A recent LendingTree study has found that borrowers who compare multiple loan offers can save significantly over the life of a loan.
Experts say checking rates and fees from several lenders could help you avoid paying more than necessary.
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According to the study, borrowers could save an average of $62,572 over the life of a 30-year, fixed-rate mortgage by shopping around.
This is equal to about $174 a month. They added that while borrowers could save a hefty amount, this is down from 2025, in which they were able to safe an average of $80,024.
In addition, the study points out that shopping around can also better your chances of securing a lower rate.
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The lowest average interest rate offered is 5.93%, while the highest is 6.72%.
The study adds that savings potential also varies significantly by state.
Those in Hawaii are able to save the most, followed by New Jersey and California.
Borrowers in New York could save the least, followed by those in West Virginia and Mississippi.
