Bankrate Analysis Suggests Many U.S. Homeowners Overpaying on Mortgages
A Bankrate analysis indicates that a significant majority of U.S. homeowners are overpaying on their mortgages, potentially losing thousands of dollars annually and tens of thousands over the life of their loan, primarily because they do not shop around for…
Greenville Spartanburg Asheville Anderson, SC, September 21, 2026 —
A recent analysis by Bankrate suggests that a substantial portion of homeowners in the United States may be paying more than necessary on their mortgage loans. The study indicates that many are potentially losing thousands of dollars each year, with cumulative losses over the entire loan term possibly reaching tens of thousands of dollars.
The primary reason identified for this widespread overpayment is the failure of homeowners to actively shop for better interest rates and compare the fees associated with their mortgages. This lack of proactive rate shopping and fee comparison is cited as the main driver behind the significant financial leakage.
While the analysis highlights the financial impact, the specific figures defining the “significant majority” of homeowners affected, as well as precise average amounts lost annually or over the life of a loan, were not detailed in the information provided for this report. The analysis points to a general trend rather than specific quantitative data for individual homeowner situations.
The findings underscore the importance of financial diligence for homeowners in managing their mortgage obligations. Experts often advise regular review of mortgage terms and comparison with current market offerings to ensure competitive rates and favorable fees. However, the Bankrate analysis suggests that a large number of homeowners are not engaging in this practice, leading to prolonged overpayment.
Story summarized from the original created by Rachel DePompa on www.foxcarolina.com, see more information here.
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