Zillow Home Loan Review 2022 – Forbes Advisor

Most of Zillow Home Loans’ mortgage products are offered in five-year increments (10, 15, 20, 25 and 30 years), depending on the type of loan. Starting in April 2022, the lender averaged 33.5 days to close on all purchase loan products and 32.6 days to refinance (from application to financing).

Zillow Mortgages is licensed to make mortgages in every state except New York, New Jersey and West Virginia. However, the company’s interest rates are not necessarily competitive. The average 30-year fixed-rate mortgage rate for the week of April 14 was 5.15%, the spokeswoman said, compared with the U.S. average for the same week of 5%.

Related: Mortgage calculator

Home purchase loan options

Zillow Home Loans offers conventional mortgages, Federal Housing Administration (FAA) loans, Department of Veterans Affairs (VA) loans and jumbo loans up to $2 million. But here’s a breakdown of the minimum credit score and down payment requirements based on each type of loan.

Although you can put down less than 20% with an FHA loan, keep in mind that you will have to pay monthly loan insurance premiums for the life of the loan.

Renewal of credit options

Zillow Home Loans offers a few modification options that simplify the process, including:

  • Fannie Mae’s RefiNow
  • FAA stream adjustment
  • VA Streamline Refinance

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