Mortgage
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Zillow Mortgage Review 2024

Updated on:
Content was accurate at the time of publication.

4.5 stars

500 to 620

0% to 3.5%

Conventional, FHA, VA, jumbo

Our take
Zillow Home Loans offers a range of mortgage loans for borrowers across most of the U.S. The online lender is best for individuals interested in prequalifying for a mortgage loan and who meet Zillow's minimum credit requirements.

See how we reached our verdict below.
Pros
  • A wide selection of purchase and refinance mortgage loans
  • Offers online mortgage prequalification with no impact to your credit score
  • Available in most states except New York
Cons
  • Limited rate or fee information on Zillow's website
  • Online loan applications still require speaking with a loan officer
  • Zillow does not offer home equity loans or HELOCs

Zillow Home Loans is an online mortgage lender and a division of the Zillow Group. In 2018, the Zillow Group entered the lending industry by acquiring Mortgage Lenders of America. In 2019, it was rebranded to Zillow Home Loans, which is headquartered in Irvine, Calif.

  • Areas of service: 49 states (New York excluded)
  • Digital service: Online-only lender
  • Headquarters: 2600 Michelson Drive, Suite 1201, Irvine, CA 92612
  • Website: ZillowHomeLoans.com

Rates

Zillow Home Loans does not list its current rates on its website, but rates are fairly competitive with other lenders. In 2023, the lender’s rates were, on average, around 0.41 percentage points above the average prime offer rate (APOR), according to national figures from the Home Mortgage Disclosure Act (HMDA). The APOR is a benchmark rate that represents the average lowest APR typically offered by banks for similar loans in the current market conditions.

Zillow Home Loans had a consistent average rate spread of 0.41 from 2022 to 2023.

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Fees

Similar to its rates, Zillow Home Loans doesn’t provide transparency with its fee structure on its website. According to data collected by the Federal Financial Institutions Examination Council (FFIEC), the average cost of taking out a mortgage loan with Zillow Home Loans was $7,959 in 2023. This total encompasses origination, application, appraisal, and various other closing fees.

The lender charges a lender fee of $1,500 on all of its mortgage loans with the exception of VA loans, which carry a lender fee of $499. In 2023, Zillow Home Loans charged an average of $7,954 on purchase loans, including origination fees averaging $3,868. Refinancing loans carried lower fees, with an average total loan cost of $6,087 and $3,443 in origination fees.

Unfortunately, it’s difficult to know upfront how much Zillow Home Loans charges when taking out a mortgage loan. You must speak to one of the lender’s loan offers for an estimate of the costs of your loan.

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What discounts does Zillow Home Loans offer?

Zillow Home Loans offers limited down payment assistance in select markets. The program allows eligible borrowers to pay as little as 1% down on a home purchase. Eligibility is based on factors such as household income, household size, employment status and home ownership history. You must apply for assistance and may be required to participate in qualifying activities like taking a homebuying class.

Zillow Home Loans offers a variety of home loans, including:

Conventional loans

Zillow Home Loans offers fixed-rate and adjustable-rate conventional loans. Term options include 15-, 20- and 30-year loans. The lender also offers refinancing loans, including rate and term, streamline and cash-out refinances.

Conventional loan qualification requirements

  • 620 minimum credit score
  • 3% minimum down payment
  Learn more about conventional mortgage rates.

FHA loans

Zillow Home Loans offers FHA loans backed by the Federal Housing Administration (FHA) to qualified borrowers. FHA loans have lower credit score and down payment requirements.

FHA loan qualification requirements

  • 500 minimum credit score
  • 3.5% minimum down payment
  Learn more about FHA loan rates.

VA loans

Zillow Home Loans offers VA loans, which are purchase and refinancing mortgages partially backed by the U.S. Department of Veterans Affairs (VA). Eligible current and former military members may qualify for a VA loan.

VA loan qualification requirements

  • No down payment is required for borrowers who have full VA loan entitlement
  • No private mortgage insurance (PMI) is required
  • No minimum credit score requirement from the VA, but lenders generally require borrowers to have at least a 620 credit score
  Learn more about VA loan rates.

Jumbo loans

Zillow Home Loans offers jumbo loans on home purchases between $1 million and $2.5 million. With the higher loan amount limits come higher credit score requirements. You’ll need at least a 680 credit score or higher to qualify for a jumbo loan with Zillow Home Loans.

Jumbo loan qualification requirements

  • 680 to 720 minimum credit score
  • Loan amount range: $1,000,000 to $2,500,000
  Learn more about jumbo loan rates.

Credit score minimumConventional: 620
FHA: 500
VA: 620
DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximumConventional: Not disclosed
FHA: Not disclosed
VA: Not disclosed
Down payment minimumConventional: 3%
FHA: 3.5%
VA: 0%

  Don’t know your credit score? Get your free score on LendingTree Spring today.

