Google (NASDAQ:GOOG) has done well in its attempt to diversify outside of just the search engine that the company is known for by Internet users. The company has also expanded into offering broadband in specific markets, and is routinely working on its self-driving vehicle, which is set to change the world.
The company is known for its fun and exciting projects, and one that even surprises investors is that the company is now a mortgage broker.
Currently licensed as a mortgage broker, Google recently opened Google Compare for Mortgages on Monday, November 23. The service is only available to United States borrowers, and has the goal to offer a seamless experience for borrowers online.
Real-time quotes are available from lenders, and all of this is provided within just a minute. Borrowers can also see ratings of the company that is about to provide a mortgage, and the borrower can provide other relevant information, including:
- Their desired loan amount
- Their current credit score
- Their home value
All of this information will be used to provide an accurate quote to potential borrowers. Tailored results will be provided through the comparison chart, so borrowers always can find the best lenders for their needs. Homeowners will also be to use this comparison tool if they want to refinance their mortgages and find the best rates.
Like many Google products, the comparison is only available within the state of California at the moment. The company does hope to expand Google Compare for Mortgages in the near future to offer mortgage help to several other states.
Despite being registered and licensed as a mortgage broker, Google will not be offering mortgages directly. Instead, the company only aggregates quotes from national lenders so that potential homeowners can find the best mortgage for their needs. Several of the companies that Google will be aggregating quotes from, include: Zillow (Z) and Lending Tree (TREE).
The company will be paid for their efforts. Mortgage lenders will pay Google on a cost per lead model, and this cost will not be passed on to the consumer.
Google Compare is not a new product, and has been very useful for consumers thus far. The comparison tool also helps connect drivers with car insurance quotes, and you can also compare credit card offers to find the best offer when searching for a credit card.
Google has not released any more information about the product, or when we can expect the product to be available in more markets outside of California.