Google is used for a lot of things; just about every college and high school student in the world will use it at some point and if ever we don't know something, "Google it"! We have their glasses, tablets, videos, shopping and now.... mortgages?
According to CNN Money, Google is on track to be your next mortgage broker. The tech giant launched Google Compare for Mortgages this last week that could allow homebuyers to find and compare home loans. We've always recommended that homebuyer shop around to find the best terms and with Google Compare users will be able to enter all their personal information giving results from lenders, ratings, and reviews. However, it's currently only available in California but of course, plans are to expanded other states.
The way they can do this is because there now a licensed mortgage broker. Even though they will not be financing mortgages themselves, they can aggregate quotes from local and national lenders including large corporations such as Lending Tree and Zillow.
This procedure will also be expanded into different types of offerings including car insurance quotes and credit card offers but how accurate and reliable is this information?
As with just about any comparative website, algorithms can pull information from a variety of different sources to provide the user or consumer with a wide list of variable options. However, it certainly takes away from the personal touch that an individual mortgage broker can provide. Google doesn't know your income history, how long you've been at your job or particular industry and your long-term financial goals. It simply takes basic numbers and turns them into what could possibly be your next mortgage loan. Lenders still will need all of your personal information for that one-on-one connection.
In addition, consumers may feel wary about entering all of their information including property value, down payment size, credit score, assets, liabilities, and income. All of these information's make it easier for fraud and scams. Using a personalized, face-to-face contact makes the consumer feel more comfortable and can generate more accurate results.
This goes for real estate agents as well! Just trust any ol' person you find or go with a qualified individual that has your best interest at heart and KNOWS THE MARKET!
So the next time you need to go for a home loan are you going to trust the tech giant Google or your neighborhood lender down the street?
Call me anytime! I not only am an experienced agent and broker but have a trusted group of lenders that work for my clients.