IMG_0108_iphone5s_spacegrey_portraitIn today’s fast-paced real estate market, being able to get a deal done quickly can be critical for people looking to find the home of their dreams.

That’s why Zillow’s mobile apps now allow users to quickly get pre-approval for a home loan while on their smartphone. Users fill out a simple questionnaire, and then get price quotes from lenders. After that, users can allow a lender to check their credit report information, and if they meet the guidelines for receiving a home loan, they’ll get a pre-approval letter sent to their smartphone that they can share with their agent.

It’s an important step that could help Zillow’s nearly 89 million monthly prove that they’re really interested in a deal.

“Securing pre-approval shows real estate agents that a buyer is serious, and it provides our users an enormous advantage when searching for a home,” Erin Lantz, Zillow’s Vice President of Mortgages, said in a press release.

The whole process is designed to make it easy for buyers to act fast at a time when home sales will close in a matter of days or weeks. With the new app’s capabilities, home buyers will be able to back up their offers with loan pre-approvals that would otherwise be harder to get.

Today’s news comes at a time when Zillow as a company seems to be firing on all cylinders. Earlier this week, Zillow CEO Spencer Rascoff told financial analysts that the company plans to spend $75 million on marketing this year, an increase from its previous expected advertising spend of $65 million.

In addition, the company is in the process of acquiring its rival Trulia for $3.5 billion.

The company announced record revenue for its second quarter earlier this week of $78.7 million, and announced that it had almost 89 million monthly users.

Comments

  • Kary

    LOL. Agent’s have been warned that come credit unions do this (fill in information on a website to get a preapproval). It makes the preapproval worthless.

  • Surbiton

    “It’s an important step that could help Zillow’s nearly 89 million monthly prove that they’re really interested in a deal.”

    So let’s get a couple of things clear: 1) Zillow does not have 89 million Unique Users like they claim as many are duplicates using multiple devices, and 2) Only 5 million homes are sold every year so the majority of people are just browsing, or maybe checking on how screwed up Zillows nonsense Zestimate on their home is.

  • Really???

    What a joke. To actually do a pre approval a banker needs to pull credit, review income and debt.
    Wait until HUD and DFI get a load of this….

    • Kary

      I doubt HUD and DFI will care, since they work through real banks, but sellers and listing agents will care. No one wants a deal to go south due to lousy loan processing and this is more likely to be exactly that.

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