MOUNTAIN VIEW, Calif. (11/30/15)--Google has launched a new tool that will allow consumers to shop for the most competitive mortgage rates online.
Called Google Compare, the platform provides tools through which users can calculate mortgages, read reviews of lenders and compare rates. The product, which was developed in partnership with Zillow and LendingTree, will only be available in California, making the Internet giant a licensed broker in that state.
“Zillow Group and Google share the same vision to first and foremost empower consumers with comprehensive access to valuable information that helps them make confident, more informed financial decisions,” said Erin Lantz, Zillow Group vice president of mortgages (Pymnts.com Nov. 23). “This partnership allows us the unique opportunity to help borrowers by providing them with the industry’s most accurate, real-time information about home loans and mortgage lenders.”
On its website, Google said the product will offer a “seamless, intuitive experience” that connects borrowers with lenders. The product also will lay out real-time mortgage rates and provide comparisons of quotes from lenders instantly.
“The choice and convenience offered to consumers is imperative when loan shopping online, and Google Compare makes the process even easier,” said LendingTree CEO Doug Lebda.
The offering comes on the heels of similar product launched by Google that provides rate comparisons for auto insurance. Both products fall under its Compare brand.