Zillow Launches Mortgage Marketplace
… and this could be either good or bad for someone looking to purchase here in the Phoenix real estate market.
Remember those Lending Tree ads that tell you “when banks compete, you win?” Zillow’s Mortgage Marketplace is sort of like that in that you’ll have a bunch of lenders providing you with competitive (and theoretically) legitimate rate quotes. I say theoretically legitimate because the lenders can see each other’s quotes and because a teaser rate will stand out like a sore thumb.
Best of all, unlike Lending Tree, the rate quote requests on Zillow are done anonymously. You don’t provide any personal information and therefore don’t have to worry about the endless stream of e-mails and phone calls from desperate hungry lenders trying to get your business.
There’s a bit of downside. You don’t necessarily know the reputation of the lenders, only that they cleared a basic background check. And you may end up with so many responses that it’s virtually impossible to sift through them all and see what’s really there.
But at the end of the day, there are more choices to be had for those looking for financing to help them buy a home and that’s a good thing.
For more on the launch, check out my somewhat more in-depth look on Agent Genius.
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