|Refinancing options||Varies by state||Cash-out, rate and term||Cash-out, rate and term|
|Minimum credit score||620||580 to 620||580 to 620|
|Read Reviews||Read Reviews||Read Reviews|
Zillow Home Loans FAQ
How does Zillow Home Loans work?
Zillow Home Loans provides direct lending services to homebuyers and homeowners who want to refinance. It lists conventional loans, FHA loans and VA loans as its loan options. To get started with the application process, complete the purchase or refinance questionnaire on its website, and a loan officer will contact you. You can also contact Zillow Home Loans directly by phone.
Is Zillow Home Loans legit?
Zillow Home Loans is a legitimate lender that offers mortgage products in 49 states. It is an affiliate lender of Zillow, the popular real estate website.
Where is Zillow Home Loans available?
Zillow Home Loans is available in 49 states. Its products are not offered in New York.
Zillow Home Loans, LLC Reviews
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I was working with another lender until somebody recommended me to call Alessandra ** and since the 1st time talking with her I realized she was the person to make this closing process easier. Alessandra is very professional, she offered to me a better deal and more personal service. She alerted me to each action I needed to complete via email, text message, and telephone calls. She always return my calls and was able to help me with any question I have.
We are overjoyed to learn that we surpassed your expectations of service! Zillow Home Loans takes pride in knowing that our highly-trained staff is there to guide you through these very important, overwhelming steps of realizing your financial goals. Alessandra will get the recognition she deserves, and thank you for letting us know how we did! We thank you for choosing Zillow Home Loans, and please know we are here anytime you need assistance!
In the entire process of buying a home, Troy ** was by far the most helpful and attentive to any of my questions or needs. I never needed to wait long for him to contact me back about any issues. The entire process was made seamless and easy due to his work.
Exceptional service is our goal, so we love hearing we made the process easy for you. Your feedback is very much appreciated. Thank you for taking the time to tell us!
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Troy is a very Dedicated employee, always there to answer our questions to make the process smooth as possible. The entire process went very quickly due to Troy’s attention to detail. We would recommend Troy’s services to anyone needing a mortgage.
Exceptional service is our goal, so we love hearing Troy made the process easy for you! Your feedback is very much appreciated. Thank you for taking the time to tell us. We certainly look forward to working with you again and truly appreciate the referrals!
Mr. ** is the true definition of professionalism. He was very patient with my family and brought our dreams to reality. My overall experience with working with him was phenomenal. He accomplished every task and obstacle thrown at him and guided us in every right direction. I highly recommend him to everyone. He is definitely 10 out of 10.
We value our borrowers and pay attention to their needs. Our goal is to help them in any way we can, making the process easier for them. Thank you for taking the time to tell us!
Phu has been incredibly accommodating and is very knowledgeable. I have come to him with at least a thousand questions and he has answered every single one. Phu has truly gone above and beyond and has earned my business. I did shop around at first and talked to 3 different lenders, but after my experience with Phu the other lenders felt inadequate. Phu is the man!
We strive to surpass our borrowers expectations of excellent Customer Service. Customer feedback enables us to continue providing uncompromised service, thank you for taking the time to tell us!
As someone who was very new to this process as a first time home buyer I really felt like I needed somebody who could show me the ropes and help me better understand the full spectrum of this process. Christina did that and more. Well I didn't find a house in the time frame that I needed. Christina has been undoubtedly the most helpful person I could have found for better understanding this and giving me the confidence to move forward with this in the future. I will certainly come back to Christina in the future when I am in a better position to buy my first home. 10/10.
We understand that home buying can be fraught with overwhelming amounts of information. We are thankful to be part of our borrowers journey, and overjoyed to hear that they had a wonderful experience with Christina. We will definitely recognize her for surpassing our borrowers expectation of service! When they are ready to proceed, they can let us know so that we can partner with them to make it a smooth process! We look forward to working with them in the future to realize their homeowning goals!
The process to get the loan (and my business) was quick and easy. Little did I know, they must have done it too fast and screwed up my escrow. They did not put enough money towards it and did not include my flood insurance even though it’s paid through the mortgage. After a year of having the loan, the escrow analysis shows I have such a great shortage that I have to know pay over $1200 a month more for 12 months!! This is fraudulent! I will never do business with Zillow again and recommend you steer clear.
We have responded directly to our borrower. We have provided the documentation showing that Flood Insurance impounds were correctly collected and paid according to the Flood Declaration page provided by her Flood Insurance Carrier prior to closing.
Zestimate unreliable, affect sale, Dec 16 $85k , Dec 28 $232k, Jan 1 $85k, Jan 3 ,$232k, Jan5 $85k, Jan 10 $232k, Jan 12 $85k, Jan 14 $232k, Jan 16 - 19 $85k. **. Pd $85k in 2017. Zestimate $129k. Contacted Zillow multiple times. Waste of time.
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Juan ** help me with everything. True the whole process. From beginning to the end on every step of the way every question that I had he answered to me. And he was very clear on everything and professional. I cannot describe everything but he did help me a lot.
Thank you for telling us how we are doing! We value the opportunity to work with you and appreciate your feedback, it means so much to us!
Great website, and works with ethics and help customers with their needs, their first priority customer satisfaction, their customer Service on point and can direct you with all your needs, they will willing to help with anything.
We love hearing you had such a positive experience with us because providing our borrowers with an amazing experience is always our goal! We value the opportunity to work with you and appreciate your feedback, it means so much to us!
I’m currently in the process of applying for my first loan and have a ton of questions plus I’m super busy. Brianna ** has helped me get all my questions answered and has been flexible enough to accommodate my schedule. She’s been so great to work with!
Providing our borrowers with an amazing experience is our goal each time! Your feedback is critical in continuing to improve upon our successes! Thank you for letting us know we could do that for you!
Zillow Home Loans, LLC Company Information
- Company Name:
- Zillow Home Loans, LLC
- Company Type:
- Formerly Named:
- Mortgage Lenders of America, L.L.C.
- 10975 El Monte St.
- Overland Park
- Postal Code:
- United States