Happy 3rd Birthday, Zillow Mortgage Marketplace!
Get ready to celebrate! Zillow Mortgage Marketplace is turning three this month and we couldn’t be more proud of its success.
When Zillow Mortgage Marketplace (ZMM) launched in April 2008, the goal was to help consumers navigate the complicated and confusing process of getting a mortgage. We spoke to many borrowers and asked them how their online mortgage experience could be improved. Then, we took their feedback and developed Zillow Mortgage Marketplace, which is an open and transparent marketplace where borrowers get customized loan quotes, have access to a wide choice of local and national lenders, and never have to worry about getting harassing phone calls from lenders trying to earn their business.
Here are the reasons why Zillow Mortgage Marketplace puts borrowers first:
- Transparency Fuels Competition: Since lenders can see what each other is quoting on Zillow Mortgage Marketplace, borrowers on ZMM tend to get the best mortgage rates and lowest fees. And, if one lender really wants your business, they’ll likely offer you a more competitive interest rate, or modify associated fees such as the origination fee to earn it. This level of transparency also serves as a deterrent for lenders who may consider offering quotes they cannot honor.
- The ‘New’ Three R’s — Ratings, Reviews and Research: With the average borrower on Zillow Mortgage Marketplace receiving 27 loan quotes per request, how do you pick a lender? Start by researching which quotes work best in your financial situation and then you can further narrow the playing field by looking at lender ratings and reviews to learn more about each lender. Ratings and reviews are posted by borrowers who have worked with that particular lender. To date, there are more than 7,000 ratings and reviews of lenders on Zillow Mortgage Marketplace.
- Where Everybody Doesn’t Know Your Name: You’ll never get harassing phone calls from lenders after completing a loan request on Zillow Mortgage Marketplace. Why? Because when you fill out a loan request you’re never asked for any of your personally identifiable information, just relevant loan facts like, the loan amount, your down payment, the property type etc. Lenders don’t need to know your name, phone number or home mailing address to give you an accurate loan quote. It is only after you decide on a loan quote that meets your needs do YOU make the first call, when YOU want to make it.
Happy Birthday, Zillow Mortgage Marketplace! We’re proud of what you’ve become.