A LendingTree study found Florida buyers could save an estimated $170 a month by comparing mortgage offers, adding another affordability step before the home search.
Borrowers who compare mortgage offers can save thousands of dollars, a reminder that affordability is not only about home prices and mortgage rates.
A new LendingTree analysis found borrowers nationwide could save an average of $62,572 over the life of a 30-year fixed-rate mortgage by choosing the best available offer instead of the highest one. That equals about $174 a month, or $2,086 a year.
In Florida, the potential savings are similar. LendingTree ranked the state No. 19 for possible savings, with borrowers seeing a 0.80 percentage-point spread between the average lowest and highest rates offered. For a typical requested loan amount of $326,668, that works out to about $170 a month, $2,040 a year and $61,208 over the life of the loan.
Several Florida metros also showed sizable savings. Miami borrowers could save an estimated $202 a month, followed by Orlando at $175, Tampa at $168 and Jacksonville at $164.
The report found many borrowers still do not compare or negotiate. Only 66% of mortgage holders said they compared quotes from multiple lenders during their most recent home loan search, and 54% tried to negotiate. Among borrowers who negotiated their rate, 93% lowered their monthly payment.
By age group, baby boomer mortgage holders are the least likely to negotiate at just 18%, compared with about 70% of Gen Zers and millennials. Men (67%) are also significantly more likely to negotiate than women (36%).
For Realtors®, the numbers offer a practical buyer conversation: getting more than one loan estimate can change the monthly payment, widen the search, and help buyers make more confident decisions before they fall in love with a home.
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