Google may be looking to bring its mortgage comparison tool to the U.S. after having success in the U.K. New job listings posted by the company in Seattle and San Francisco show they are looking to hire mortgage specialists [1] for its comparison tool, Compare [2].
Google currently uses Compare in the U.K. to help people find mortgage rates, car insurance, travel insurance and credit cards. Google launched the mortgage section of Compare in the U.K. late 2012. The tool searches loans available through mortgage bankers and loans offered directly by banks or other lenders. The tool appears on the top of any search page whenever someone searches any mortgage related term.
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Currently, Google uses the Compare tool in the U.S. to compare credit cards [4], but the company told The New York Times [5] in January they are set to bring their auto insurance site to the states soon. As of now, Google is licensed to sell auto insurance in about half of the states.
Because Compare is an ad product, Google makes money every time a consumer makes a decision based on information from one of its recommendations. The more money at stake, the more money Google makes in the end. Entering the mortgage industry could mean big profit for Google based on Google trends. [6] Trends show people are searching for information on mortgage loans more than car insurance and almost as much as credit cards.
Google launched its mortgage calculator on its website last month. The mortgage calculator gives potential homebuyers the ability to see what it might cost them to become a homeowner. Google said the new tool lets consumers ask questions like,” “How much can I borrow at $200 a month?” or “At 5 percent APR how much can I borrow over 10 years?” and get answers without having to navigate to a separate website. Users can then change the interest rate, mortgage period, mortgage amount, or monthly payments to match their search needs.