Shop while they drop — mortgage rates, that is

Shopping for shoes? Yes, it’s fun and fairly easy, assuming you have the right stores and selections. Shopping for a car? That gets a little more tedious, since the price tag is higher and you need to drive around to compare cars and dealers. Shopping for a mortgage? I can’t think of a more confusing, overwhelming and frankly — boring — shopping experience. But, in true Zillow fashion, Zillow Mortgage Marketplace has taken shopping for a home loan and made it — dare I say, fun?

Zillow Mortgage Marketplace always had consumers’ needs in mind during its early development. Instead of lenders contacting consumers, we flipped it so consumers are anonymous and are in control of contacting lenders — when they’re ready to do business. So, lenders aren’t breaking down your door via e-mail or through the phone. Sweet.

OK, back to why mortgage rate shopping is fun and easy on Zillow.

It’s fun because we now allow mortgage rate shoppers to compare mortgage quotes using easy sorting and filtering tools:

Once you narrow down your options through sorting and filtering, you can then evaluate the details of up to four loan quotes side-by-side.  Just click the checkboxes for loan quotes you like, then click ”compare” and you will see this:

This new functionality reminds me of shopping for a TV or camera — you select the features you want and then compare what’s most important to you. Is it the monthly payment? Rate? APR? Fees? Distance to lender? We have all of those choices, so sort and slide to your heart’s content.

One last thing to remember: Yes, mortgage rates are gorgeously low. But, as this lender reminds you, the longer you wait for the bottom, the more money you risk losing for a bottom that might already be here.