Revolutionized financing: How Zillow empowers home shoppers with innovative tools by Zillow for HousingWire

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Prospective homeowners enter the housing market with two questions: Where do I begin? How much home can I afford? Once the process starts, nearly half of home buyers report shedding tears at some point. Potential homeowners should be able to handle this confusion in a world where technology and digital tools rule customer service. Fortunately, home buying doesn’t have to remain confusing for new buyers. 

Zillow Home Loans — the platform’s affiliate mortgage lender — pushes the future of financing. The lender offers innovative tools and technology to make the home buying process more accessible, transparent, and personalized.

Offering access to market-defining research and data

Most shoppers review listing and pricing information through the Zillow platform, brokerage websites, or multiple listing services (MLSs). However, prospective homebuyers often need to pay more attention to market research and data to guide them in the marketplace. 

Zillow offers a robust monthly cost calculator to help prospective buyers budget for monthly payments. Users can enter a potential home price, down payment, interest rate, loan terms, property taxes, insurance costs, and homeowners association (HOA) fees. 

Providing personalized financing guidance to homebuyers

By providing access to transparent information, Zillow offers buyers personalized solutions tailored to their unique situation. First and foremost, buyers can connect with knowledgeable lenders or financial advisers through Zillow’s directory. These advisors can offer specific guidance on loans, down payments, and improving creditworthiness to qualify for funding.

If home shoppers want to determine their budget, the Zillow Home Loans BuyAbility tool offers a personalized, estimated purchase budget. BuyAbility uses the latest mortgage rates, and shoppers can change their financial details to test their BuyAbility. After a one-time setup, buyers can quickly identify the homes they qualify for — with monthly payment estimates. 

Educating homebuyers on essential resources for achieving homeownership

Many buyers, especially first-timers, can benefit from down payment assistance programs, tax incentives, and grants while pursuing homeownership. By promoting an understanding of these resources, Zillow can significantly boost confidence and affordability for prospective homebuyers that access these programs.

In partnership with Down Payment Resource (DPR), Zillow publishes down payment assistance information alongside listings. Prospective buyers enter basic information and receive a list of available programs. DPR also offers specific, personalized details and links to additional learning resources. 

Financing is an unavoidable part of the home buying journey for most buyers. As such, consumers should take the time to prepare for and understand the financing process. Zillow also provides articles and resources alongside assistance options — including options unaffiliated with Zillow Home Loans. These tools exemplify the platform’s unwavering commitment to helping homebuyers achieve ownership.

The mortgage process is complex — but it doesn’t have to remain that way. With access to the correct information and clarity on the financing process, agents can empower clients confidently, translating into a better experience for all parties. 

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