Zillow has added its new mortgage preapproval tool for iOS mobile applications portal for consumers, giving buyers the ability to secure a letter of pre-approval in minutes while out house hunting.
The tool pre-approval, which launched in March Zillow allows homebuyers to receive a preapproval letter a few minutes to share their relevant income, debt and personal information. First prompted buyers to complete a short questionnaire about your income, credit score and monthly debt gives them a pre-planned amount of loan approval.
So if you are interested in continuing the process after seeing this estimate, users enter their name, email address and phone number, making research your loan immediately available to lenders on Zillow Mortgage Marketplace. Lenders can then pull ‘credit scores and if they meet borrowers with potential lenders rules, send a letter of pre-approval to share with your agent or home seller and save, print or email.
“Buying a home can be very competitive today due to inventory shortages,” said Erin Lantz, vice president of mortgage Zillow, said in a statement. “Having the ability to obtain a pre-approval letter instantly can be the difference between getting and losing a home buyer who is better prepared.”