Mortgage shopping saves Florida buyers up to $1,300 per year

Oct 22, 2018
2 min read

ORLANDO, Fla. – Oct. 19, 2018 – Not all mortgages are created equally – though not all homebuyers seem to understand that. Buyers who shop around for a mortgage could potentially save a lot of month monthly, annually and over the life of their loan.

A new study by LendingTree looked at the 50 largest U.S. metro areas and measured the basis point spread between high and low annual percentage rates offered to users through the LendingTree marketplace. The biggest saving for buyers who shop around is in San Francisco, where they could potentially save $280 per month and $99,544 over the life of their loan.

Florida cities in LendingTree’s top 50

• Jacksonville is the nation’s 12th most competitive market for mortgage rates. Buyers who shop around can save about $62 per month on their mortgage payment, $746 per year and $22,118 over the life of their loan, based on a median home price of $180,600.

• Tampa is the nation’s 30th most competitive market for mortgage rate. Buyers who shop around can save about $73 per month on their mortgage payment, $871 per year and $25,817 over the life of their loan, based on a median home price of $225,000.

• Miami is the nation’s 33rd most competitive market for mortgage rates. Buyers who shop around can save about $109 per month on their mortgage payment, $1,304 per year and $38,679 over the life of their loan, based on a median home price of $340,000.

• Orlando is the nation’s 40th most competitive market for mortgage rates. Buyers who shop around can save about $76 per month on their mortgage payment, $911 per year and $27,104 over the life of their loan, based on a median home price of $247,900.

Source: “LendingTree Reveals the Cities Where Borrowers Save the Most by Shopping Around for Mortgage Loans,” LendingTree (Oct. 17, 2018)