Interest in mortgage information has surged in the last few months.
According to Google Trends, search interest in “how to buy a home” reached an all-time high in May 2020. Similarly, search interest in refinancing also peaked in March.
Besides the specific information such as buying a house or refinancing a home, the mortgage lingos can also be confusing. Several factors to consider include costs, timing, rates, loan options, to name a few.
It’s no wonder that the most searched mortgage-related questions in the U.S. within the last years include:
- What is PMI?
- The meaning of APR?
- What is escrow?
Buying a house is a big financial decision, and access to transparent, trustworthy information is essential. That’s where Google’s new Mortgage Information Search comes in.
In a blog post announcement, Product Manager at Google, Limor Yoeli wrote:
“To help people better understand the mortgage process, we collaborated with the Consumer Financial Protection Bureau (CFPB) to create a new mobile experience in Search.”
Here’s how it works.
Using Google’s Mortgage Information Search on Your Phone
Searching for the “mortgage” on your phone now surfaces a feature that breaks down the process into easy-to-follow steps. Here are the options available to a potential home buyer.
Learn the Lingo
The overview of Google’s new mortgage information search shows some essential concepts and definitions used in the mortgage industry. These include the annual percentage rate, appraisal fee, among others.
A filter option is available to make the search easier. Also, tapping the information icon (“i”) produces additional tips to calculate payments and affordability.
The Mortgage Information from CFPB
Google partnered with the Consumer Financial Protection Bureau (CFPB) to provide insight into starting or ending your mortgage journey.
For each phase of the mortgage journey, you’ll find a list of the relevant document and helpful tips from the CFPB. Also, the feature recommends steps to guide you to the next phase.
Mortgage Calculator
The Mortgage Information Search also features a calculator to help users determine monthly payments or budget purchase.
You can also use the calculator to estimate your options — with or without taxes — based on the current average mortgage rates. To begin, enter parameters such as location, credit score, and loan term.
Compare Mortgage Rates
Finally, Google added a mortgage rates section to provide more context about the current industry rates.
Along with a breakdown of the average mortgage rates in the market, this section also has a daily granularity graph on rates. Users can also compare up to five selected fixed-rate and ARM mortgage plans.
Expectedly, there’s a filter option by location, credit score, down payment, among others.
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