ZeroMortgage Review 2024

ZeroMortgage overview

ZeroMortgage, an affiliate of Interfirst Mortgage Company, is an online-only mortgage lender headquartered in Chicago. If you qualify, you could get a preapproval in as little as one day, and close in 30 days to 45 days, according to the lender. One major highlight: This lender doesn’t charge points, application fees, lender fees or other hidden fees. As with every mortgage lender, you’ll still pay for costs like an appraisal and title insurance.

Pros and cons of ZeroMortgage

How Bankrate scored ZeroMortgage

• Affordability: ZeroMortgage doesn’t advertise current rates on its website, but you can start the process online to obtain a quote tailored to your situation (and without a credit check). You won’t have to pay an application or underwriting fee with this lender, nor points to buy down your rate.
• Availability: ZeroMortgage offers conventional mortgages, both conforming and non-conforming for more expensive properties. It doesn’t offer government-backed loans, however. The lender is licensed in most states but doesn’t operate everywhere.
• Borrower experience: ZeroMortgage and its affiliated brands have originated $36 billion in loans to date. The lender is accredited by the Better Business Bureau and has an A+ rating from the organization, with overwhelmingly positive reviews from customers on the BBB website.

Affordability: 6.6/10

You’ll need to get in touch with ZeroMortgage directly to obtain a rate quote and understand your costs, as the lender doesn’t display current mortgage rates on its website. One potential benefit, though: This lender doesn’t charge fees.

Availability: 8.2/10

ZeroMortgage works with borrowers in the majority of states (excluding New York, notably). It only offers conventional loans, which means some borrowers won’t qualify.

Borrower experience: 8/10

If you're interested in a loan with Zero, you can apply online, and the lender offers both preapprovals and prequalifications. It also offers email and phone support, and the convenience of e-signature on some documents.

How to apply for a mortgage with ZeroMortgage

You can apply for a mortgage with ZeroMortgage online or by phone at 800-520-7087. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with ZeroMortgage

ZeroMortgage offers both rate-and-term and cash-out refinancing options. The lender doesn’t showcase refinance rates directly on its website, but it also doesn’t charge fees on any of its loan products, including refinancing.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.