One of the most common questions I am asked is “are mortgage rates going up or going down?” And I usually reply with something like “yes”.
When you are shopping for a mortgage, rarely do you really have the time or patience to know what rates have done recently and what events are happening in the near future that may cause rates to rise or fall.
It almost makes you wish there was some kind of “rate watch” widget that could automatically contact you when rates dropped to the point that you selected.
Enter Zillow.
Zillow just announced that they have a new feature that they have a new Mortgage Rate Alert service that is completely free and will notify you when rates get to the level that you select. Now you don’t have to keep checking to see what rates are at, you can just be notified on a regular basis in an automatic fashion.
Once you get the alert saying “rates are at x%” then you know it is time to hurry up and lock if you already have your loan application in or to get started with the loan application process as soon as possible so you can lock that rate in.
One note: the Zillow rate alert is based off the average of what people are being quoted – not a particular quote. You can easily request a quote from multiple lenders using Zillows Mortgage Marketplace and may even be able to get a better rate!
Mortgage Rates June 5 2009
{ 3 comments }
So LendingTree.com drops your credit score by 50 points by selling your information to multiple mortgage brokers and charging them $20 for each name. How does Zillow work? Do they allow multiple hits to your credit score? How do they get paid?
Hi Kristy,
Thanks for stopping by and leaving a comment — Zillow works like this:
You only submit your loan information — not enough information for anyone to pull your credit.
Zillow doesn’t sell the leads to anyone — in fact, the lenders “bid” on your loan and then you pick which one or two or ten that you want to talk with and then contact them whenever you want.
How does Zillow make money?
Beats me.
But I am pretty sure they don’t make it on the $25 they charge the lenders to sign up and become a verified lender.
In my opinion, Zillow is changing the way the mortgage game is played — and if they manage to get the word out to the consumers, all other online shopping models that are currently out there are *toast*.
Or at least, that is my opinion.
Justin
Hi Kristy,
Thanks for stopping by and leaving a comment — Zillow works like this:
You only submit your loan information — not enough information for anyone to pull your credit.
Zillow doesn’t sell the leads to anyone — in fact, the lenders “bid” on your loan and then you pick which one or two or ten that you want to talk with and then contact them whenever you want.
How does Zillow make money?
Beats me.
But I am pretty sure they don’t make it on the $25 they charge the lenders to sign up and become a verified lender.
In my opinion, Zillow is changing the way the mortgage game is played — and if they manage to get the word out to the consumers, all other online shopping models that are currently out there are *toast*.
Or at least, that is my opinion.
Justin
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