While this may not be news to current homeowners – soon-to-be homeowners might not know that shopping around for a mortgage can save you quite the cash in the end.
According to LendingTree, purchasers could save an average of $125 a month, or about $1,500 a year, by shopping around – that could equal up to $44,500 saved over the life of the loan!
Interest rates are constantly changing, and with all the various loan options, it benefits the potential homeowner to shop around and see which opportunity best suits them and their future.
Not sure how to shop for a mortgage? Check out our mortgage shopping 101 guide!
LendingTree’s findings also broke down which cities borrowers were saving the most money:
- San Francisco
- Los Angeles
- Washington, D.C.
- Las Vegas
Check out their infographic, here.
For more real estate news and guides, stop by Alliance Title’s Blog.