Everything Agents Need to Know About Zillow Home Loans

Technology has revolutionized most aspects of real estate, but the financing process has largely lagged behind. Consider that 95% of buyers used at least one digital shopping resource like a website or app when looking for a home, according to a recent Zillow survey. Yet only 33% of mortgage buyers first found their lender online.

Since today’s consumers expect frictionless shopping experiences, financing is ripe for improvement. For now, many agents and buyers view getting a mortgage as one of the most stressful hurdles in the home-buying journey. The goal of Zillow Home Loans is to move that hurdle out of the way so financing becomes easy and transparent.

However, changing the status quo takes time since not all agents are looking for new mortgage lenders. In the spirit of transparency, we wanted to supply all essential information about Zillow Home Loans to help you guide your clients as effectively as possible. 

What is Zillow Home Loans?

Zillow Home Loans provides online mortgage lending services. It’s an affiliate of Zillow Group Inc., and it operates in all U.S. states except New York.

As a direct lender, Zillow Home Loans originates the loan from start to finish for consumers. All processing and underwriting occurs in house. Buyers and agents communicate directly with trained loan officers who average 4.8/5 stars based on customer reviews.

Currently, buyers have access to six different types of loans:

• Conventional fixed-rate mortgage
• Conventional adjustable-rate mortgage
• FHA
• VA
• Jumbo
• 2-1 buydown

What are the benefits of working with Zillow Home Loans?

We know many agents like working with local lenders for their personal service, market knowledge, and flexibility. National online lenders and banks may be convenient and familiar, but the perception is that they don’t always match up when it comes to customer service or agent relationships. So we developed Zillow Home Loans to offer the best of both worlds: responsive loan officers who want to partner with agents, and a digital experience built to integrate with the Premier Agent app. 

Here’s what agents and clients get out of using Zillow Home Loans:

• A 99% close-on-time rate.*
• Top-rated loan officers who are knowledgeable about your local market and available seven days a week.**
• Verified pre-approvals.
• In-house underwriting and fulfillment. 
• Automatic progress updates at key milestones. 
• Fast closings – 14 days faster than the national average and as quickly as 21 days.***
• Competitive rates.
• No upfront appraisal costs.****

How can agents work with Zillow Home Loans?

Creating a positive lending experience for agents that blends technology and service was a major driving force behind Zillow Home Loans. And we got agent buy-in every step of the way. Many features and updates were directly improved by agent feedback, and we’re continuously adding more integrations with the Premier Agent app to help agents engage with loan officers, know the status of their client's financing, and more.

When it’s time to discuss financing, agents can quickly introduce clients to a loan officer with the press of a button in the Premier Agent app.

Under the “Mortgage” tab, select “Transfer contact info” to start the process.

Agents will be asked to confirm their client’s contact information. At this stage, you’ll also have the opportunity to select a preferred Zillow Home Loans loan officer if you have someone in mind. Then you can send a pre-populated email introducing your client and your loan officer – all with one click.

Once you submit the information, someone will promptly reach out. On the initial call, you'll be able to mention your client’s financial situation and estimated timeline.

Every client gets assigned a dedicated loan officer who can guide agents and buyers. This loan officer will be your primary contact – and they’re assigned regionally to best serve buyers. 

After the first conversation, the loan officer will keep agents and buyers informed at every step. You can also expect automated progress updates for these milestones:

• Pre-approval
• Appraisal Ordered
• Submitted for Underwriting
• Conditionally Approved
• Appraisal Received
• Clear to Close
• Loan Funded

What are the latest Zillow Home Loans updates?

Last updated Q3 2023:

One advantage of working with so many skilled partners across the U.S. is that we have the opportunity to hear from agents through focus groups, surveys, and beta testing. Zillow Home Loans is a major priority, and it’ll continuously improve based on direct feedback from you. 

In Q3, we focused on two big themes to help you close with confidence.

Get more visibility into loan status

Zillow Home Loans provides agents with a dashboard that serves as another way for you to keep track of your client’s financing. This agent dashboard gives you the ability to check on your client’s loan status once they’re under contract.

Meanwhile, in the Premier Agent app, the status of your client’s financing from transfer to pre-approval with Zillow Home Loans will soon be kept up to date in the Mortgages tab. Stay tuned for that coming in a few weeks.

Get to know your loan officer

Your dedicated loan officer’s info will now populate in the Mortgages tab of the Premier Agent app. This update makes it easier for you to view who you’re working with and how to get in touch with them.

Additionally, each loan officer now has a dedicated webpage – including some with intro videos – so you can learn more about them and easily share details with your client. Clients who receive this link can also get pre-qualified directly with that loan officer.

Frequently asked questions about Zillow Home Loans

What do customers think about Zillow Home Loans?

Customers rate Zillow Home Loans 4.8/5 stars, according to over 7,200 reviews. You can read reviews for Zillow Home Loans and individual loan officers here. 

Do Premier Agent partners need to work with Zillow Home Loans?

No, partners and their clients are always free to choose other lenders. There’s no obligation to recommend Zillow Home Loans, and partners will still have full access to all Premier Agent benefits regardless of which lender they use. 

Is Zillow Home Loans only available to Premier Agent partners?

Any agent can work with Zillow Home Loans, but the process will look differently if you’re not a Premier Agent partner. For more information, talk to an expert at agentinquiries@zillowhomeloans.com.

Do you have any resources I can share with my client?

Here’s a handout you can share with clients to introduce them to Zillow Home Loans. For additional resources like customer reviews and affordability calculators, your client can learn more at https://www.zillow.com/homeloans/.

_{Benefits disclosures:
*Close-on-time rate reflects purchase transactions across loan types, excluding new construction. Delays due to third parties are excluded from calculation.
**Average 4.8/5.0 stars based on actual customer reviews.
***According to “Insights” by Ice Mortgage Technology, the average lender time to close for purchase transactions across loan programs between July 2023 – September 2023 was 44 days. This report is based on approximately 80% of all mortgage applications that are initiated on the ICE Mortgage Technology Platform. Zillow Home Loans’ average closing time for purchase transactions across loan programs from July 2023 – September 2023 was 30 days, which is 14 days or 31% faster than the industry average. See source data here.
*****Appraisal costs will be payable at the time of closing, along with other closing costs.}