Bankrate survey<\/a>, between 83% and 88% of people who live in the largest U.S. metropolitan areas, including greater Philadelphia, could have avoided paying thousands of dollars per year if they met with more than one mortgage lender.<\/p>\nThe study looked at mortgage loans issued over the last few years and compared them to the average at the time. It found 86% of mortgages examined in Philadelphia were overpaying by an average of $4,425 per year, which equates to more than $80,000 over the span of the mortgage agreement.<\/p>\n
Across the country, homeowners were overpaying an average of $3,343 per year. <\/p>\n
Homeowners in Los Angeles were found to shell out the most, with 83% of borrowers overpaying an average of $8,139 per year.<\/p>\n
Bankrate analyst Jeff Ostrowski said one reason is the cumbersome number of tasks needed to secure a home purchase.<\/p>\n
\u201cOnce I get one offer, I\u2019m good to go. I\u2019m not really thinking about the mortgage anymore,\u201d he said of buyers.<\/p>\n
If a homeowner suspects they are overpaying, Ostrowski said refinancing is not a great option either, because of the costs that go into it.<\/p>\n
\u201cProbably have to get another appraisal. You\u2019ll have to get title insurance again. You\u2019ll have to pay closing costs again. So they\u2019re just a number of costs that go into a refi,\u201d he said. \u201cIt\u2019s just not smart to do a refi unless you\u2019re knocking a point or more off your rate.\u201d<\/p>\n
Ostrowski urged people in the housing market to meet with several banks instead of going with just one that was recommended by your realtor.<\/p>\n","protected":false},"excerpt":{"rendered":"PHILADELPHIA (KYW Newsradio) \u2014 Homeowners in Philadelphia were found to be overpaying their mortgages to the tune of…\n","protected":false},"author":3,"featured_media":1049001,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5132],"tags":[5229,10527,16403,1435,1448,2830,1311,67,586,132,5230,68,2969],"class_list":["post-1049000","post","type-post","status-publish","format-standard","has-post-thumbnail","category-philadelphia","tag-america","tag-bankrate","tag-homeownership","tag-mortgage","tag-pa","tag-pennsylvania","tag-philadelphia","tag-united-states","tag-united-states-of-america","tag-unitedstates","tag-unitedstatesofamerica","tag-us","tag-usa"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/117230337500286396","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/1049000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=1049000"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/1049000\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/1049001"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=1049000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=1049000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=1049000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}