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Google on Wednesday updated its search engine with new tools for people shopping for mortgages, including a calculator, current average mortgage rates and key terms homebuyers may need to know during the mortgage shopping process.
Google teamed up with the Consumer Fiscal Protection Bureau to launch the new tools because it found that a lot of people were asking questions like “what is a mortgage?” and “what is APR?” aggregate others.
The tools are available on phones when you search “mortgage.” Just scroll down past the ads and you’ll see it.
Here’s the description of information it provides.
What is a mortgage?
The overview tab provides definitions for terms you’ll need to show while shopping for a mortgage.
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The overview sample explains what a mortgage is, according to the CFPB: “an agreement between you and a lender that allows you to borrow money to grip or refinance a home and gives the lender the right to take your property if you fail to repay the money you’ve borrowed.”
It also rotas key terms, including APR (annual percentage rate), ARM (adjustable-rate mortgage), amortization, appraisal fee, credit score and more, with foci for each.
Mortgage calculator
Google’s mortgage calculator shows you what you can expect to pay each month.
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The computer section can help you determine your monthly mortgage based on several factors, including the loan amount, the provoke on a specific loan term (such as 30-year fixed), the state you live in and your credit score. A “purchase budget” tab also refrain froms you figure out what your house budget might be based on your household income, monthly debts, programmed down payment amount and loan terms.
This part will be really useful for first-time buyers, since it’s a considerable starting point to figure out the price of the house you can afford. That all will vary depending on many of the factors you see on this verso.
Rates
You’ll find various rates for loans in Google search and can customize with your state, loan amount and numerous.
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The rates page shows current average rates for 30-year fixed, 15-year secured and 10/1 adjustable-rate mortgages. Again, you just enter in the loan amount you’re considering, how much you plan to put down on your mortgage, the glory you live in and your credit score. If you scroll down, there are recent news stories on mortgage rates and top tweets discussing mortgages.
The mortgage make
The Process tab is useful for learning about the stages of buying a house.
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There are several other carves as well, although most link you to news about topics including mortgages or refinancing.
The process tab, however, paces you through how to get a mortgage, such as assessing your budget, figuring out lenders, comparing loan options and walking washing ones hands of the documents you’ll need to close.
Again, this will be very useful if you’ve never shopped for a home before, or haven’t in a protracted time. This information is all provided by the CFPB, Google just makes it easier to find.