One of the most common questions I hear from home buyers is, "How much house can I actually afford?"The answer isn't always as simple as looking at the purchase price. While the home's price,
Borrowers Save Big by Shopping for Mortgages
Dated: February 12 2020
Views: 512
Study: Borrowers Save Big by Shopping for Mortgages
As interest rates move lower, borrowers can unlock some serious savings by gathering more than one quote from a mortgage lender. It may be worth the extra time to gather up to three quotes from mortgage lenders. The average borrower could save $44,500 over the life of their loan by comparison shopping for a mortgage, a new study by LendingTree finds.
In some metro areas, particularly among the nation’s priciest areas, the savings could be even greater. For example, in San Francisco, borrowers who shopped around for a mortgage saved more than $66,000 in interest over the life of their loan. In Fresno, Calif., they could save $61,428, and in Los Angeles borrowers could save $59,810.
Even in cities where savings aren’t as high, borrowers still stand to save. For example, buyers in Pittsburgh had among some of the lowest purchase loan savings in the nation, but could still save $23,409 if they shopped around for the best rates, the study showed.
“As interest rates change, so do the savings you could reap from shopping around for a mortgage lender,” the study notes. “Cutting back the total interest paid over the lifetime of a loan may translate into meaningful savings on a yearly and monthly basis.”
For example, purchase borrowers could save an average of $125 a month, or about $1,500 a year, by shopping around, the study finds.
Dan Hennen
With over 30 years of experience in the real estate industry, Dan Hennen has been a full-time agent since 1994, specializing in both buyers and sellers throughout the Twin Cities metro area. As a Minn....
Latest Blog Posts
Here's What You Should KnowIf you've been thinking about selling your home, you're probably asking the same question many homeowners are asking right now: Is this a good time to sell?The answer
Selling your home is exciting, but it can also be overwhelming. One of the most common questions I hear from homeowners is, "What should I do before putting my home on the market?"The good news is
As we look ahead to 2026, housing experts are increasingly aligned that the market is moving toward renewed opportunity. Easing mortgage rates, steady employment, and pent-up demand are expected to
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Regional Multiple Listing Service of Minnesota, Inc. Real estate listings held by brokerage firms other than REMAX Advantage Plus - Shakopee are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (little black
house) and detailed information about them includes the name of the listing brokers.
© 2026 Realtor Association of Southern Minnesota. All rights reserved. The data relating to real estate for sale on this limited electronic display comes in part from the Broker Reciprocity (sm) Program of the Realtor Association of Southern Minnesota Multiple Listing Service. Real estate listings held by brokerage firms other then REMAX Advantage Plus - Shakopee are marked with the Broker Reciprocity(sm) logo or the Broker Reciprocity(sm) thumbnail logo (a little black house) and detailed
Information should be deemed reliable but not guaranteed, all representations are approximate, and individual verification is recommended. Copyright ©2017 All rights reserved.
