Zillow Inc., an online real estate marketplace, has launched the Mortgage Pre-Approval tool, which enables home shoppers on Zillow to get pre-approved for a mortgage quickly and easily, says the company.
According to Zillow, Mortgage Pre-Approval is a tool home buyers can use to gain an edge over the competition when they are shopping for a home.
‘In today's competitive real estate market, getting pre-approved for a mortgage can mean the difference between getting the home that's right for you or losing it to some other buyer,’ says Erin Lantz, senior director of mortgages for Zillow.
Zillow explains how the tool works: To begin, borrowers complete a short online questionnaire, which asks for information including income, credit score and monthly debt. They receive an estimated pre-approval amount and can then continue the process by filling in their name, email address and phone number. Lenders are able to review borrowers' inquiries immediately, pull the borrowers' credit scores at request, and if the borrowers meet the lenders' guidelines, can send them a pre-approval letter they can email or print.