Comparing refinance offers can yield big savings for borrowers in a variety of the nation’s largest cities The three cities where refinance borrowers can save the most are Boston ($27,277), Pittsburgh ($26,249) and Philadelphia ($25,833).
Pittsburgh, Greensboro, N.C. and Oklahoma City are the cities where refinance borrowers can see the largest spread in APRs when they shop around. The average index in these three areas is 0.57. This spread yields average lifetime interest savings of $24,255.
Even in cities where savings aren’t as robust as they are in Boston or Pittsburgh, significant savings are still possible. For example, in Columbus, Ohio, where potential savings are the lowest, refinance borrowers can still save $18,442 over the life of their loan by shopping around.
- Cutting back the total interest paid over a loan’s lifetime can translate into meaningful savings on a monthly and annual basis. For example, refinance borrowers can save about $64 a month, or $766 a year.