Borrower can find more savings in pricey cities
Shopping around and comparing mortgage offers may be one of the wisest decisions homebuyers can make, according to the LendingTree Mortgage Comparison Shopping Report.
LendingTree’s Mortgage Rate Competition Index showed that an average American could save nearly $134 per month and over $47,560 for a 30-year fixed-rate mortgage when they look around for more loan options.
Mortgage borrowers can save the most money in expensive cities in California, including San Francisco, Los Angeles, and San Diego. Potential homebuyers in San Francisco can save up to $69,000, while those in Los Angeles and San Diego can save more than $63,000 and $58,000, respectively.
Less expensive cities also have savings to offer. People interested in a $192,500 low median home with a spread of 94 basis points in Albuquerque can expect to save $37,533 over the lifetime of a loan or $105 monthly.
