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Zigzy Review
Zigzy Review
October 12, 2022 / Serguei Solokhine
Zigzy Review
October 12, 2022 / Serguei Solokhine
Make a cash offer on your home
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At a Glance

Home sellers are more likely to accept a cash offer over one where the buyer needs financing. They might even be willing to knock down the selling price for buyers who make cash offers.

Using its innovative cash offer program, Zigzy enables you to buy a home with cash provided through one of its partners, then finish your mortgage application and pay back any money owed after the fact. Zigzy also offers refinances and FHA, VA, and USDA loans.

Key Figures*

Loan types: Purchase, Refinance

Loan products: Conventional, Jumbo, FHA, VA, USDA

APRs start from: 3%

Minimum credit score: 580-620

Repayment terms: Eight to 30 years

*Zigzy does not directly publicize most of the information on this chart on its own site. However, loans funded through Zigzy are all administered by New American Funding . Some of the information on this chart comes from New American Funding's website.

Pros

  • Make a cash offer while waiting for mortgage
  • Flexible term lengths
  • Diverse range of loan products
  • Option to move in before loan is finalized

Cons

  • Not available in New York or Hawaii

Zigzy's cash offer application means that Zigzy will front the cash for your purchase and then complete the mortgage application with you on your own time. Not only does this take the pressure off at closing, but it also means you can take advantage of the benefits of making an offer in cash, such as lower prices and an edge in bidding wars. Zigzy is flexible with its loan terms. You can pick any fixed term from eight to 30 years if you qualify for its I CAN program.

Zigzy is not available in Hawaii or New York. It is, however, available to anyone in the rest of the United States, including Alaska.

How it Works

To begin your Zigzy application, hit Get Started on Zigzy's website. Enter basic information like your name, whether you are looking for a new mortgage or a refinance, and the type of home involved in the transaction.

Home type is significant since it determines whether you are eligible for Zigzy's cash offer program. Previously owned single-family residences qualify for the cash offer program, while new builds, condos, and manufactured homes do not.

Finally, input your email and phone number, and a Zigzy representative will contact you to complete your application.

At this point, Zigzy's application process is different depending on whether you are applying through Zigzy's cash offer program or not.

Cash Offer:

Before you proceed any further, Zigzy will need to pre-approve you for a loan. The Zigzy representative will request basic information to verify your income and net worth and run a credit check. Based on this information, Zigzy will either pre-approve or decline your application. You can discuss the details of this application stage directly with Zigzy over the phone.

If approved, you can place a cash offer on the home you chose. If you have not found a home yet, you can work with your own realtor or a realtor provided by Zigzy. When you are ready to buy, Zigzy's affiliated real estate company will purchase the home with cash.

Now you can move into the home and live there while you finalize your mortgage with Zigzy. There are a few caveats to note here:

  • If you live in the home while you finalize your application, you will be considered a tenant and will need to pay rent to Zigzy. You can pay this upfront or add it to your mortgage balance.
  • Zigzy charges a fee for cash-only offers. The fee is location-dependent and will be disclosed to you before Zigzy buys.
  • Once you've moved into the home, you must complete your mortgage application with Zigzy's affiliated lender, New American Funding, and not with another lender.

The final stages of the approval include the pre-funding stage, where New American's quality control team reviews the loan to ensure it was completed correctly. New American will also issue you a series of offers for different mortgage types.

Once you have selected a rate that you are satisfied with and pre-funding is complete, New American will issue the mortgage to you so that you can buy out Zigzy's real estate company. At this point, the property is yours, and Zigzy is out of the picture. You will need to deal directly with New American Funding for any further concerns.

Standard Application or Refinance:

The Zigzy representative will discuss the various documents Zigzy requires for underwriting with you. They will need documents to verify income and net worth and will need to run a credit check to confirm your credit score. Once they have received the documents, Zigzy will take a few days to get back to you with an approval, amendment, or decline.

Assuming everything went through correctly, Zigzy will proceed to the pre-funding stage, where its representatives will check their own work. Finally, you must sign with a local lawyer to confirm the final amount and the closing date. The funds are ready to issue at this point, and you can purchase or refinance the property.

Types of Loans

Zigzy offers a range of mortgage products, including conventional, jumbo, FHA, VA, and USDA loans. These loans are provided through Zigzy's lending partner, New American Funding.

Conventional Loans . These loans are not backed by any government agency and do not exceed your region's Fannie Mae conventional loan limit .

Jumbo Loans . Loans that exceed the Fannie Mae conventional loan limit for your region. They are harder to qualify for than a conventional loan and will likely have a higher APR.

Veterans Affairs (VA) Loans . Loans for qualifying US veterans. They often require little or no down payment and accept lower credit scores than conventional applications.

Federal Housing Administration (FHA) Loans . Loans specifically designed to help buyers with poor credit or those who can only afford a small down payment qualify for a home.

United States Department of Agriculture (USDA) Loans . The USDA assists buyers in eligible rural areas whose income is below a certain threshold. These buyers can apply with no down payment and receive low APRs.

Loan Features

  • Flexible requirements . You get a lot of options with Zigzy, including little or no down payment through programs such as the USDA, FHA, and VA.
  • Less pressure on closing . If you go with Zigzy's cash offer system, you can close quickly since Zigzy provides the cash upfront without waiting for the lender to catch up.
  • Diverse product range . Choose from fixed loans at whatever term you wish, ranging from eight to 30 years, or variable 15 or 30-year loans. You can also refinance an existing property or purchase a new one.

Rates and Terms

APRs for loans offered by New American Funding, Zigzy's mortgage provider, start as low as 3%. New American gives you a lot of flexibility. You can choose any fixed-rate loan term from eight to 30 years or a variable-rate mortgage with a term of 15 or 30 years. Variable-rate loan APRs can change at any time with the interest rate market, while fixed-rate APRs remain unchanged for the duration of the loan.

Summary

The main feature that sets Zigzy apart from the competition is the cash offer application option. With it, you can make a cash offer for your home with a short closing date, move in, and then finalize the particulars of your mortgage with Zigzy after the seller is out of the picture. Since sellers frequently prioritize cash offers over the competition and offer discounts to cash buyers, your odds of getting your dream home go up dramatically with Zigzy.

Contact Zigzy

At the time of writing, Zigzy and its parent company, Broker Solutions Inc., have no reviews or ratings on TrustPilot or the Better Business Bureau.

You can reach out to them telephonically for assistance or to get started with your application. Zigzy does not publish its customer service hours.

Get started now, visit Zigzy
By Serguei Solokhine
Serguei Solokhine is a freelance writer based in Vancouver, British Columbia. A digital nomad, he loves writing about finance, marketing, and travel. With degrees in finance and marketing, plus five years of experience in the financial services industry, Serguei particularly enjoys writing about personal finance and investments. Serguei’s work has been published in TechRadar, ITProPortal, top10.com, and MoneyVisual.
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