Borrower FAQs

What is a mortgage request?
Can I submit more than one loan request?
Why don't you ask for my name, address, or Social Security number?
How accurate do I need to be on this form?
Why is everyone labeled a lender?
How important is my credit rating?
Why is proof of income important?
How are my income, assets, and debts used?
What loan programs should I choose?
What happens when I click "SUBMIT"?
Why am I not getting any quotes?

What is a mortgage request?

On Zillow Mortgage Marketplace, it's when borrowers anonymously supply information about the type of mortgage loan they want, the property involved, their financial situation, and credit ratings to lenders in order to attain a quote for a loan. Borrowers are responsible for being as accurate as possible since mortgage quotes that are returned are based on the information they provide.

Can I submit more than one loan request?

No. You can only submit one mortgage loan request, but if your circumstances change (i.e., you need a home equity loan instead of refinancing), you can make changes to your existing loan request by clicking the "Loan Request" tab, then "Edit loan request." Make your changes and then resubmit the loan request. Remember: Be as accurate as possible. Lenders will send you quotes based on the information you provide.

Why don't you ask for my name, address, or Social Security number?

We do not require this information when you submit a loan request in Zillow Mortgage Marketplace. You remain anonymous to lenders while you compare quotes and lenders. However, once you choose a lender and begin closing a loan, this information will be required by the lender.

How accurate do I need to be on a loan request?

As accurate as possible. Lenders will send you quotes through Zillow, based on the information you provide. Before a quote is finalized, lenders will check your information and, with your permission, pull information on your credit history. If the information is not accurate, your rate may be adjusted.

Why is everyone labeled a lender?

On Zillow, we use the word "lender" throughout the site as someone who has the authority to submit loan quotes. They can be a mortgage broker, loan officer, loan originator or a mortgage banker.

How important is my credit rating?

Your credit rating, or credit score, is perhaps the most critical piece of information during the loan request process. The higher the score, the better your credit rating. It shows how well you have paid off your debts in the past and is a good indicator of what kind of risk you might present to a lender in paying off your loan in a timely manner in the future.

Why is proof of income important?

Your ability to provide proof of income directly affects the interest rate you can get. In general, the more verifiable your income, the better your rate and terms. If you are self-employed, providing proof of income can be more difficult.

How are my income, assets, and debts used?

Your gross monthly income (earned income) and monthly debts are used by a lender to determine how much you can afford to spend each month on a mortgage payment. Your assets are used to determine how much of a monthly payment you can afford, and therefore, the amount of your loan.

What loan programs should I choose?

There is no easy answer to this question because it depends on your circumstances. The right loan program for you depends on your financial picture, how you expect your finances to change, how long you intend to stay in your home, and how comfortable you are with a changing monthly payment. Fixed-rate loans offer a fixed monthly payment, which removes any uncertainty but may have a higher rate. Adjustable-rate loans may offer better rates, but the monthly payment will eventually change.

What happens when I click "SUBMIT" on a loan request?

You will begin receiving e-mail notifications when loan quotes are available for your review. To ensure you receive these e-mails, please add zillowmail.com to your Safe Senders list or e-mail address book.

Why am I not getting any quotes?

There are a couple of reasons: You might need to wait a few more days. All loan quotes provided through our site are not "insta-quotes" generated by a computer; they are created and submitted by confirmed lenders and customized to meet your needs. If you do not see quotes within a few days, there may be something in your loan request that is keeping lenders from responding such as a high loan-to-value ratio, unhealthy debt-to-income ratio, low credit score, or too much monthly debt. Learn how to fix your credit score.