Google recently announced the release of an updated version of its search engine. It includes mortgage tools to help new home buyers and those looking to refinance their homes.
On July 22, 2020, Google announced that it had updated its search engine. They teamed up with the Consumer Financial Protection Bureau. These tools help consumers regarding mortgages and other related topics.
The process section provides a quick walkthrough on how to avail of a mortgage. Topics include assessing how much you want to spend on your home and selecting the type of mortgage loan you need.
Other topics include comparing loan estimates from various lenders, and what documents you will need to close.
One of the sections is the overview section, which explains mortgages. As defined in the overview, a mortgage is an agreement between the borrower and the lender. It involves borrowing money for purchasing or refinancing. If the borrower happens to defaults, the lender can take over the property.
You will find some useful key terms here, such as adjustable-rate mortgage (ARM). Other terms included are APR, credit score, and appraisal fee.
There is a dedicated section for a mortgage calculator. It allows users to see how much the monthly mortgage will be. The calculation uses the prevailing average mortgage rates. Some parameters you can select include credit score, location, and loan term.
Another mortgage tool you can use is the "mortgage rates" section. It provides a summary of the average mortgage rate. Meanwhile, there's a graph indicating the daily movements of the mortgage rates as well.
You can compare up to five fixed-rate and Adjustable-Rate Mortgage ARM plans. This way, you can better understand which option is the right one for you.
Internet searches surge despite pandemic
Despite the pandemic, the housing market is showing signs of recovery. Low mortgage interest rates continue to trigger home buying interest.
The search term 'how to buy a house" has reached an all-time high in the U.S. last May 2020. Also, refinancing search interest recorded a peak in March 2020.
A LendingTree study revealed that "homes for sale" searches rose from their lows in 2020. The average search-interest value grew by 95.21 percent in June. That figure equates to 98 search-interest value from about 50 in 2020.
Internet searches are one way of measuring home buying interest. The LendingTree study analyzed the popularity of "homes for sale" as a search term.
It covered 50 of the largest metros in the U.S. The search-interest values range from 0 to 100. A value of 100 means the term is at its peak.
Grand Rapids, Mich., Providence, R.I. saw a surge in search interest, along with Minneapolis. Search-interest values in hit 133.17 percent from 2020 lows. Birmingham, Alabama recorded the smallest increase with 4.42 percent. Likewise, Denver and Austin, Texas, recorded a similar increase.
Only St. Louis recorded a search value that is lower than 90.
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