Post by Mary Sinker, Senior Media Manager
Google has announced the latest addition to its suite of Google Compare products: Google Compare for Mortgages. Similar to the rollout of Google Compare for Auto Insurance, Compare for Mortgages rolled out in the UK prior to the U.S. and is currently only available in California, but will eventually expand to additional states. With this tool, users searching for mortgages on their smartphones or computers will be able to provide information such as property value, down payment, and credit score to compare customized rates. Searchers will also be able to view lenders’ ratings and reviews in the tool.
According to CNBC, many consumers aren’t wisely shopping around for their mortgage, which is why Google created this tool—to help potential homeowners make more sound decisions. A mortgage calculator was added to Google’s organic search earlier this year and now Google has partnered with Zillow and Lending Tree to power the Compare for Mortgages tool.
Google functions as the middle man in this transaction, pairing consumers with relevant lenders, brokers and quotes to facilitate the mortgage buying process. Beyond connecting lenders and borrowers, the tool is also meant to help mortgage and financial brands gain visibility and relevancy online. Participation in Google Compare for Mortgages is based on a flexible cost-per-lead model, however ranking or eligibility is not influenced by payment.
ACTIVATION for BRANDS
As previously discussed, Google will continue to expand search tools into more and more verticals, based off “micro-moments,” and the search landscape for said verticals will inevitably be altered down the road. It’s increasingly important for advertisers to understand if and how they can best utilize such tools, or otherwise recognize the impacts they may face by not “opting in.”
Brands should continue optimizing their search ads and content using best practices so that Google will recognize and recommend a brand’s offerings, products, services and more.
To learn more about Google Compare for Mortgages, contact your Performics account team today.