It's astonishing how much extra mortgage borrowers are paying in major U.S. cities—on average, $3,300 each year in unnecessary interest and fees. In coastal metros, that number can soar as high as $8,100 annually. The culprit? More than 80% of buyers settle for higher costs simply because they don't shop around with multiple lenders.
After 25 years navigating NYC real estate and writing three books on the subject, I can say with certainty: the difference between a smart purchase and an expensive mistake often comes down to diligence at every step—including your mortgage. Whether you’re buying a luxury condo or facing a complex co-op board, protecting your investment means leveraging every advantage, including comparing lender offers. Turns out, a little extra effort can save you thousands—and in this market, that strategy is non-negotiable.
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