Anyone Use Zillow Home Loans??

Question

Hey All,

Has anyone used Zillow Home loans? Is it reliable and what have your experiences been?

Jon Puente · Answer

Hey Eric,

I have only had 1 buyer shop me with Zillow Home Loans, and it was very interesting.  The buyer told me she was pre-approved with Zillow and when I asked what they preapproved her for, she told me the rate and term.  However, they dont mention closing costs or how many upfront costs being charged.

Even worse, she didn't even submit her docs to them fully.  They just took her word for it and issued a pre-approval.  There is no way I am trusting Zillow Home Loans for a valid approval.  Just my .02 based on experience!

Eric DeNardo · Answer

@Jason Wray

Thank you. That's what I figured when a client mentioned it. I'll check out those "better business" complaints.

Jason Wray · Answer

Eric,

First thing I would tell you to do is check out their "better business" complaints and general reviews not related to their websites. They just started lending in 2018 with a purchase of another mortgage company so not much time under their belt from creation date.

My opinion is if you put your buyers or your own business in the hands of a fairly new lender and expect great things it may not turn out as planned. You also have to factor if you are using a seasoned loan officer, seasoned underwriters, compare overlays to a larger Bank or Correspondent lender, program availability, rates, investor friendly and more.

I see them as a realtor marketing tool and a company that has provided leads to both agents and loan officers for years.  Looking at their model as a lender for me does not offer much comfort knowing its more than likely tied to a "Call center" style experience.