LendingTree Study Determines How Much Borrowers Could Save With Negotiations

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LendingTree, Charlotte, N.C., released a new analysis, finding that borrowers who compare mortgage offers could save an average of $62,572 over the life of a 30-year, fixed-rate mortgage.

That’s about $174 a month, or $2,086 a year.

“Some don’t know that shopping around makes a difference,” said Matt Schulz, LendingTree chief consumer finance analyst. “Some don’t know how to shop around. Some are nervous about asking and fear that doing so might make things worse. Some trust their real estate agent or others to point them to the right lender and don’t want to take the time to compare.”

However, the overall savings have decreased somewhat–in early 2025, comparison-shopping borrowers would have saved $80,024.

The potential savings varied by state. Borrowers in Hawaii saw potential savings of $89,621, followed by New Jersey ($81,955) and California ($81,705).

In contrast, borrowers in New York would see only $32,909, followed by West Virginia at $41,037 and Mississippi at $44,521.

While most borrowers–66%–compare quotes from multiple lenders during their most recent home loan shopping process, only 54% report trying to negotiate.

Baby boomers report being the least likely to negotiate at 18%. But, 70% of Gen Zers and millennials say they negotiated. And, men, at 67%, are more likely to negotiate than women, at 36%.

When borrowers negotiate, most who do so focus on their interest rate, at 79%, or closing costs or lender fees, at 62%.