There is a new service in town to empower consumers. Zillow and Mint have teamed up to offer a tool to calculate your home’s value.  This will help in getting an accurate picture of your financial position, and will assist you in making decisions accordingly.

The home valuation results can be accessed via a Mint.com account. The proprietary Zestimate algorithm is put to use to accurately calculate the house valuations. The CEO’s of both companies see this as a major step forward as mentioned in the official announcement:

“This will give Mint users a more complete financial picture so they can save and do more with their money,” said Aaron Patzer, vice president and general manager of Intuit Personal Finance Group and founder of Mint.com. “Because a home is usually a person’s largest asset, it makes perfect sense for us to integrate with Zillow, to help our users track their home’s Zestimate in their Mint account.”

The addition of Zillow information can also lead to better financial decisions.

“Zillow and Mint have a common goal — to empower consumers with information so they can make more informed decisions regarding two very important areas of their lives — their home and finances,” said Spencer Rascoff, chief executive officer of Zillow.com.

As we see it, this is great news for consumers, especially in the current tough economic conditions. Other than the consumers, both companies have a lot to benefit from this decision. Mint.com, which is now owned by Intuit, is taking over (in a sort of messy way) Quicken’s services & software (personal finance tools). The recent partnership with Zillow means Mint.com wants to be able to offer more specific tools for users, which allows them to extend more hands-on calculations. And it’s good for Zillow too, as the real estate site is reaching into more services in order to access the consumer market.  They just promoted Spencer Rascoff as their new CEO, and have a major partnership with Yahoo.