RateZip is an online marketplace for mortgages and other financial products. It exists to help users compare and qualify for the best rates from dozens of top lending institutions. Founded in 2007 by a former mortgage executive, RateZip now hosts more than 200,000 users per month.
The concept of an online mortgage marketplace is incredibly simple. You fill out a short application form and then RateZip scans through all its lending partners to find you the best real-time pre-qualified rates. Then, if you like one of the options, just click on it to proceed to that lender’s website.
Applying to RateZip is super easy. On the first screen, you get two options: just look at rates; or see live rates and pick a lender. Both options require you to enter personal information about yourself and your next home purchase. However, the first option requires slightly less information and gets you live rates in seconds.
There’s nothing new about the mortgage marketplace model, but you’ll be hard-pressed to find a marketplace with a better user experience than RateZip. From the moment you land on the RateZip website, it’s obvious this is one marketplace that invests in its users. The platform is easy on the eye, easy to navigate, and the home page includes the latest minimum rates for each mortgage product.
While the platform is easy to use, it does come with some limitations. It appears RateZip works with fewer lenders and fewer mortgage products than the bigger marketplaces. This is good if you’re looking for the best rates from trusted and vetted lenders, but not as useful if your priority is a full market comparison.
From what we can gather, RateZip covers a wide range of loans, including conventional and government-backed loans.
RateZip is more than just a marketplace that helps you compare mortgage products. It is also a publisher of financial news and information on topics including mortgages and other consumer finance products.
Here are some of the top features:
RateZip is more transparent than the average mortgage marketplace, with rates displayed prominently on the front page. As of January 2021, the best APR displayed for a 30-year fixed rate mortgage was 2.41%, well below the national average. Of course, your rate depends on your credit profile, which is why RateZip exists–to help you compare your best pre-qualified rates. As for repayment terms, RateZip’s partners cover the full range from short 10-year mortgages to the longest option, which is 30 years.
As for repayment terms, RateZip’s partners cover the full range from short 10-year mortgages to the longest option, which is 30 years.
RateZip doesn’t offer much in the way of customer support outside of the FAQs and educational resources on its website. There is a direct contact form on the RateZip website although we can’t guarantee that you’ll receive a quick response. RateZip is owned by Peklava LLC, a licensed mortgage broker and lead generation marketing firm based in New Canaan, Connecticut.
For a mortgage marketplace, we like RateZip for its transparency and the user experience. Searching for a mortgage can be hard work. With RateZip, you can quickly and easily compare and pre-qualify for mortgage products from top lenders. It’s a good place to start if you’re just beginning your mortgage search, and an even better place if you’re ready to see which top bank can offer you the best deal.