Google and the Consumer Financial Protection Bureau (CFPB) have joined forces to launch a new set of tools designed to help homebuyers learn about and shop for mortgages. The lineup includes a mortgage calculator, recent mortgage rates, key terms, and answers to commonly searched questions like "What is a mortgage?" and "What is PMI?"1

To access the tools, search for "mortgage" on your smartphone—so far it's a phone-only feature—and scroll down past the ads. Here's a quick look at the information you'll find.

KEY TAKEAWAYS

  • Google has teamed up with the Consumer Financial Protection Bureau to launch a set of tools that makes it easier for homebuyers to learn about mortgages.
  • To access the tools, search "mortgage" in Google on your phone and scroll down past the ads.
  • The information comes from the Consumer Financial Protection Bureau and includes mortgage lingo, rates, and a calculator.

What Is a Mortgage?

According to Google Trends, one of the most searched mortgage-related questions in the past year was "What is a mortgage?"

The overview page in the new Google mortgage feature answers this and explains that a mortgage "is 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." The description is followed by a link to the CFPB, where consumers can find more information.

Below that, you'll find a list of key mortgage terms listed in alphabetical order—from APR (annual percentage rate) to subprime mortgage. Each term includes a brief definition plus a "search the web" button to find more information. To make it easier to find specific terms, you can filter by category:

  • Popular terms
  • Interest rates
  • Planning
  • Loan types
  • Mortgage process
  • Home purchase process

Mortgage Rates

The rates page has an interactive tool that shows the current average rates for a variety of popular loans, including:

  • 30-year fixed
  • 15-year fixed
  • 10/1 adjustable-rate mortgage (ARM)
  • 30-year fixed FHA
  • 30-year fixed VA
  • 30-year fixed USDA
  • 20-year fixed

By default, the page shows three types of mortgage (30-year fixed, 15-year fixed, and 10/1 ARM). You have the option to compare more loan types by clicking the "+Add loan type to compare" link and selecting up to five plans. Here's what it looks like:

To view rates, use the dropdown menus to select a loan amount (available in $100K increments), the down payment you plan to make, your state, and your credit score. If you scroll down, you'll see popular next steps such as "Calculate your monthly payments" and "Learn about credit," as well as more top news stories.

Using a mortgage calculator is a good resource to budget these costs.