On Wednesday, Google updated its search engine with new tools for people buying mortgages, including a calculator, recent average mortgage rates, and key terms that homebuyers may need to know during the mortgage purchase process.
Google partnered with the Office of Consumer Financial Protection to launch the new tools because it found that many people asked questions like “what is a mortgage?” and “what is APR?” among others.
The tools are available on the phones when you search for “mortgage”. Just scroll down past the ads and you’ll see it.
Here is the type of information it provides.
What is a mortgage?
The overview tab provides definitions of the terms you will need to display when purchasing a mortgage.
Todd Haselton | CNBC
The summary section explains what a mortgage is, according to the Office of Consumer Financial Protection: “an agreement between you and a lender that allows you to borrow money to buy or refinance a home and gives the lender the right to take your property if you fail to pay the borrowed money. “
It also lists key terms, including APR (Annual Percentage Rate), ARM (Adjustable Rate Mortgage), Amortization, Appraisal Rate, Credit Score, and more, with definitions for each.
Mortgage calculator
Google’s mortgage calculator shows you what you can expect to pay each month.
Todd Haselton | CNBC
The calculator section can help you determine your monthly mortgage based on several factors, including the loan amount, interest on a specific loan term (such as a 30-year term), the state you live in, and your credit score. A “purchase budget” tab also helps you determine what your home budget might be based on your household income, monthly debts, planned down payment amount, and loan terms.
This part will be really useful for first time buyers as it is a good starting point to determine the price of the house you can afford. All of that will vary depending on many of the factors you see on this page.
Rates
You will find various loan rates in Google search and you can customize them with your status, loan amount and more.
Todd Haselton | CNBC
The rates page shows the current average rates for 30-year, 15-year fixed rate and 10/1 adjustable rate mortgages. Again, just enter the loan amount you’re considering, how much you plan to pay off your mortgage, the state you live in, and your credit score. If you scroll down, there are recent news on mortgage rates and top mortgage tweets.
The mortgage process
The Process tab is useful for learning about the stages of buying a home.
Todd Haselton | CNBC
There are several other tools as well, though most link to news on topics including mortgages or refinancing.
However, the process tab guides you through how to get a mortgage, how to evaluate your budget, find out lenders, compare loan options, and review the documents you will need to close.
Again, this will come in handy if you have never purchased a home before or haven’t done so in a long time. All of this information is provided by the Office of Consumer Financial Protection, Google simply makes it easier to find.
.
