Google Can Become Your Mortgage Broker In Near Future

On Monday, Google announced its Google Compare for Mortgages tool and officially became a licensed mortgage broker.

This tool will enable the users to find the best mortgage terms. Users will be able to put the personal information, property value and down payment size to get tailored results with the help of Google Compare for mortgages.

This latest launch by the Google is currently available for users in California only, but the team is determined to expand it to other states too, according to CNN Money.

Despite the fact, that Google will not be financing any kinds of home loans itself, it will be totalling the quotes from the local level and national home lenders it has made a partnership with which include Zillow and Lending Tree.

Google has released this service as sub tool of its 'Compare' tool. The compare tool already has an auto insurance comparison tool. It should also be noted that Google has already launched a similar mortgage service in the United Kingdom too, as reported by Tech Crunch.

Erin Lantz, vice president of Zillow Group said, "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 while simultaneously offering Zillow Group's lenders increased reach for their businesses."

Nicolas Wk, Google Compare director wires in a blog post, "Whether you are 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 of rate quotes from other lenders, all in as little as a minute," reports Venture Beat.

The working process is pretty simple. First, the tool will walk you through basic steps like address, personal information, the payment you can afford etc. You will enter the time for how long you plan to live in a particular house. Finally, it will recommend you a lender based on the data you provided with the calculation of fees along with the loan.

Nicolas Wk also wrote, "Borrowers can also see ratings and read helpful reviews and enter relevant information, like loan amount, estimated credit score or home value, to receive rate quotes that match their needs. They can then visit your website to apply directly online or over the phone through one of your agents or loan officers."

This news and the latest launch is not really a surprising move from Google though as it had already hinted back in May that mortgages would be 'coming soon'.