on Wednesday 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 theto launch the new tools because it found that a lot of people were asking questions like “what is a mortgage?” and “what is APR?” among others.
The tools are available on phones when you search “mortgage.” Just scroll down past the ads and you’ll see it.
Here’s the kind of information it provides.
What is a mortgage?
The overview tab provides definitions for terms you’ll need to show while shopping for a mortgage.
Todd Haselton | CNBC
The overview section explains what a mortgage is, according to the Consumer Financial Protection Bureau: “an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you’ve borrowed.”
It also lists key terms, including APR (annual percentage rate), ARM (adjustable rate mortgage), amortization, appraisal…