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
Zillow Home Loans rates, terms and fees
Rates
Zillow Home Loans does not list its current rates on its website, but rates are fairly competitive with other lenders. In 2023, Zillow’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.
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.
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.
What types of mortgage loans does Zillow Home Loans offer?
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
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
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
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
Zillow mortgage qualifications
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.
How to apply for a Zillow Home Loans mortgage
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.
Documents you’ll need for prequalification or preapproval
- Soft credit pull
- Self-reported income
- Self-reported assets
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, and prospective and current customers can also use the online contact form on its website.
Currently, Zillow Home Loans doesn’t offer email or live chat features. Your loan officer may provide additional contact information during the application process.
How does Zillow compare to other lenders?
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.
How LendingTree rated Zillow Home Loans
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: 
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