Google has released its new feature Google Compare for Mortgages last Monday which will help potential home buyers to compare mortgage prices in the market.
According to money.cnn.com, Google Compare will enable users to input down payment size, credit score and personal information to get personalized results. Another feature also is that reviews and lender's ratings are shown among the results and home buyers can use Google Compare for home re- financing.
Currently, Google Compare is available only in California but the company decides to expand its reach catering more potential home buyers and users.
With Google's registration of being a licensed mortgage broker, it will be able to provide information from partner local and national lenders for the users to find the best and most suitable mortgage for them.
Google will be paid by its partner mortgage lenders through cost- per- lead model that emphasizes on lender participation.
In a report by cnbc.com, Google released a statement regarding their new Google Compare. The state said "Buying a home is a major financial decision - so when it comes to getting a mortgage, people want an easy way to understand and compare their options online. Whether you're a national lender or one local to California, people searching for mortgages on their smartphone or desktop computer can now find you, along with a real-time, apples-to-apples comparison of rate quotes from other lenders - all in as little as a minute."
A U.K. version of the toll said that consumers who uses the comparison tool with car and travel insurance will be able to save up to $310 in using Google Compare.
Sue Anderson, the head of member and external relations at the U.K.'s Council of Mortgage Lenders, said "Digital channels and digital strategies are of huge interest to the mortgage industry. Many lenders are seeking to establish how best to approach the needs of the tech-savvy generation who prefer online purchasing and account management."
What are your thoughts about Google's new feature? Do you trust it enough for you to use it in finding the right mortgage plan for you? Sound it in the comments!
