Heads up, real estate brokers! A new breakthrough for real estate technology has been birthed with the help of Google. The company has recently launched Shopping Tool for home buyers in California.
Tech Crunch reports that Google made itself a licensed mortgage broker in the Golden State. The company has launched a "mortgage comparison tool for home shoppers in California, with support for more states coming soon."
Reports say that this announcement is not surprising to learn because Google has already expressed its goal in setting up this product for home buyers. However, real estate consumers need to know that this Google mortgage comparison tool "isn't just a public service."
As clearly mentioned, this tool is a commercial product, which means that "participation in Google Compare is based on a flexible cost-per-lead (CPL) model. The company says that payment doesn't factor into the ranking or eligibility to participate, though."
Money CNN stated that this tool allows potential home buyers to check and compare home loans. According to its report, experts are encouraging potential home buyers to go shopping around in order to get the best mortgage terms. "With Google Compare, users will be able to enter personal information, including property value, down payment size and approximate credit score to get tailored results." In addition, consumers get to see the rating and reviews given to the lenders.
Money CNN also noted that home buyers can also make use of this Google tool to refinance their mortgages.
Reports also mention that Google is "registered as a licensed mortgage broker." But to make it clear, the company will not be financing mortgages to home buyers. "It will aggregate quotes from local and national lenders it has partnered with, including Zillow (Z) and Lending Tree (TREE), in order to help users find the best mortgage." What the company does in this activity is to acknowledge the participation of the lenders as "based on a flexible cost-per-lead model." This gives the assurance that "the company is paid by the mortgage lenders."
The mortgage comparison tool of Google is not only intended for buying a house, but it can also be used "around for car insurance quotes and credit card offers."
Do you think this Google mortgage comparison tool is helpful for the consumers? Share your thoughts about it.
