Most of Zillow Home Loans mortgage products are offered for periods of five-year increments (10, 15, 20, 25, and 30 years), but it depends on the type of loan. As of April 2022, the lender averages 33.5 days to close across all its purchase loan products and 32.6 days for refinances (from application to funding).
Zillow Home Loans is licensed to offer mortgages in every state except New York, New Jersey and West Virginia. However, the company’s interest rates aren’t necessarily competitive. During the week of April 14, Zillow Home Loans’ average 30-year, fixed-rate conventional mortgage rate was 5.15%, according to a spokesperson, versus the U.S. average of 5% during that same week.
Related: Mortgage Calculator
Home Purchase Loan Options
Zillow Home Loans offers conventional mortgages, Federal Housing Administration (FHA) loans, Department of Veterans Affairs (VA) loans and jumbo mortgages up to $2 million. But here’s a more detailed breakdown of the minimum credit score and down payment required based on each loan type.
Keep in mind that with an FHA loan, although you can put less than 20% down, you’ll need to pay monthly mortgage insurance premiums for the life of the loan if you do.
Refinancing loan options
Zillow Home Loans also offers a handful of refinancing options, including several that streamline the process:
- Fannie Mae’s RefiNow
- FHA Streamline Refinance
- VA Streamline Refinance