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Experts say comparing mortgage offers can pay off in a big way over the life of a loan

• Skipping mortgage rate shopping could cost homebuyers more than $62,000 over the life of a loan.

• Borrowers who negotiate often win, with most reporting lower monthly payments after asking for a better deal.

• Comparing multiple lenders and reviewing APR, fees, and closing costs can lead to significant long-term savings.

Buying a home is expensive enough without paying more than you have to.

Yet new research from LendingTree suggests that many homebuyers may be doing exactly that by failing to compare mortgage offers from multiple lenders. According to the analysis, borrowers who shop around could save an average of $62,572 over the life of a 30-year fixed mortgage simply by choosing the best available loan offer.

The findings highlight just how much mortgage rates and terms can vary from one lender to another and why taking the time to gather multiple quotes may be one of the smartest financial moves a homebuyer can make.

To break down what this means for homebuyers, ConsumerAffairs spoke with LendingTree's Chief Consumer Finance Analyst, Matt Schulz.

Homebuyers are skipping the comparison

Many homebuyers dont think about the savings opportunities available by skipping the mortgage rate comparison. Schulz explained that the primary reason is that consumers dont know how much money is at stake.

Theres so much work that goes into buying a home, and mortgage shopping can feel like just another item on an already overwhelming to-do list, he said. Some people also assume that rates won't vary much from lender to lender or that their real estate agent's recommendation is automatically the best option. Unfortunately, that can be a costly mistake when shopping around can save the average borrower more than $62,000 over the life of a loan."

Know your negotiating power

One of the findings from the study was about negotiating for a lower mortgage. The survey revealed that women and baby boomers were less likely to negotiate.

A lot of it comes down to comfort level and expectations, Schulz said. Younger borrowers have grown up comparison-shopping online for everything and are often more accustomed to pushing for a better deal. Meanwhile, some older borrowers may assume rates and fees are largely fixed or may not feel the savings justify the effort."

However, its also important to note that when you do negotiate, it typically turns out in your favor. The survey found that 93% of homebuyers were able to lower their monthly payments.

"The most powerful tool is having competing offers in hand, Schulz said. It's much easier to negotiate when you can tell a lender that another company has offered a lower rate or lower fees.

Consumers should ask directly whether the lender can match or beat a competing offer, and they shouldn't focus solely on the interest rate. Closing costs, lender fees and discount points can also be negotiable. Most importantly, don't be afraid to ask. The data shows that people who negotiate are overwhelmingly successful."

What to look for in an offer

Mortgage interest rates have been relatively high as of late. However, there are other factors to consider when looking at the final monthly payment.

Schulz encourages consumers to pay close attention to the APR, not just the interest rate.

The APR incorporates many of the loan's fees and gives a more complete picture of the cost, he said. They should also carefully review lender fees, closing costs, discount points, prepayment penalties, and whether the loan has any features that could increase costs later. If something isn't clear in a loan estimate, that's a signal to ask questions. A mortgage is too important and too expensive to sign without fully understanding the details."

Take your time and do your homework

One of the biggest takeaways for consumers: taking a few extra minutes to get numbers from different lenders can make all the difference.

"This study is just further proof of how monumental the savings can be when you take the time to shop around, Schulz said. In a time when affordability remains one of the biggest challenges facing homebuyers, that's an opportunity people simply can't afford to ignore. Getting at least three mortgage quotes should be as routine as getting a home inspection. It's one of the smartest financial moves a buyer can make."

Learn what you can do to recognize warning signs from the most popular and reduce the risk of fraud

• Older Americans lose an estimated $28 billion each year to financial exploitation, with investment among the most costly and common schemes.

• Artificial intelligence is helping scammers create more convincing and personalized fraud attempts, making it harder for victims to spot red flags.

• Experts recommend monitoring financial accounts and setting up trusted contacts to help detect suspicious activity before significant losses occur.

Every year, scammers steal billions of dollars from older Americans, often targeting them through phone calls, emails, text messages, and social media.

In fact, elder financial exploitation is estimated to cost U.S. seniors more than $28 billion annually, making it one of the most common forms of elder abuse. As technology evolves and fraud tactics become more sophisticated, experts say families need to be proactive about protecting their loved ones.

In recognition of Elder Abuse Awareness Day, ConsumerAffairs spoke with Al Pascual, CEO and co-founder of scam detection company Scamentic, who shared practical steps families can take to help older adults avoid becoming victims. From learning how to spot common scam tactics to using financial alerts and monitoring tools, these strategies can help seniors stay safer in an increasingly digital world.

The most common

Pascual explained that investment are most frequently targeting older adults.

They are the perfect target as these often start through online friendships, or even romances, he said. With their savings and retirements, scammers know that lonely older victims are worth the time and effort in cultivating a relationship. Note that investments are consistently among the highest loss recorded by the FTC.

Additionally, Pascual encourages consumers to be vigilant if an older adult in their lives suddenly finds a new friend or love interest and then becomes distant.

Often scammers encourage victims to cut ties with friends and family to prevent them from stepping in and stopping the scam, he explained.

Targeting seniors with AI

AI has made it easier for to go according to plan, as its getting harder and harder for consumers to tell the real from the fake.

AI has basically brought spear phishing to the masses as criminals can craft far more targeted attacks at scale, Pascual said. As an example, after an e-commerce data breach, scammers will use information such as the card number itself, and phone number or email to send convincing bank impersonation .

