Wednesday, March 19, 2014

Zillow Debuts New Mortgage Pre-Approval Tool

Seattle-based Zillow has launched a new, electronic version of that age-old real estate shopping tool: the mortgage pre-approval letter. Zillow said Wednesday that it has launched the Mortgage Pre-Approval on Zillow tool, which lets users enter a short online questionnaire--including their income, credit score, and monthly debt--to automatically generate a "pre-approval" letter from the various lenders on Zillow's mortgage marketplace. Zillow said the tool also links into tools to help lenders pull a borrower's credit score and other tools to help them pre-approve mortgages. Mortgage pre-approval letters are fairly common in real estate, where buyers want to show they are better qualified than other bidders on a property.