12 cities where clients can save big on mortgages

Never take the first offer.

It's a general rule to tell clients who are navigating the homebuying process, however its one rule that is often overlooked when they shop for a mortgage.

"Once people identify the house they want, they just want to get it done. The mortgage is an afterthought," says Tendayi Kapfidze, chief economist at LendingTree. "It’s a complex financial transaction and people are intimidated. They already have so many other things to think of with the home purchase itself. The mortgage is thought of in a more binary way that either gets approved or doesn’t. They don't think about the cost of it as much as they should."

Here's a look at the 12 housing markets where borrowing clients can save the most over the life of their loan by shopping around for a mortgage, according to LendingTree.

The data is ranked by the interest savings over the lifetime of 30-year fixed-rate mortgages on an analysis across 50 metro areas, based on rates from the week ending May 5. The Mortgage Rate Competition Index measures the basis point spread between high and low APRs offered to users through the LendingTree marketplace.

No. 12 Portland, Oregon

Lifetime interest savings: $34,812
Mortgage Rate Competition Index: 0.64
Median loan amount: $260,000
NMN052918-portland.jpg
Iconic Portland, Oregon Old Town sign with an outline of Oregon and a stag

No. 11 Charlotte, North Carolina

Lifetime interest savings: $35,199
Mortgage Rate Competition Index: 0.67
Median loan amount: $247,500
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Skyline of Uptown Charlotte, North Carolina.

No. 10 Salt Lake City

Lifetime interest savings: $36,538
Mortgage Rate Competition Index: 0.67
Median loan amount: $260,000
NMN071317-3-saltlakecity.jpg
Winter daytime shot of Salt Lake City. Featured is the temple from the Church of Jesus Christ of Latter Day Saints or the Mormons

No. 9 Boston

Lifetime interest savings: $36,943
Mortgage Rate Competition Index: 0.6
Median loan amount: $292,500
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No. 8 New York

Lifetime interest savings: $36,987
Mortgage Rate Competition Index: 0.64
Median loan amount: $276,250
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No. 7 Minneapolis

Lifetime interest savings: $37,313
Mortgage Rate Competition Index: 0.66
Median loan amount: $268,125
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No. 6 Los Angeles, Calif.

Lifetime interest savings: $37,732
Mortgage Rate Competition Index: 0.6
Median loan amount: $300,000
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No. 5 Albuquerque, New Mexico

Lifetime interest savings: $40,271
Mortgage Rate Competition Index: 0.75
Median loan amount: $255,000
Albuquerque
ALBUQUERQUE, NM - OCTOBER 12: Albuquerque, New Mexico Skyline at sunset on October 12, 2017

No. 4 Seattle

Lifetime interest savings: $41,306
Mortgage Rate Competition Index: 0.65
Median loan amount: $255,000
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Seattle Public Market Sign, Pike Place Market, Seattle WA, USA

No. 3 Denver

Lifetime interest savings: $42,123
Mortgage Rate Competition Index: 0.68
Median loan amount: $292,500
Denver
Scenic of Denver Colorado skyline, with Rocky Mountains in the background and City Park Lake in the foreground.

No. 2 San Diego

Lifetime interest savings: $42,780
Mortgage Rate Competition Index: 0.68
Median loan amount: $297,500
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San Diego's Balboa Park at twilight in San Diego California USA

No. 1 San Francisco

Lifetime interest savings: $44,028
Mortgage Rate Competition Index: 0.63
Median loan amount: $332,500
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This article originally appeared in National Mortgage News.
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