Millions of Americans Are Overpaying for Their Mortgage by $3,300 a Year
Summary
A recent study by Bankrate shows most U.S. homebuyers pay about $3,300 more per year on their mortgages than they need to. This happens because they do not compare offers from different lenders, missing out on better rates.Key Facts
- About 87% of homebuyers do not get the lowest mortgage rate available.
- On average, borrowers overpay $3,300 per year on their mortgage.
- Since 2022, U.S. homebuyers have collectively overpaid about $65 billion annually.
- The extra costs add up to around $78,186 over a typical 30-year mortgage.
- Overpayment varies by state, with Pennsylvania and Oregon having the highest rates.
- Borrowers miss better rates by about 0.8% on average in some regions.
- Overpaying happens because many people do not shop around or negotiate mortgage rates.
- Checking multiple mortgage offers and negotiating can save a significant amount.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
