Looking for and purchasing a home may have just gotten easier.
The online real estate search platform, Zillow, which features houses, condos, commercial and lots for sale in a web-based and mobile platform, announce April 2 that it would enter the mortgage business.
Now, customers can look for and purchase their homes using Zillow and Zillow Home Loans. A few web-based lenders, such as Rocket Mortgage, Credible, LendingTree and Quicken Loans, have cropped up in the past few years as more consumers look to the web for lending solutions. Zillow Home Loans connects consumers to direct financing opportunities.
Zillow purchased Mortgage Lenders of America in November 2018, rebranding the company it acquired. The Zillow Home Loans base of operations will be based in Overland Park, Kansas.
Erin Lantz, vice president and general manager of mortgages at Zillow, said getting a mortgage is often the hardest, most complicated part of buying a home.
“Since our inception, Zillow has been empowering people with information and resources to make smarter real estate decisions, including helping borrowers shop for the best lender and loan for their new home,” Lantz said. “With Zillow Home Loans we are taking an incredible step forward to deliver an integrated payments platform to complete the financing for Zillow Offers that delivers a more seamless, on-demand real estate experience today’s consumers expect. We continue to offer consumers the power of choice to shop for loans directly through Zillow Home Loans or through our popular mortgage marketplace.”
Home owners are also able to sell their homes via Zillow through Zillow Offers, bypassing the hassle of dealing with real estate agents. Zillow Offers will give homeowners a free, no-obligation cash offer for their home, according to a press release. Zillow Offers and Zillow Home Loans were designed to work in tandem, but homebuyers or sellers do not have to use both services to get financing through Zillow, the company stated.
Zillow states that its launch of the home loan service is an “effort to make buying and selling a home radically easier.” The site also launch a new look for its mobile app and website, which was map based or gallery based for users to peruse housing options at their leisure.
The company sees more than 176 million page views each month through its real estate search service.
According to CNBC, the company expects to see more than a $20 billion annual in revenue over the next five years. GeekWire states that Zillow wants to originate at least 3,000 loans within this time period. GeekWire found the SEC filing for Zillow’s acquisition of Mortgage Lenders of America with a purchase price of $66.7 million in cash.