If you are in the mortgage business, you have one more Google feature to compete with.
Google has launched a new feature in the mobile search results for searches related to mortgages. This is not just the mortgage calculator feature it has had since 2015, but a feature box that shows a lot more information around mortgages.
What is new. After you scroll past all the Google ads at the top of the search results page, you now get this “Mortgage loan” box that gives you several tabs of ways to break down the information you are looking for on mortgages. The tabs include:
- Overview: A definition of what a mortgage is.
- Calculator: A mortgage calculator to calculate your monthly payments and purchase budgets.
- Rates: This shows you the average rates for the day based on 30 year, 15, year and other options. You can even calculate your payments based on the rates, in your state, on the loan amount and your credit score.
- Refinance: This shows you news and top stories on refinance options.
- Process: This is a checklist created by Consumer Finance of the steps you take when buying a new home or refinancing.
- News: This shows you news about mortgages.
- Relief: This shows you various relief efforts for those who need help with their mortgage during the pandemic.
- Types: This breaks down the various types of mortgages using a featured snippet.
- Videos: Shows you videos about mortgages.
- History: This shows a featured snippet about the history of mortgages.
Screen shot. Here is a GIF of it in action:
Why now? Why is Google showing a special box for mortgage information now? Google said searches in the area of mortgages have “reached an all-time high in May 2020 in the U.S.” Either families looking to move out of the city and buy a home with more space or someone looking for financing options because of the pandemic, this feature box is aimed at helping these searchers.
Why we care. If you are in the mortgage business — be it refinancing, news, providing loans, or tools and information — keep in mind, this box may impact your search traffic. Right now, this is live in the mobile search results, but that might represent an issue for your site traffic. Keep an eye on your traffic and see if this has any impact on your business.