For those in the mortgage industry, you have another feature from Google to compete with.
The world’s largest search engine has introduced a new feature in the mobile search results for users searching for topics related to mortgages. And no this is not the mortgage calculator feature it has provided since 2015, but a feature box that offers a ton of useful and relevant information about mortgages.
What does the new mortgage feature offer? Once you scroll past the Google ads at the top of the search engine results page, you will find a Mortgage loan feature box that offers you a variety of drop-down tabs showing ways to decipher the information you are actively searching for on the subject of mortgages. The different tabs are as follows:
- Overview tab – a breakdown of what the term mortgage means.
- Calculator tab – a mortgage calculator to help you calculate your monthly installments and spending budgets.
- Rates tab – this tab displays the mean rates for the day centered on thirty-year, fifteen-year, and various other options. Google even gives you the ability to calculate your payments using the set rates on the loan amount and the credit score.
- Refinance tab – this tab offers you all the latest news and information on refinancing options.
- Process tab – this is a lineup of all the most important steps a consumer takes when purchasing a new property or refinancing. The checklist is made by consumer Finance.
- News tab – this tab displays all the recent news related to mortgages.
- Relief tab – this tab presents different relief measures for users requiring support with their mortgage during the novel coronavirus global pandemic.
- Types tab – this tab offers a list of all the different mortgage categories via a featured snippet.
- Videos tab – this tab presents you with various videos related to mortgages, that can include tutorials, explainers, or testimonials.
- History tab – this tab presents information on the history of mortgages.
If you are looking to purchase your first real estate property or you’re searching for refinancing information and options for your current property, the mortgage quest can become overwhelming and complicated.
As a matter of fact, Google announced that the phrase how to buy a house has peaked in search trends in May 2020 in the United States with search interest in refinancing reaching record levels in March 2020. There are multiple things to ask yourself and elements to consider when thinking about mortgages and buying a new real estate property. Some of these questions include costs, rates, timing, and other loan options.
Google trends shows that What is a mortgage? What is PMI and APR? Should I refinance? are all examples of the most searched for mortgage-related enquiries during the past year in the United States.
‘Buying a house is a big financial decision and having clear, trustworthy information is important,’ Google’s Product Manager, Limor Yoeli wrote in a product update post entitled Find helpful information on the mortgage process in Search. ‘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. When you search for “mortgage” on your phone, you’ll find a feature that breaks down the complex mortgage process into easy-to-follow steps to help guide you, wherever you may be in the process. It also connects you to a set of useful resources, including news articles, industry definitions and terms, a calculator to assist with payment plans and average mortgage rates. And for those looking for relief and refinance information, we’ll show some of the options available to you.’
Understanding the terminology
First of all, even getting to grips with all the mortgage lingo can be tricky. This is why the overview tab displays key ideas and explanations, such as yearly percentage rates, customizable mortgage rates, or appraisal fees, that are commonly used in the mortgage business. You can also filter your search results by relevant categories. Then if you click on the information button which is scattered throughout the mortgage feature you will be presented with different tips and advice to support your payment and budget calculations.
The journey towards getting a mortgage
For home hunters searching for relevant insights on getting started or closing an agreement, Google teamed up with the US Consumer Financial Protection Bureau (CFPB) to offer the main steps involved in obtaining a mortgage via the process tab. Regardless of what stage you are in on your journey towards getting a mortgage, you can choose a step to access a variety of relevant information and useful advice from the Consumer Financial Protection Bureau. And to give you a helping hand with moving to the next stage in your mortgage journey you can use a list of trending and approved tips and steps to lead you on the way.
Calculating your monthly payments and purchase budgets
When you are ready to calculate your purchase budget or monthly payments, you can use Google’s mortgage calculator tool to give accurate estimates based on current average mortgage rates and your credit rating. Just set your criteria, for example credit score, location, and loan term to find out which payment plan best suits your needs and circumstance.
Mortgage rate comparisons
Under the mortgage rates tab, you can find a breakdown of all the average mortgage rates in the market. You could also compare and contrast a maximum of five mortgage plans to see which one works best for you. The comparison can also be filtered by credit score, location, and much more.
For people affected by the recent economic recession, triggered by the coronavirus pandemic, seeking mortgage support, or looking to refinancing their current property, Google added some relevant information produced by the CFPB and other relevant sources to help you uncover which options are available for you to choose from.
Purchasing a property can be one of the most crucial financial decisions you will make in your life and having relevant and accurate information is key when it comes to making the right choices. The whole process can be overwhelming but with these useful features, you can find what works best for you.