Whoever wants to compare mortgage rates from a broad range of providers, whether a national lender or one local to California can now do so with ease courtesy of Alphabet Inc (NASDAQ:GOOG)’s updated compare service. The service is available on smartphones or desktop computers and on real-time hence there is no waiting time to get the results.
On the feature, anyone can view ratings, read reviews for lenders and receive quotes that will suit the needs at hand. But how does the bank participate in all these? Well, the lender is working on a flexible cost-per-lead model. Hence, the mortgage lenders undertake the payment to the Company. The current lending partners include Zillow and LendingTree, but Google is looking into spreading its wings to other states as it has already done in the UK.
However, Google was quick to indicate that payments will not be a consideration factor into the ranking of eligible Companies that are willing to be enlisted into the new feature. Emphasizing more on the comparison service whose work and modification started in May, Google Compare director of product management Nicolas Wk said that it was not just a public service for consumers.
Commenting on the Google compare service, founder and CEO of LendingTree, Doug Lebda, said that they are thrilled to work with Google compare. Their commitment is to work diligently in helping to link potential borrowers with eligible and competent mortgage providers.
Nevertheless, to work with Google compare, you shall be required to understand and adhere to the basic steps of filling out the Zip code, the price of the home and the down payment among others. And to determine the appropriate mortgage rate, Google compare will want to know the period the house shall be occupied. After completion of the process, Google compare will recommend a lender as well as a full analysis of all the fees accompanying with the loan.
Anyone shopping for mortgages now has something to cling to and at their comfort.