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How to boost your loan approval odds


Zillow doesn’t publicly disclose most of its minimum underwriting requirements to qualify for a mortgage. Based on 2023 nationwide HMDA data, individuals approved by Zillow Home Loans had a loan-to-value (LTV) ratio of 87.1% or better. Nearly 44% of approved customers had a debt-to-income (DTI) ratio below 40%, although many had a DTI ratio above 43%.Improving your DTI ratio could significantly improve your odds of approval. You can lower your DTI ratio by paying down existing debt or increasing your income.

1. Choose your loan type

Visit ZillowHomeLoans.com and select “Purchase” or “Refinance” to explore your loan options.

2. Get prequalified

Get prequalified in a few minutes online by providing basic personal and financial information. This step shows you the mortgage rates you’re likely to qualify for without impacting your credit score.

For further assurance, you can upgrade to a verified preapproval. This process requires working with a loan officer and providing documents to verify financial information shared during the prequalification process.

3. Submit a loan application

Once a seller accepts your purchase offer, you can submit a formal mortgage loan application. Contact a Zillow Home Loans officer to begin the application process.

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Documents you’ll need for prequalification or preapproval

  • Soft credit pull
  • Self-reported income
  • Self-reported assets
 Find out more about how to apply for a home loan.

Is it safe to get prequalified with Zillow?

Zillow Home Loans allows borrowers to prequalify for a mortgage in a few minutes online. During the process, applicants supply basic personal and financial information, self-reporting their income and assets. Zillow Home Loans uses a soft credit check to gauge applicants’ creditworthiness. A soft credit check won’t negatively impact your credit score.

If approved, you’ll receive a prequalification letter. Prequalification does not guarantee mortgage approval but gives you a better idea of how much you can borrow. It also shows sellers you’re serious about buying a home.

Zillow Home Loans’ customer service experience

Despite being an online lender, Zillow Home Loans relies heavily on its loan officers during the application process to answer questions and provide information regarding financing.

The lender offers limited customer support options. You can contact Zillow Home Loans by phone at 833-372-1448. Prospective and current customers can also use the online contact form on its website.

  • Phone: 833-372-1448

Currently, Zillow Home Loans doesn’t offer email or live chat features. Your loan officer may provide additional contact information during the application process.

LendingTree’s rating4.5 stars

Back to our Zillow Home Loans summary
5 stars

Read our Zillow vs. Rocket Mortgage comparison
4 stars

Read our Zillow vs. Ally Bank comparison
Minimum credit score620580 to 620620
Minimum down payment0% to 3.5%0% to 3%3%
Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan. 0.41%0.73%0%
Loan products and programs
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Refinancing
  • Conventional
  • FHA
  • VA
  • Jumbo
  • HELOC
  • Conventional
  • Jumbo
  • Refinancing
Better for:Prospective homebuyers with a credit score above 620 and interest in prequalificationBorrowers looking for an online lender backed by a solid customer support network.Borrowers comfortable with a digital application process who want a conventional or jumbo loan.
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Zillow Home Loans vs. Rocket Mortgage

Zillow Home Loans and Rocket Mortgage are both online-only mortgage lenders with similar loan offerings. Of the two lenders, Rocket Mortgage is the only one that offers home equity loans. While both lenders offer prequalification, Rocket Mortgage offers a wider range of customer support options and transparent rate information on its website.

 Read more in our full Rocket Mortgage review.

Zillow Home Loans vs. Ally Bank

With fewer mortgage options than Zillow Home Loans, Ally Bank is only a good option if you want a conventional or jumbo loan or want to refinance your existing mortgage. Both lenders operate strictly online and offer a quick prequalification process. Ally is more forthcoming with its purchase and refinancing rates.

 Read more in our full Ally Bank mortgage review.

 Ready to compare lender offers on LendingTree? Get Your Rates Today

LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.

LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.

Zillow Home Loans scorecard: 4.5 stars

 Publishes rates online
 Offers standard mortgage products
 Includes detailed product info online
 Shares resources about mortgage lending
 Provides an online application

  = 0 points  = 0.5 points  = 1 point

As an online lender, Zillow Home Loans offers several digital tools, including online prequalification, mortgage and refinancing calculators, a database of useful educational articles and an online dashboard for applicants.

Zillow Home Loans is an equal housing lender operating in most U.S. states. It does not offer lending services in New York, Puerto Rico or other U.S. territories. You can view more info about Zillow’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.

Zillow Home Loans uses a soft credit check during the prequalification process, which does not impact your credit score. However, when you officially apply for a mortgage loan, the lender performs a hard credit check, which can temporarily lower your credit score.

Zillow Home Loans has an A+ rating with the Better Business Bureau (BBB) but only 3.7 out of 5 stars from customers. The online lender currently has a Trustpilot rating of 2.5 out of 5 stars. Common customer complaints are poor service and deceptive lending practices. Both sites have limited reviews posted and may not reflect the overall experience of most borrowers. Reading customer reviews can provide valuable insight into lenders, but it’s important to do your own research before working with any lender.

Today's Mortgage Rates

  • 5.60%
  • 5.11%
  • 7.18%
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