4 Benefits of a Zip Mortgage
Zions Bank’s online application offers convenience and a streamlined process combined with local decision making.
In 2021, it’s clear that the Utah and Idaho housing markets are leading the nation. According to Bankrate, Utah and Idaho respectively rank as the #1 and #4 strongest housing markets in the country because of robust job growth, low mortgage rates and low tax burdens.
If you’re trying to close on a home in these busy markets, it’s important to obtain every advantage possible. Because speed is essential, Zions Bank’s Zip Mortgage* provides a simple, convenient way to apply for a mortgage online. But unlike other online-only mortgage platforms, Zip Mortgage offers an added bonus: Local decision making and the advantage of working with a mortgage professional.
Zions Bank Retail Mortgage Manager Jeannie Nageli explains four unique benefits of using Zip Mortgage.
Zip Mortgage Benefit #1: A user-friendly application simplifies a complex process
After setting up your username and password, you’ll be guided through a question-based application That will be automatically filled in based on your responses. Because of these features, users typically fill out their entire application in as little as 10 to 15 minutes.
“If you haven’t applied for a mortgage before, Zip Mortgage dramatically lowers the learning curve,” says Nageli. “Aside from simplifying the application, Zip Mortgage also provides convenience to borrowers by allowing them to access interest rates, request information and request their own credit report.”
Zip Mortgage Benefit #2: Save valuable time through automation and electronic approvals
When you apply for a mortgage, lenders need to complete their due diligence on your application through employment and asset verification. To comply with federal and state laws, lenders will also ask for your signature as they process your application. Zip Mortgage cuts back on this potential lag time through an automated process and electronic signatures.
“When you’re competing for a home, time is of the essence,” explains Nageli. “Zip Mortgage’s automated underwriting system and ability to electronically sign documentation makes a significant difference for our customers — they could save up to 10 days compared to using a paper application.”
Zip Mortgage Benefit #3: Receive personalized support from a mortgage loan officer
Although Zip Mortgage has a lot in common with online mortgage applications, one important distinction is that your application will be assigned to an experienced mortgage loan officer. Having this contact can allow you to tap into their knowledge of the local housing market and benefit from their network of realtors and other housing professionals. Because you’ll interact with the same mortgage officer consistently, your representative will be well positioned to answer your questions and address your concerns.
“Zip Mortgage truly captures the best of both worlds,” says Nageli. “Our customers rave about our application because our technology enhances the important human connection.”
Zip Mortgage Benefit #4: Greater flexibility to find a mortgage product for your unique situation
Online mortgage applications often fail to capture the nuances of borrowers with unique financial situations. For example, if you’re an entrepreneur with seasonal cash flow, an online application might reject you outright because you don’t “check the box” for standard mortgage requirements.
But because Zip Mortgage applications are sent directly to an experienced mortgage loan officer, the Zions Bank team is empowered to find the right product for your unique situation.
“Zions Bank differentiates itself from online mortgage lenders because we make local home loan decisions,” Nageli says. “The bottom line: When you apply through Zip Mortgage, your loan decision will be made by a bank officer, not by an algorithm.”
If you’re in the market to close on a home this year, Zions Bank’s Zip Mortgage can help give you a competitive advantage.
“In Utah and Idaho’s tight housing markets, sellers want to close quickly — and if they don’t have a cash offer, they’ll generally take the best financed option,” says Nageli. “Zip Mortgage can help you navigate the financing process efficiently and prepare you to quickly close on the home of your dreams.”
To learn more about your mortgage or home loan options, contact a Zions Bank Mortgage loan officer.
*Loans subject to credit approval. Terms and conditions apply. See a banker for details.
Malcolm Hong is a Public Relations officer for Zions Bank.