Zillow Offers Anonymous Mortgage Shopping

Zillow has a new tool for those of you who wish you could do your mortgage shopping while wearing a ski mask and speaking through one of those things that makes you sound like Darth Vader — the Zillow Mortgage Marketplace.

The service is similar to other offered by outfits like Lending Tree, but the quotes are written without having to disclose your contact information to a bunch of lenders. Zillow explains:

“Your name, address, phone number or Social Security number is not required. However, you need to be accurate in providing other background information — such as the type of mortgage loan you want, your income level and an assessment of your credit rating — through Zillow’s secure system”

Zillow says the quotes you’ll get aren’t computer generated, and you can choose to contact only the lenders who appeal to you.

You will not receive “insta-quotes” done by a computer; these are hand-written mortgage quotes personalized to fit your loan request by confirmed mortgage lenders. Each lender that participates in the Zillow Mortgage Marketplace is required to divulge all quotes, rates, and fees in the mortgage quote that is returned to you. You compare the information provided — including rates, and lender ratings — and then you choose the mortgage lenders to contact.

Zillow Mortgage Marketplace

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  1. quagmire0 says:

    I haven’t tried it, but gotta give a plug to Penfed.org. They usually have competitive rates and the applications process and fees are pretty painless. The only catch is you need to pay $30 or $40 to join a military family organization (unless you or a spouse is enlisted or a vet).

  2. quagmire0 says:

    ‘it’ being Zillow marketplace of course. :P But hopefully it is less intrusive than Lendingtree, which seems to be a waste of time.

  3. laserjobs says:

    Zillow is crap for estimating house prices, they estimate prices WAY to HIGH. I think some Realtor shills must have bought the site trying to keep the illusion of prices up.

  4. laserjobs says:

    The only loans really being made these days are FHA and GSE. If you really want to find out how much you should be paying, head over to broker outhouse or the grapevine and pretend you are a loan broker to find out the wholesale rates so you can negotiate the fees down.

    [www.brokeruniverse.com]

  5. renilyn says:

    Not to be out done…

  6. renilyn says:

    I thought I would post twice too

  7. break the chain!

    anyway, i’m interested to see what my results are.

  8. Gin&Yonic says:

    @laserjobs:
    It’s interesting that you say that, in my area they seem to underestimate housing prices. Maybe they’re just not good at deviations from the average, like high & low cost of living areas?

  9. theczardictates says:

    …or you could do it the easy way, and develop a relationship with a good broker. You’ll get better loans with less work and no calls from the lenders.

    Yes, I know that isn’t how its supposed to work in the age of the Internet, but it does. Unlike, say, airlines, there are a lot of providers of mortgage funds out there and the best ones don’t use the online aggregators, probably because they get enough good-quality business through the brokers who know them without having to deal with window-shopping time-wasters online.

    I’ve used the same guy three times now to lock in and ratchet down a 30yr zero points fixed, most recently last month, and every time he has been able to get me a better loan than anything on eloan, lendingtree, or ditech. I originally used him on the recommendation of a friend who’d used him twice. I think that’s how he gets nearly all is business.

  10. Jeffmeister says:

    I hate to rain on Zillow’s shiny parade, but for instant, totally anonymous, dead-accurate, real-time, live, ad-free, hassle-free mortgage quotes, the ONLY game in town is Mortgage Marvel.

    Don’t believe me? Check it out for yourself at MortgageMarvel.com.

    Zillow’s new offering is just another tired remix of LendingTree. Mortgage Marvel is where the action is.

    End of story. Nuff said.

  11. trujunglist says:

    Zillow is awesome. It’s saved my ass so many times when I had to find addresses for residential receivers and didn’t want to drive hours to get them.

  12. trustno1 says:

    meh, mortgage marvel only has a handful of lenders. My impression is that zillow has hundreds of lenders all willing to give you quotes.

  13. Hi, it’s David G from Zillow,

    The marketplace launch has been very well received. 5,300 loan quotes so far.

    @laser and @gin – all studies into this have shown that Zestimate accuracy has no bias i.e. Zestimates are as likely to be high as they are to be low.

    @jeff – You should check out the Mortgage Marketplace.

    @trujunglist – good news!

  14. Mr. Gunn says:

    Thanks, david, for identifying yourself. Boo on Jeffmeister for not identifying yourself.

    Yea for anonymous quotes! Now somebody needs to do this for insurance, too.

  15. attheotherbeach says:

    Zillow couldn’t hit the ground with a tennis ball. They are wildly inaccurate in Los Angeles, Detroit, and Kansas City.