Just when you thought Google couldn’t infiltrate another aspect of life, the search giant has now become a licensed mortgage broker. The company began its foray into lending in early 2015 by rolling out a mortgage calculator, and now it’s added mortgages to its suite of Google Compare products.
An algorithm may be the best way to help you narrow down all the data on the Internet, but it’s not a great option when you’re making one of the biggest financial decisions of your life. The best way to make a confident, informed financial decision is with professional guidance.
Also, the mortgage information is not impartial. Google earns money every time a consumer takes an action based on its mortgage recommendations—not whether the loan works out for you, the borrower.
Your mortgage lender can not only tell you the rates available and what your monthly payment will be, he or she can also recommend mortgage products that fit your situation. An anonymous search box can’t accurately assess your assets and liabilities, determine your financial health, and synthesize that information in a way that informs your property and loan choice.
So, if you really want to rely on Google—the same place you get football scores and weather forecasts—for your mortgage advice, be warned. It’s like choosing your loan just like you choose a restaurant on Yelp, with unmonitored ratings and reviews that may or may not be accurate. It’s like trusting WebMD to tell you if that bump on your arm needs medical attention. It might not the best idea!