Google has now added a dedicated Mortgage Explainer panel built-in with Google Search. In partnership with the Consumer Financial Protection Bureau (CFPB), Google Search has added a knowledge panel to provide useful and easy-to-explain US Mortgage processes. Mortgage-related information can be very difficult to understand and process for a normal user.
However, with the addition of this Mortgage Explainer tool, home buyers will breathe a sigh of relief. Because this tool allows them to crack down all the mortgage-related information and queries in a more easy and convenient way.
House buyers have to chip in several big decisions before finalizing a house. There are many questions and factors to consider before arriving on a decision. For instance, time, costs, rates, loans, and much more. Google Trends in the US for the past year shows What is a mortgage? What is PMI? Should I refinance? What is APR? What is escrow? as the most searched mortgage-related questions. Until now, they could not find the exact answers to their questions. But now, the addition of this mortgage explainer gives the solution to all their mortgage-related queries.
"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," reads the official post.
Mortgage explainer helps in breaking down complex mortgage terms and processes
There is an Overview tab, which comprises all the important mortgage concepts and definitions. This will help the house buyer to come at a level with all the mortgage-related terms like annual percentage rate, adjustable mortgage rate, etc. Notably, there is an "i" button that provides extra insights and additional tips.
The Process tab is the most important part of the tool added by Google. Here homebuyers can look for loan options, compare loan rates, know about the documents required for approval of the loan, etc.
Regarding this Process tab, the official post adds, "No matter what phase of the journey you’re on, you can select a step to find a list of relevant documents and helpful tips from the CFPB. And to help you determine the next phase, you’ll find a list of popular and recommended next steps to guide you on the way."
The mortgage calculator lets the users calculate your options with/without taxes based on location, credit score, and loan term. This will give the potential homebuyers an overview of what they will have to deal with the set parameters.