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ZapRates FHA Loans Review


ConsumersAdvocate.org Rating: 3.9 / 5 (Very good)
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ZapRates is an online lending marketplace that allows consumers to find offers from multiple lenders. Among the products that can be accessed through their platform are government-insured FHA loans and VA loans, as well as traditional purchase mortgages, mortgage refinances, and reverse mortgages.
 
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How is ZapRates rated?

Breakdown

0.0/5
Geographic Availability
4.5/5
Customer Experience
4.5/5
Lender Reputation

Overall Rating: 3.9 / 5 (Very good)

ZapRates is an excellent solution for homeowners looking to finance their new home purchase by participating in the government-insured FHA program. By using the website, consumers can receive quotes from multiple lenders. Several FHA loans are available, including home improvement loans for current homeowners. Additionally, ZapRates website includes many useful resources for consumers.

ZapRates Loan Specifics

Types of FHA Loans Offered

FHA Fixed-Rate 15-Year
FHA Fixed-Rate 25-Year
FHA Fixed-Rate 30 Year
FHA Fixed Rate 15 Year
FHA Fixed-Rate 30 Year
FHA Adjustable Rate Mortgage (ARM)
FHA Jumbo Fixed Rate
FHA Hybrid
FHA Bridge/Relocation Loan
FHA Home Improvement 203(k)
FHA Self Employed

Key FHA Loan Facts

Minimum FHA Loan Amount
$313,760
Maximum FHA Loan Amount
$765,600
Minimum FICO Score
500

Loan Specifics - 3.5 / 5

ZapRates is a marketplace that connects consumers with lenders who offer several types of FHA loans, including fixed and adjustable rate mortgages. Another popular type of FHA loan is the 203(k) mortgage which can help homeowners renovate their home at low interest rates. Since the FHA program is regulated by the government, most minimum requirements are already set. ZapRates offers some solutions for people with FICO scores as low as 500. Loan amount may vary from state to state.

ZapRates Customer Experience

Customer Experience - 4.5 / 5

ZapRate's website contains a lot of useful information on home mortgages and small business loans. The blog has many articles on helpful topics, and it has a YouTube channel with helpful (and attractive) animated videos on mortgage subjects. Additionally, customer service representatives are available on weekdays, from 9 am to 7 pm, ET. They can be reached by phone, email, or through social media.

Online Features

Online Application
Yes
FHA Mortgage Calculator
No
Online Quote
Yes
Social Security Number Required for Quote
No

ZapRates Lender Reputation

Lender Reputation - 4.5 / 5

ZapRates is a relatively new company, having been founded in 2017. It does not yet have a presence on either the Better Business Bureau website nor Trustpilot. Since it is a marketplace and not a direct lender, it is not in the National Mortgage Licensing System database. No complaints against the company have been filed with the Consumer Financial Protection Bureau (CFPB).

Key Reputational Facts

Company Type
Marketplace
Year Founded
2017
Date Collected
2018-04-12

Company Profile

Full Name
ZapRates FHA Loans
Company Website
https://www.zaprates.com/
Headquarters
78 SW 7th Street, Ste 500, Miami, FL, 33130

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