Cincinnati buyers are quietly costing themselves serious money by saying yes to the first mortgage offer that shows up, local financial adviser Rob De Lessio warns. Even a tiny rate difference or a shrug at comparison shopping can snowball into a much bigger bill over the life of a 30-year loan.
According to Bankrate, roughly 87% of 2025 borrowers paid more than the most competitive rate available, and the typical borrower overpaid about $3,343 a year. Bankrate's analysis points out that those yearly overages can stack up into hefty lifetime costs across many markets.
Local Adviser: Do Not Stop At The First Lender
Rob De Lessio told Local 12 that plenty of buyers take the first loan they are offered and never look back, leaving better deals untouched. He urges would-be homeowners to collect written quotes from at least three sources - a bank, a credit union and an online mortgage company - and to compare not just interest rates but also closing costs.
How One Extra Payment Changes The Game
De Lessio also suggests making one extra mortgage payment each year. For many 30-year loans, that single move can cut roughly four to six years off the payoff schedule and trim interest charges in a big way. As explained by Better.com, annual extra payments or a biweekly payment setup can speed up amortization and save tens of thousands of dollars in interest in typical examples.
Next Moves For Cincinnati Buyers
To avoid overpaying, start by gathering at least three written loan estimates and line them up side by side, focusing on APR, points, and closing costs instead of fixating on the headline rate. For a quick check on how your ZIP code compares, Bankrate offers a local overpayment tracker that breaks out results by market.
If you are unsure which route fits your situation, you might consider a fee-only financial planner or a mortgage broker who can show you multiple lender quotes instead of pushing a single product. Rob De Lessio regularly walks through mortgage decisions on Local 12's money segments, as noted by Local 12.
