Current Mortgage Rates and Home Loans
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Current mortgage balance
Your current balance is the total amount you owe on your mortgage. It is the difference between the original amount borrowed and the money you have paid toward the principal so far. If in addition to your 1st mortgage, you have a 2nd mortgage (or a home equity line of credit) include the combined outstanding balance from your 1st and 2nd mortgage. Contact your lender to find out your exact outstanding balance.
If you are applying with a co-borrower, the credit score should be the lowest credit score between the two borrowers.
Include all of your annual income before taxes, including:
- Annual base salary (before taxes and expenses are deducted)
- Any recurring commissions, bonuses, overtime, and tips that you expect to continue
- Rental income, stock dividends, investment income, etc.
- Any alimony/child support payments you receive
Note: If you are applying with a co-borrower, include both your and your co-borrower's annual income
- Minimum credit card payments
- Car payments
- Student loans
- Alimony/child support payments
- Any house payments (rent or mortgage) other than the new mortgage you are seeking
- Rental property maintenance
- Other personal loans with periodic payments
Note: If you are applying with a co-borrower, include both your and your co-borrower's monthly debts.
Do NOT include:
- Credit card balances that you pay off in full each month
- Existing house payments (rent or mortgage) that will become obsolete as a result of the new mortgage you are seeking
- The new mortgage you are seeking
Lenders offer different rates for mortgages depending on how the property will be used. For example, a loan for a rental property is more expensive than a loan for a primary residence because lenders believe investors are more likely to stop paying their mortgage and walk away from a rental property than they are from their own home.
Are you or your co-borrower eligible for VA loans?You can check your eligibility and learn more about VA loans on the Department of Veterans Affairs Web site.
Have you or your co-borrower used your eligibility before?Eligibility is reusable depending on your circumstances but may affect your fees. To learn more about eligibility, see the VA FAQ page.
Have you or your co-borrower been foreclosed on in the last 7 years?
Foreclosure is a legal process by which a bank or lender sells or repossesses a mortgaged property because the borrower could not pay the loan.
Foreclosure does not mean you cannot get a loan, but the terms of your loan may not be as favorable.
While you don't need to tally up every asset you own, include your largest assets. Lenders typically look at both your liquid assets and non-liquid assets. Liquid assets are things you could access quickly such as checking, savings or stock accounts. Non-liquid assets are things you own but which you probably cannot sell immediately like real estate assets.
To calculate the value of your real estate assets,use the fair market value minus your remaining mortgage balance to get the equity total. (e.g., $250,000 fair market value minus a mortgage balance of $100,000 = $150,000 in equity)
Note: If you are applying with a co-borrower, include both your and your co-borrower's assets.
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Finding the best quotes...
Your loan-to-value (LTV) ratio is high
Your loan-to-value (LTV) ratio is high
You may not see many loan options because the loan amount requested is close to the full value of the property. This is called a high loan-to-value ratio.Visit Zillow's Negative Equity Resource Center to learn about additional refinancing options.
Your requested loan amount is low
Requests for home loans less than $50,000 typically receive fewer quotes.
Your requested loan amount is too high
Your requested loan amount may be higher than the conforming loan limit in your area. Consider a larger down payment to decrease the loan amount needed.Learn more about conforming loan limits.
Your debt-to-income (DTI) ratio is high
It is more difficult to obtain a loan with a high debt-to-income (DTI) ratio. Lenders calculate DTI ratios to ensure you are able to comfortably pay your mortgage along with your other debts.Learn more about debt-to-income (DTI) ratios and work to pay down your other debts such as credit cards, student loans and more.
Your credit score is low
Your self-reported credit score is below the optimal range for lenders and may be preventing you from getting more quotes or better rates.Find out how you can improve your credit score.
Retry your loan request
Results not what you expected? Check your loan request inputs and retry.
Total Lender Fees
Includes lender, government and other fees associated with the loan quote submitted by the lender. Other 3rd party fees may apply.
Note: A lender may offer a credit to reduce your out of pocket cost. You may be able to use this credit to pay fees associated with your mortgage transaction.
Closing costs, also known as settlement costs, are the costs incurred when obtaining your loan. For new purchases, these costs also include ownership transfer of any collateral property from the seller to you. Costs may include and are not limited to: attorney's fees, preparation and title search fees, discount points, appraisal fees, title insurance, and credit report charges. They are typically about 3% of your loan amount, and they are often paid at or just before your loan closes.
Funds often needed to close a loan, such as homeowners insurance, property taxes, and escrow impound account funds, aren't included in closing costs and are considered separate. You should be prepared to pay these costs before your loan closes.
Total Loan Amount
The amount of money being borrowed, calculated by subtracting the down payment from the purchase price (e.g. Purchase price = $300,000; Down payment = $100,000; Loan amount = $200,000), and adding the upfront FHA mortgage insurance premium that is included in the total loan amount.
Total Loan Amount
The amount of money being borrowed, calculated by subtracting the down payment from the purchase price (e.g. Purchase price = $300,000; Down payment = $100,000; Loan amount = $200,000), and adding the upfront VA funding fee that is included in the total loan amount.
Third Party Fees
The third party services fees are settlement charges that are not paid to the lender. These fees are paid to external service companies for things such as:
- Title insurance
- Recording charges
- Transfer taxes
- Homeowners insurance
These fees are estimates and can vary depending on the company. Typically lenders will recommend providers for you but you can shop around to save money. Follow up with the lender to get a full list of closing costs.
Est. Mortgage Insurance
If you put down 20% or more when you took out your current mortgage, you may not be subject to mortgage insurance if you refi through the HARP program. Ask your lender for more details about your situation.
True Cost is our recommended way to begin comparing quotes. True Cost allows you to:
- compare quotes apples-to-apples by incorporating Rate, Fees, Loan Program, and Points into one number
- view the interest and fees due over different periods of time by adjusting the time-in-home dropdown
- find the least expensive loan for your expected timeframe
The interest rate is the yearly rate charged by a lender to a borrower in order for the borrower to obtain a loan. This is usually expressed as a percentage of the total amount loaned. Note that rates may increase for adjustable rate mortgages.
Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, lender fees, and certain other financing charges the borrower is required to pay. Using APR to compare quotes is helpful because it takes into account both the interest rate and financing fees. The APR is calculated by Zillow.
Zillow confirms lenders’ NLMS status and that they are licensed to originate mortgage business in the state(s) they are quoting in before they are allowed to participate in the marketplace.
Zillow's Quality Assurance (QA) team "mystery shops" lenders to ensure they are honoring their quotes. Also, users can flag quotes for Zillow's QA team to investigate and review their experiences with lenders.
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