Frequently Asked Questions

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.

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. Get a quote to see how much lower your monthly payments could be.

What’s the first step when purchasing a house?

The first step is to begin the pre-approval process. Upon completion, you will know how much you’ve been approved to borrow based on your income, savings, and credit. This step 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, fixed rate, cashout, and investment property. Read more about how these differ in our Mortgage Learning Center to determine which one might be best for you, or speak to one of our loan advisors at 800.520.7087.

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.

How do I apply for a mortgage or refi?

Applying is easy! We take you through the application step-by-step 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. 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 up to 90 days.

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

We don’t like 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 dialing 800.520.7087, so they can explain how your loan was calculated. You can log into your account online by clicking the "Log In" button on this page.

What documents do I need to complete my loan process?

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, 30-days worth of your most recent paystubs, your last two W2s, your last two tax returns (all pages), your most recent retirement account statement, your two most recent bank statements (all pages), documentation to source any non-payroll deposits into your bank accounts, contact information for your homeowners’ insurance, and a current mortgage statement. Please contact your personal loan advisor with any questions.

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

Once your loan is approved, 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 can take up to two weeks.

Who do I contact after closing?

Borrower Support is standing by to help with any questions or issues you may have with your new loan. Questions can be emailed to or 877.943.4778.

Who will service my loan?

Your new mortgage loan servicer is a ZeroMortgage partner, either ServiceMac or Specialized Loan Servicing (SLS), operating on behalf of and in the name of ZeroMortgage. This relationship is called “Private Label Servicing” and should be a seamless experience for you.

Will my loan be sold in the future?

It might be. However, if this happens, you will be sent a Notice of Servicing Transfer by your new mortgage servicer. Transfer of mortgage servicing is a common practice in the mortgage industry and will not impact your initial mortgage loan agreement in any way.

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. See the Zero Difference in action: we offer zero application fees, zero underwriting fees, zero processing fees, and zero commissions. We also offer zero lender fees* and zero points options.

If you don't charge fees like the other guys, is ZeroMortgage still a direct lender?

Yes, ZeroMortgage is a direct lender. We help our customers every step of the way through the mortgage process from application to closing.

What states is ZeroMortgage licensed in?

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