Search for the term “mortgage” on Google from your smartphone and you’ll learn what a mortgage is, what important loan terms are, and what the most recent mortgage rates are. In addition, you'll find online calculators and more. That's because Google has partnered with the Consumer Financial Protection Bureau to launch the new information feature on Wednesday, which aims to help consumers better shop for mortgages.
The resources also provide an overview of the homebuying process and information on refinancing. Google and the CFPB created a step-by-step guide that takes buyers through “preparing to shop” to “getting ready to close.”
The Google search tool includes related news articles and industry definitions and terms, like APR (annual percentage rate), ARM (adjustable-rate mortgage), amortization, appraisal fee, credit score, among others.
Learning about mortgages and shopping around can save home buyers money, studies have shown. A report earlier this year from LendingTree found that the average borrower could save $44,500 over the life of their loan by comparison shopping for a mortgage.
Source: “Google’s Latest Search Feature Helps You Buy a House,” Engadge (July 22, 2020)
