Google is by far one of the best run companies in America. They have a distinct management style that makes them highly profitable, and their products stand far above the competition. Seldom does a Google venture fail because they thoroughly research new ideas before making a move. It was a pleasant surprise when the company announced its launch of a new mortgage product, Google Compare. Here’s the scoop on Google’s new mortgage shopping tool.
Where Can it be Used?
The first thing consumers should know, is Google’s new mortgage tool is only available in California. However, it will soon be added to more states. Some folks may find this to be a bit unusual, but is totally characteristic for Google. For instance, when they rolled out their high-speed Internet service they selected only a few locations to begin with. Since then, they have slowly expanded into the new markets. This was certainly a wise business decision since they were able to work out bugs and problems with their initial points of interest.
Consumers should also know that this is not a free service. Folks have become accustomed to Google providing them with many free high-quality tools, but this is not the case with Google Compare. Participation will be based on a Cost-Per-Lead model, and payments will not be factored into eligibility or ranking. This is good news for consumers.
The most interesting aspect about this tool, however, is that Google has partnered with Lending Tree and Zillow. The specifics were not made available, but we do know that Google will gather data from Zillow’s mortgage marketplace. Then, that data will be aggregated into useful information for the shopper. This will surely be a winning situation for borrowers because they can have the most accurate data about home loans and lenders in real time.
Lenders will benefit because they can simultaneously have their rates and reviews showcased on Google as well as at the most visited real estate website in the country. The Zillow Mortgage Group can also use this promotional space to show off some of its other consumer brands like Trulia, Hotpads, and StreetEasy.
How Does it Work?
The entire process is actually quite simple. Google Compare walks the user through some basic steps. For example, they will enter the price of the home, the down payment, and the ZIP Code, along with some other basic information. Once the wizard is complete, it will recommend different lenders based on the answers. It will also provide the user with a complete breakdown of fees associated with the mortgage.
All of this is done anonymously and your personal information is not shared with lender until you are ready to select one and make contact.
It will certainly be interesting to see how this new product compares to others and what it will bring to the real estate market. Already home loan mortgage companies like Sente are offering new advancements, trainings, and updates on mortgage interest rates in Austin. With all the new technology coming out of this area today, what Google does with this new product will probably inform the industry overall.