From Valleynewslive · · 50s
Homeowners Pay Hidden Mortgage Tax
Homeowners overpay thousands yearly on mortgages by not shopping around, analysis finds.
In brief
Homeowners overpay thousands yearly on mortgages by not shopping around, analysis finds. U.S. homeowners miss $3,300 annually on mortgage rates, costing $78,000 over 30 years. Originally reported by Valleynewslive.
Hidden Mortgage Tax
The typical homeowner could be leaving thousands of dollars on the table each year by not shopping around for a better mortgage rate.
Nine in Ten Overpay
Bankrate analysis shows nine in ten homeowners overpay for mortgages because they never compare rates and fees.
Annual Cost
By not comparing rates and fees, the typical U.S. home buyer costs more than $3,300 a year.
Long-Term Impact
Over a 30-year fixed mortgage, the avoidable cost totals more than $78,000.
Action Steps
Get multiple quotes on the same day, factor in fees, and request itemized quotes to find your walk-away rate.
The bottom line
U.S. homeowners miss $3,300 annually on mortgage rates, costing $78,000 over 30 years.
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