Want to Save $80K on Your Mortgage? Here’s How
Mortgage rates might be higher than we’d like, but that doesn’t mean you’re stuck overpaying. In fact, one of the simplest ways to save big on your home loan is by shopping around. According to a recent analysis of national loan marketplace data, borrowers could save over $80,000 over the life of a 30-year mortgage just by comparing offers from multiple lenders.
Let’s break it down.
The Power of a Better Rate
Choosing the lowest rate available, rather than settling for the first one you're offered, could mean saving $222 per month, or $2,667 per year. Over 30 years? That adds up to a whopping $80,024 in savings.
Even a small difference in your interest rate, less than a single percentage point, can have a major impact on your financial future.
Why the State You Live In Matters
Where you’re buying a home can also influence your savings. Here are the top states where shoppers see the biggest lifetime savings by choosing the best mortgage offer:
Even in states with lower home prices, like Louisiana or West Virginia, the savings from comparing rates still exceed $44,000 over time. That’s nothing to ignore.
How Big Is the Rate Difference?
Across the country, the gap between the highest and lowest annual percentage rates (APRs) offered to borrowers averaged 0.99 percentage points. Some states saw even wider spreads, like Minnesota (1.15%) and South Dakota (1.14%). That means two borrowers with similar profiles could walk away with vastly different payment obligations, simply based on which lender they chose.
And while a higher credit score generally opens the door to better rates, the APR gap remains even among well-qualified borrowers, making rate shopping a must.
Smart Mortgage Shopping Tips from the Quazel Team
Here’s how to make sure you don’t leave tens of thousands of dollars on the table:
Get quotes from multiple lenders. Don’t just check with your bank. Compare options from mortgage brokers, credit unions, and online lenders.
Explore shorter loan terms. A 15-year mortgage may come with a lower rate (and bigger long-term savings), even if the monthly payment is higher.
Polish your credit. A few small moves, like paying down balances and avoiding new inquiries — can boost your score and improve the rate offers you receive.
Final Thoughts
A mortgage is likely the biggest financial commitment you’ll ever make. At Quazel, we believe in empowering you with education-first guidance so you don’t just close on time, you close smart.
Saving $80,000 might sound too good to be true, but it’s not, it’s just good strategy.
