Refis are all the Rage
By: Mary Miller, Zillow Director Product Management, Mortgages | January 7, 2009
Mortgage rates are at their lowest level in 37 years, motivating homeowners to refinance their existing mortgages. Loan request activity on Zillow Mortgage Marketplace increased 162% in December vs. November and the types of loans borrowers are looking for has shifted: two-thirds of all loan requests received on Zillow in December were for refinance loans, compared to only one-third during the previous month. The refi frenzy is continuing in January as well. So far this month, more than 60% of all loan requests are for refinances.
Do you have an adjustable-rate mortgage or a loan with a high rate? You may want to see if it makes sense to refinance. It’s simple to shop for the best rate on Zillow Mortgage Marketplace:
- Submit a loan request–it’s free and anonymous
- Receive customized mortgage quotes from a network of thousands of lenders
- Review the quotes, then you decide who to contact–they don’t call you.
Happy loan shopping!
- Stumble it!
- Categories: Mortgages
Comments
7 Comments so far
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Steven Greenberg on January 7, 2009 6:07 pm
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Matt on January 7, 2009 8:23 pm
I tried the mortgage marketplace - unfortunate that there really isn’t any visibility into the fees (outside of origination) that might be charged until I revealed my identity (e.g. my e-mail address). Rates are easy - the fees are the wild west…
Mary Miller on January 8, 2009 1:00 pm
Matt,
Please note that when you submit a loan request on Zillow Mortgage Marketplace, you will receive custom quotes that highlight all of the lender fees, specific to your situation. You are anonymous to the lenders. We ask you to register by submitting your email so that you have an easy way to come back to the site to review all of your quotes, but we do not share your email with anyone else. See the How It Works page http://www.zillow.com/mortgage/help/HowItWorksBorrowers.htm for a complete overview. And when you’re ready, try it out! https://www.zillow.com/mortgage/CreateMortgageLoanRequest.htm
Vatche Saatdjian on January 10, 2009 4:57 pm
Mary,
You are right on with your blog!! I am a lender on Zillow and have had a huge influx of refinance requests. If you are thing about refinancing your home, it’s time.
Best Regards,
Vatche Saatdjian
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