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| Dream homes image via Shutterstock. |
Source: Inman News Staff Writer
Zillow
has added its new mortgage preapproval tool to the portal’s iOS mobile apps for
consumers, giving homebuyers the ability to secure a preapproval letter in
minutes while they’re out house hunting.
The
preapproval tool, which Zillow launched in March, allows
homebuyers to receive a preapproval letter within minutes of sharing their
pertinent income, debt and personal info. First it prompts homebuyers to
complete a short questionnaire about their income, credit score and monthly
debt that gives them an estimated pre-approval loan amount.
Then,
if they’re interested in continuing the process after seeing that estimate,
users enter in their name, email address and phone number, which makes their
loan inquiry immediately available to lenders in the Zillow Mortgage
Marketplace. Lenders can then pull potential borrowers’ credit scores and,
if they meet the lenders’ standards, send them a preapproval letter that they
can share with their agent or the home seller and also save, print or email.
“Homebuying
can be extremely competitive today due to inventory shortages,” said Erin
Lantz, vice president of mortgages for Zillow, in a statement.
“Having the ability to get a preapproval letter instantly can make the
difference between getting the home or losing it to a buyer who is better
prepared.
