Google Expands To Mortgage Shopping With Latest Tool
Google ventures into the mortgage business. The tech company which is known mainly for their internet related products and services, is now a licensed mortgage broker in California. However they won't be financing mortgages, but will aggregate quotes from their local and national lender partners in order to help their users find the best mortgage. Some of the partners they have included are Zillow and Lending Tree.
Today, the company also launched their new tool: a mortgage comparison prgram for home shoppers particularly in the California area. The company also said that they will be branching out support for other states soon.
The tool, which is called Google Compare, will allow potential home buyers to be able to search and compare home loans. When looking for a place to buy and call home, experts usually recommend shoppers to look for the best mortgage terms they can find before selecting which ones they would like.
Now with the Google compare tool, homebuyers or users will be able to enter their personal information plus specific details such as property value, down payment size and approximate credit score to be able to get a result that is specially tailored for them. Details such as the show lender's ratings and reviews will also be shown in the results to help give the user a clearer view of the deals.
After getting the tailored results, it is now up to the user to contact the lender. The user can, however, request a call back from Google's site using an anonymous number so that they can maintain their privacy and be able to hide their contact info from the lender of their choice.
This latest tool is just not made for consumers but it is also a commercial product wherein participation is based on the flexible cost-per-lead or CPL model. But Google made it clear that the payments won't be a factor in the ranking or eligibility of companies to join.
The company's announcement didn't come off as a surprise as they've been giving out hints about their intention to launch this product. The mortgage comparison tool or function is just one of Google Compare's offerings. Google Compare also allows user to be able to shop around for credit card offers and car insurance quotes. Google has also already offered a similar mortgage service in the UK.