You Have Questions?

We have answers!

Do you know how an interest rate and APR are different? How about the difference between applying for a mortgage or refinancing an existing loan? Our FAQ section was put together by mortgage and refinancing experts to provide our customers with simple, easy to understand answers to your questions.

Mortgage 101

What is a mortgage interest rate?

A mortgage rate is the interest rate on your home loan that’s impacted by inflation, the Federal Reserve, the yield on the 10-year Treasury note, and your credit score. Your monthly mortgage payment includes the interest you owe on your outstanding loan balance and a portion of the principal itself. Apply today.

When should I refinance (refi)?

Refinancing is a good idea when you want to obtain a better interest rate on your loan. Check out our refi loan calculator to see how much lower your monthly payments could be. Ready to apply?

What’s the first step in purchasing a house?

The first step is to get a pre-approval letter from your mortgage lender. This shows how much you’ve been approved to borrow based on your income, savings, and credit. This is necessary before you make an offer on a home. And since you’re already here, let us help you get started today.

What types of loans does ZeroMortgage offer?

We offer conventional, jumbo, fixed rate, adjustable rate, cashout, and investment property. Read more about how these differ in our Learning Center to determine which one might be best for you or speak to one of our Loan Advisors at XXX-XXX-XXXX.

What's the best loan term for a mortgage?

The loan term or ‘repayment period’ on your mortgage determines how large your mortgage payments will be and how much interest you’ll pay overtime. The most common are 15 or 30-year loan terms. The best way to determine your loan term is based on your monthly budget. Shorter terms cost less over time but have higher monthly payments.

What to expect throughout the mortgage process

How do I apply for a mortgage or refi?

Applying is easy! We take you through the application step-by-step zeromortgage and are here to answer any questions you have along the way.

How do I lock in a rate?

To lock in your rate, you don’t need an actual lock. Or even a key. Just complete your online application and make sure to authorize our system to pull your credit report at the end. We know it sounds like we’re being picky, but you really do need to complete all those steps before your rate is locked in. Rates are locked-in for 60 days. Some helpful steps can be found here.

What if my loan term, rate, or fee is not what I expected?

Surprises are awesome, except in this case. We don’t want bad surprises and would love to explain any terms, rates, and appraisal, title or closing fees to you. Just contact your dedicated Loan Advisor directly by phone so they can explain how your loan was calculated. The direct phone number can be found on your pre-approval letter. You can also check out our loan calculator to see how your monthly mortgage payment changes when the inputs change.

What documents do I need to complete my loan process?

​​This answer is pretty straighforward, and as much as we want to have fun with this one it’s important to get it right. The exact documentation and information necessary will depend on the borrower, loan, and associated financials. Typical document requests include but are not limited to: copies of driver’s licenses and social security cards; most recent 30 days of paycheck stubs; most recent two year’s W2s; most recent two year’s tax returns (all pages); most recent retirement account statements; most recent two month’s bank statements (all pages); documentation to source any non-payroll deposits into your bank accounts; contact information for your homeowners’ insurance; current mortgage statement. We know it’s a lot. This is one of the sucky parts. But we try to make it less sucky. We promise it’s worth it and the hardest part.

How long will it take to close my loan once it has been approved?

Anxious? We like it! Nothing is more exciting than knowing when this process will be over! No offense takes — it’s our job to make this all as short and painless as we possibly can. Once your loan is approved (woo-hoo!), make sure to answer any calls or emails from the scheduling and closing departments as they will assist you in the final steps of closing your loan. This process may take up to two weeks based on the current number of loans in the closing process. You’ve come this far, though. Two weeks is a walk in the park!

Adjustable Rate-Mortgage

Lorem ipsum dolor sit amet, consectetur adipisicing elit. Architecto consequuntur culpa, dicta dolorum eum sunt suscipit tempora ut vero vitae!

Who do I contact after closing?

Well, usually closings are exciting (not during, but when it’s all done) and you’ll want to call family or friends...or maybe just celebrate yourself. However, Borrower Support is standing by to help with any questions or issues with your new loan. (Not literally. We give them chairs. But they’re ready for you.) Contact them at or XXX-XXX-XXXX.

Who will service my loan?

Your new mortgage servicer is a ZeroMortgage Company partner, operating on behalf of and in the name of ZeroMortgage Company. This relationship is called “Private Label Servicing.” It’s pretty standard across the industry, and should be seamless (and invisible) to you.

Will my loan be sold in the future?

Yes. It’s sad to think someday we might not have as tight of a relationship. But your loan may be sold in the future or the servicing of your loan may be transferred to another company. This is a common practice in the mortgage industry and will not impact your initial mortgage agreement in any way. We really, really mean that. If your loan is sold, you will receive a Notice of Servicing Transfer. Read more about the process here.

A little about ZeroMortgage

Why should I choose ZeroMortgage?

ZeroMortgage follows a customer-first process that cuts out extra costs and delivers the benefits straight to you, so you save money from rate through closing. Zero lender fees, zero points, zero commission: It’s all apart of The Zero Promise.

Wait, if you don’t charge me lender fees, how do you make money?

Way to keep us on our toes! We want to be completely transparent. While other lenders may make their money off of you, specifically, through unnecessary lender fees (which we think is unfair), we help as many customers as we can and profit by selling the bulk of our loans to another financial institution or servicer. This is a common practice in the mortgage industry and will not impact your initial mortgage agreement in any way. We really, really mean that. If your loan is sold, you will receive a Notice of Servicing Transfer. Read more about the process here.

What states is ZeroMortgage licensed in?

Please see our State Licenses page to see an up to date list of all states in which ZeroMortgage is licensed.