Google Search Mortgage Tool: Calculator, Rates, Definitions

Google on Wednesday updated its search engine with new tools for people shopping for mortgages, including a calculator, recent average mortgage rates, and key terms homebuyers may need to know during the mortgage shopping process.

Google teamed up with the Consumer Financial Security Bureau to launch new tools because it found that a lot of people “like a mortgage?” And “What is APR?” among others.

The equipment is available on the phone when you search “Mortgage.” Just scroll down the ads and you will see it.

Here is the information that it provides.

What is a Mortgage?

The Overview tab provides definitions for terms you need to show when shopping for a mortgage.

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The Overview section describes what a mortgage is according to the Consumer Financial Security Bureau: “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 Is if you fail to repay the money you borrowed. “

It also lists key terms with definitions for each, including APR (annual percentage rate), ARM (adjustable rate mortgage), amortization, appraisal fees, credit score and more.

mortgage calculator

Google’s mortgage calculator shows you what you can expect to pay each month.

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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 fixed), the state in which you live, and your credit score. A “Purchase Budget” tab also helps you find out how your home budget can be based on your household income, monthly loan, planned downpayment amount, and loan terms.

This part will be really useful for first time buyers, as it is a good starting point to find out the price of a home that you can afford. This will all vary depending on the many factors you see on this page.

The rates

You will find different rates of loans in Google search and you can customize with your state, loan amount and much more.

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The Rates page shows current average rates for 30-year, fixed for 15-year and 10/1 adjustable rate mortgages. Then, you simply enter the loan amount you are considering, how much you will invest on your mortgage, the state you live in and your credit score. If you scroll down, there are recent news on the top tweets discussing mortgage rates and mortgages.

Mortgage process

The Process tab is useful to know about the steps to purchase a home.

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There are many other tools as well, though most connect you to news about topics including mortgages or refinances.

However, the Process tab walks you through how to get a mortgage, such as assessing your budget, locating lenders, comparing loan options, and walking through the documents you will have to close.

Again, this would be very useful if you have never shopped for a home before, or for a long time. This information is all provided by the Consumer Financial Security Bureau, Google makes it easy to find.