Google Launches Mortgage Shopping Tool

Google’s shopping business has joined the mortgage world.

Google announced yesterday (Nov. 23) the launch of Google Compare, a platform that provides the tools necessary for users to calculate mortgages, but also compare mortgage rates. This product’s initial rollout is only in California, which makes Google a licensed mortgage broker in the state.

For the launch, Google has also partnered with Zillow and LendingTree. Zillow, of course, appears to be an obvious choice so it can pull data from its lenders without working with them directly.

“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. 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,” said Erin Lantz, Vice President of Mortgages for Zillow Group.

What Google Compare aims to do, according to the company, is provide a “seamless, intuitive experience that connects lenders with borrowers online.” What this means is provide real-time access to comparisons of mortgage quotes from lenders in less than a minute. Borrowers also have the chance to read reviews and ratings of those lenders and receive nearly instant quotes.

“We’re thrilled to be a part of Google Compare, further helping to connect prospective borrowers with qualified mortgage providers as the transition to online lending accelerates. The choice and convenience offered to consumers is imperative when loan shopping online, and Google Compare makes the process even easier.” said Doug Lebda, CEO of LendingTree.

The launch of Google’s mortgage compare tool follows the launch of its ‘Compare’ brand, which includes its similar service for auto insurance. Based off of a successful launch in the United Kingdom back in 2012, Google decided to try its hand in the American car insurance market. The program allows consumers in California to make “apples to apples” comparisons of national and local car insurers in as little as 5 minutes.

While it’s too early to see how Google will fare in the mortgage space, its ‘Compare’ model seems may be its next ticket to winning consumers over to its shopping side.