If you are in the market to buy a home in California but still need to work out what your best option is for a mortgage, there is now a new tool that can help you save some time in comparing loans. As of November 2015, Google has launched a new Mortgage Comparison tool to make mortgage shopping quicker and easier. The search engine giant has partnered with Zillow and Lending Tree to launch Google Compare for Mortgages.
California is the first state to pilot the new tool. Now buyers can review potential lenders to see directly and quickly what rates are available and the types of loans offered. You can review multiple quotes from a variety of lenders within just a few minutes. As one of the first and most important aspects of buying a home, finding a mortgage loan is one time consuming hurdle. Once you know how much of a loan you will have to work with and who will be servicing the loan, you can move forward in the search for what you want to buy. This new comparison tool will not only help you find a loan more quickly, but also will help you have a clearer understanding of all the loan parameters, fees, rates and requirements as well.
The Google Compare program asks searchers to provide some basic information, such as the zip code of where you are looking to buy a home, the price you want to spend, and what your down payment amount is. Buyers are then matched up with participating lenders who provide all the mortgage fees and options in a quote. There are currently over 75 lenders and on average searches will see up to 300 mortgages to compare. While participating lenders have to pay to be on the comparison, this doesn’t equate into any ranking done to match buyers and lenders together.
The new Google Compare for Mortgages tool can help you find the right loan, and help you feel more confident in making one of the biggest decisions of your life. When you are ready to buy or sell a home, we at Haylen Group are here to help you with all of your real estate needs! If you are unsure what your options are, call Helen Chong at (408) 800-LIST or email at Helen@HaylenGroup.com. You can also visit us at our website for available listings and additional information.