Brad Strothkamp, an analyst with Forrester Research, a technology consultant in Cambridge, Mass., called the (new Google mortgage search service) consumer-friendly.“The simplicity of finding mortgage rates and fees with this is great,” he said, “and there’s real power in being able to compare all key rates and fees in a very simple format.”Mr. Strothkamp said that Google’s service had one flaw: Well-known lenders are not yet listed. “But my assumption is that will come,” he said.
The Internet can help simplify many financial transactions, though not always when it comes to home mortgages. Those who sign up for information at mortgage Web sites have found themselves receiving a flood of calls and e-mail messages from brokers and lenders soliciting business.But that trend seems to be changing. Refinance.com, which made its debut early this year, promises to simplify the process for those refinancing their mortgages, by connecting each borrower with just one lender, and says it plans eventually to extend the service to all mortgage borrowers.Now Google is offering a similar service. The company’s new mortgage search feature, which has been in limited testing since 2009, expanded last month to serve New York and New Jersey borrowers (though people may have trouble accessing the site during the testing period). It now serves Web users in 38 states, though not yet Connecticut.
By Bob Tedeschi, May 5, 2010, NYT