New data from Bankrate shows many homebuyers are overpaying for their mortgage. At least 83% of homebuyers in the 10 most populated metro areas are adding at least $4,400 a year to their mortgage costs.
The DMV comes in 4th on the list of biggest cities overpaying for their mortgages by thousands of dollars.
Los Angeles tops the list, followed by Miami and New York.
“Most people don’t shop around. They just take the first offer they get. It was pretty eye-opening to see how many borrowers are failing to just really aggressively shop around,” Jeff Ostrowksi, Bankrate Housing Market Analyst, said.
Here in the DMV, the average annual overpayment is $5,816. The lifetime overpayment is $97,844. And the percentage of people who overpay is 84%.
Click here to read the rest of the article written by Melanie Hastings over at WJLA ABC 7
