The listings featured on this site are from companies from which this site receives compensation.
BestMoney logo

Zigzy Mortgage Loan Review

Patrick Sather
Oct. 13, 2022
4 min read
Patrick Sather
Zigzy Summary
Founded in 2019, Zigzy is an online mortgage platform based in Plano, Texas. In all states but New York and Hawaii, you can use Zigzy to help you find a real estate agent, apply for a mortgage, and secure financing to make a cash offer. It provides conventional, jumbo, FHA, VA, and USDA loans for new home purchases or refinancing. Best of all, you can roll over Zigzy’s service fee into your loan so you can pay it back over time.

Pros

  • Easy online application
  • Mortgage and refinance products
  • Roll service fee into your new loan

Cons

  • Fees are not transparent
  • No established ratings or review history

Overview

Zigzy is based out of Plano, Texas and has provided mortgage services nationwide except for New York and Hawaii since 2019. It can help you find a real estate agent, apply for a mortgage, and secure financing to make a cash offer on your dream home. 

Zigzy’s online application allows you to get pre-approved and secure your mortgage quickly and easily. If you don’t have an agent, you can use Zigzy to find a local, knowledgeable agent and loan officer to help you throughout your application. You can use Zigzy whether you’re buying a new home or refinancing your current home. A standout feature is that you can stay in your existing home while you secure the cash for your loan and roll Zigzy’s service fee into your mortgage. 

Suitable For

Zigzy is suitable for both homeowners and prospective home buyers. 

Types of Loans/Products

With Zigzy, you can get financing to make a cash offer when you purchase a new home or secure financing for an existing home. It covers primary homes and secondary homes including multi-family homes, townhouses/condos, and mobile homes. Zigzy works with conventional, jumbo, FHA, VA, and USDA loans as well as cash-out, home improvement, and debt refinancing. Down payments and credit requirements vary depending on the loan product, credit score, and eligibility. 

Loans that Zigzy works with include the following. 

  • Conventional Loan. Conforming loans that require a 3%-20% down payment and credit score of around 620.
  • Jumbo Loan. Conforming loans for properties worth more than the conventional baseline  home price that require a 15%-20% down payment and minimum credit score of 700.
  • FHA Loan. Loans for first-time home buyers that require a 3.5% minimum down payment.
  • VA Loan. Loans for active duty and retired military personnel that feature no down payment or monthly mortgage insurance premium requirement. 
  • USDA Loan. Loans for rural properties that require no down payment and offer up to 100% financing.

Zigzy has several unique features that make it quite attractive. 

  • Make an offer with cash. Zigzy’s main selling point is that, for a one-time service fee, you can get the upfront cash you need to help make your bid more competitive. With a cash offer, you can ideally make a competitive bid on a home and increase your chances of closing on the home of your dreams. 
  • Rent before you buy. With Zigzy, you can potentially live in and pay rent for your new home while you’re securing your home loan or selling your current home. 
  • Assistance finding a local real estate agent and loan officer. This is another thing that sets Zigzy apart from its competitors. Local specialists know the housing market in your area and can help you find the right property and loan to meet your needs.

The Application Process

Simply follow these steps to get started with Zigzy.

  1. Get pre-approved. Answer a few simple questions on Zigzy’s website to get a quote and get pre-approved for a loan. Zigzy asks you for your name, email, phone number, income range, and estimated loan amount. At the end of this process, you can register for an account. 
  2. Find a real estate agent and your home. If you don’t have a real estate agent, Zigzy can help match you with a local agent in your area. 
  3. Apply for your loan. Submit your full application online with the help of your loan officer. Be prepared to submit documentation including paystubs, tax returns, and an assessment of your current home.
  4. Secure the cash for your loan. Zigzy specializes in helping you to get financing to make a cash offer on your home. It does not provide mortgage loans directly, but does offer mortgages through its sister company, New American Funding. 
  5. Move in. You can move into your new home even if you have yet to sell your existing home. You have up to 90 days to secure your mortgage, and can also rent your new home until you sell your existing home and close on your mortgage.
  6. Close on your mortgage. Close on your mortgage and submit any final documentation. In total, it usually takes around 60 days to close on your mortgage.

Repayment Terms

Zigzy requires all mortgages to clear through its sister company, New American Funding. It requires a minimum credit score of 580, and rates and terms vary depending on your credit score and loan product, type, and amount. Generally speaking, fixed-rate mortgages range between 10 and 30 years, while ARMs have a set rate between 3 and 10 years. 

Help & Support

You can contact Zigzy’s customer support team via phone from 8am-8pm CT Monday-Friday, and 8am-3pm CT Saturday. Alternatively, you can send questions via email and expect a response within one to two business days. In addition to providing support in English, Zigzy also has Spanish-speaking representatives that can assist you. Its website is available in both English and Spanish. 

Summary

Zigzy is worth considering if you’re having a hard time finding a home because you don’t have enough cash to make a competitive bid. Zigzy’s ability to help you find a local agent also sets it apart from its competitors as you get the assistance of a specialist who knows the market in your area. Best of all, you can move in and rent your new house for 90 days until you sell your current house and secure your mortgage. 

FAQs

Which states does Zigzy provide services in?

Zigzy currently provides mortgage services in all states except for New York and Hawaii. 

What are the costs associated with Zigzy?

There is a one time service fee associated with the cash buyer program. Luckily, you can roll up that fee into your loan and pay it back over time. The fee varies by state. 

How does the cash buyer program benefit the seller?

Cash sales reduce closing costs for both buyers and sellers. Cash offers are competitive and less complicated, which typically result in faster closings. 

Physical Address

654 International Pkwy, Ste 1300, Plano, TX 75093

Methodology

This review was created based upon 3rd-party reviews and information available on the company’s website. 


Patrick Sather
Written by
Patrick Sather
Patrick Sather is an award-winning personal finance writer and licensed broker who has worked for some of the largest financial firms in the United States, including TD Ameritrade and Pacific Life. A graduate of the University of Nebraska in both Economics and International Trade and English, his articles on life's most common financial decisions and quandaries are straightforward, practical, and always easy to understand.

Must Reads

Is A 15-Year Mortgage Right for You?
May. 19, 2024
How to Choose a Mortgage Lender for a First-Time Home Buyer
May. 19, 2024
Read all articles