When looking for a mortgage, choosing the right lender can make a big difference in your home-buying journey. Zillow Home Loans and Rocket Mortgage are two popular options, each offering distinct features and services. Here’s a detailed comparison to help you decide which might be better for your needs.
1. Overview
Zillow Home Loans
- What It Is: Zillow Home Loans is the mortgage arm of Zillow, a platform known for home searches and real estate listings.
- Specialty: Focuses on buyers who use Zillow to find properties, providing a streamlined home-buying process.
- Loan Types: Offers conventional, FHA, and VA loans.
Rocket Mortgage
- What It Is: Rocket Mortgage, by Quicken Loans, is a leading online lender known for its fast and user-friendly digital application process.
- Specialty: Pioneered the fully online mortgage application process, making it ideal for tech-savvy buyers.
- Loan Types: Offers a wide range of loans, including conventional, FHA, VA, and jumbo loans.
2. Loan Options
| Feature | Zillow Home Loans | Rocket Mortgage |
|---|---|---|
| Conventional Loans | ✅ Available | ✅ Available |
| FHA Loans | ✅ Available | ✅ Available |
| VA Loans | ✅ Available | ✅ Available |
| Jumbo Loans | ❌ Not offered | ✅ Available |
| USDA Loans | ❌ Not offered | ❌ Not offered |
Verdict: Rocket Mortgage offers a broader range of loan options, including jumbo loans, which Zillow Home Loans does not provide.
3. Application Process
Zillow Home Loans
- Primarily targets buyers already browsing properties on Zillow.
- Application process is relatively straightforward but may involve more traditional documentation and steps.
- Best suited for borrowers who prefer a direct connection to their property search.
Rocket Mortgage
- Offers a fully digital experience with quick approvals.
- Borrowers can complete the entire mortgage process online, including uploading documents and e-signing.
- Known for speed, with pre-approval often available in minutes.
Verdict: Rocket Mortgage excels in ease of use and speed, making it ideal for those who value a seamless online experience.
4. Customer Service and Support
Zillow Home Loans
- Personalized support tailored to Zillow users.
- Works closely with Zillow’s real estate agents to provide integrated service.
Rocket Mortgage
- Award-winning customer service with high satisfaction ratings.
- Offers 24/7 online support and access to mortgage specialists.
Verdict: Rocket Mortgage has a strong reputation for customer service, but Zillow Home Loans offers the advantage of an integrated experience if you’re already using Zillow for your home search.
5. Interest Rates and Fees
Zillow Home Loans
- Offers competitive rates but may vary based on the borrower’s credit score, loan type, and other factors.
- Transparent with loan costs but doesn’t always advertise rates upfront.
Rocket Mortgage
- Known for competitive rates and transparent pricing.
- Online tools allow borrowers to customize loan options and compare costs in real time.
Verdict: Both lenders offer competitive rates, but Rocket Mortgage’s transparency and online tools make it easier to compare options.
6. Pros and Cons
| Zillow Home Loans | Rocket Mortgage |
|---|---|
| Pros: | Pros: |
| – Integration with Zillow property search | – Fully online application process |
| – Simplified for Zillow users | – Quick pre-approval |
| – Competitive rates | – Wide range of loan options |
| Cons: | Cons: |
| – Limited loan types | – Less personal interaction |
| – Not as tech-driven as Rocket Mortgage | – May not suit borrowers preferring traditional service |
Which is Right for You?
Choose Zillow Home Loans if:
- You’re using Zillow to find your home and want a simplified, integrated process.
- You don’t need jumbo or USDA loans.
- You prefer a more traditional mortgage application experience.
Choose Rocket Mortgage if:
- You value speed, convenience, and a fully digital application process.
- You need access to a wider variety of loan options.
- You prefer a lender with award-winning customer service and online tools.
Conclusion
Both Zillow Home Loans and Rocket Mortgage offer unique advantages depending on your needs. Zillow Home Loans is a great choice for homebuyers using the Zillow platform, while Rocket Mortgage is ideal for those who want a fast, fully online mortgage experience with more loan options. Take the time to compare rates, fees, and customer reviews to make an informed decision for your mortgage journey.