The first four digits of a card number specifies the issuing bank, telling the scammer exactly who they need to impersonate to have the best chance at getting a victim to respond. And with AI, they can automate the work of doing that research, crafting the communications, and even continuing the conversation when victims begin to engage.

Protect your loved ones

If you or a loved one could be vulnerable to one of these , Pascual offered some practical advice.

• Monitor the financial accounts of a family member who you suspect is being targeted. This is a critical step because the faster a scam payment is detected, the greater the chance it can be stopped or reversed.

• Add 'Trusted Contacts. Some institutions allow older account holders to add 'Trusted Contacts' who are notified when suspicious activity is occurring on their account. Pascual highly encourages everyone to set that up if it is available before a scam happens because their family members will generally be more apt to allow it under the auspices of keeping bad guys out of the account.

A new analysis shows electric vehicles carry a hefty insurance premium, though newer EVs are becoming more affordable to insure than in years past

• Electric vehicles cost more to insure: EV owners pay an average of $3,159 per year for coverage, about 42% more than drivers of comparable gas-powered vehicles.

• The insurance gap is shrinking for newer models: Among 2024 model-year vehicles and newer, the difference drops to 18%, as advanced safety features help reduce insurance costs.

• Consumers can lower costs by shopping carefully: Comparing quotes, choosing less expensive models to insure, and maintaining a strong driving record can help offset higher EV insurance premiums.

For many drivers, the decision to buy an electric vehicle comes down to saving money at the pump and reducing their environmental impact. But fuel costs are only one piece of the financial picture. Insurance can also have a major effect on the overall cost of ownership.

A new analysis from Insurify found that electric vehicles cost significantly more to insure than comparable gas-powered cars, adding hundreds of dollars a year to many drivers' budgets.

ConsumerAffairs spoke with Julia Taliesin, Insurify's economic analyst and licensed insurance agent, who explained that the gap is beginning to narrow for newer models as automakers continue to improve safety technology and make repairs more efficient.

What the numbers show

Insurify's analysis found that electric vehicles still come with a significant insurance premium compared with traditional gas-powered cars. On average, EV owners pay about $3,159 per year for coverage roughly 42% more, or $941 annually, than drivers of gas-powered vehicles.

Generally, repairing electric vehicles is more expensive than repairing gas-powered cars, Taliesin said. Long-range batteries are among the largest expenses, with a sticker price of $9,000 to $21,000.

EV repair expenses have also risen due to tariffs. In particular, tariffs on graphite and lithium-ion batteries imported from China have driven up the costs associated with EV claims. Because these higher claim amounts pose a greater cost risk to insurers, they have to account for that in their premium pricing.

The report also found that some of the most expensive vehicles to insure are luxury EVs, particularly models from Tesla, Mercedes-Benz, and BMW. In fact, Tesla models dominated the list of the costliest EVs to insure, highlighting how vehicle value and repair expenses can influence premiums.

Encouraging news

There is some encouraging news for shoppers considering a newer electric vehicle.

When Insurify compared 2024 model-year vehicles and newer, the insurance cost gap between EVs and gas-powered cars narrowed considerably, dropping to 18%, or about $501 per year. The report also found that insurance rates for newer EVs fell 11.1% over the past year, outpacing the decline for newer gas-powered vehicles.

According to Insurify, improvements in safety technology and broader adoption of advanced driver-assistance features are helping make newer EVs less expensive to insure than in the past.

As safety tech becomes standard baseline equipment for all cars, this trajectory is expected to continue, Taliesin said.

Dealing with higher insurance costs

Taliesin shared some of her best advice for consumers thinking about switching to an EV and also keeping insurance costs within budget.

• Shop around early, ideally before you purchase the vehicle. This way, you go into the purchasing process knowing the total cost of ownership up front. Compare at least three quotes so you know where to get the best rate once you are an EV owner.

• Be considerate of the make and model you buy. Just like gas-powered cars, your specific vehicle can significantly influence insurance rates. While GMC Sierra EV costs ($2,734) are much closer to the overall national average ($2,144), a Mercedes-Benz EQS Sedan ($4,703) costs nearly 120% more to insure.

• Maintain a strong driving record and credit history. Personal factors like these also play a large part in rates, regardless of whether your vehicle is electric or gas-powered.

Here's how smart shoppers can take advantage

• Costco quietly cut prices on several Kirkland favorites, including crispy wings, chocolate almonds, golf balls, and king-size sheets.

• The retailer says its goal is to be "first to lower prices and last to raise them," continuing a long-standing value strategy.

• Smart shoppers should watch for extra discounts, look for .97 clearance prices, and stock up when prices drop.

While many retailers continue to raise prices, Costco is actually cutting some of them.

According to comments made during Costco's latest earnings call, the warehouse giant has quietly reduced prices on several popular Kirkland Signature products, with savings ranging from about $1 to $10 per item.

For budget-conscious shoppers, it's a reminder that even during times of inflation, prices don't always move in one direction.

Which products got cheaper?

Costco executives highlighted several Kirkland Signature products that recently received price cuts:

• Kirkland Signature Crispy Wings: $16.99 to $14.99
• Kirkland Signature Milk Chocolate Almonds: $19.99 to $18.99
• Kirkland Signature Golf Balls: $32.99 to $29.99
• Kirkland Signature King Size Sheets: $89.99 to $79.99

Those may not seem like massive discounts individually, but frequent Costco shoppers know that meaningful savings often come from dozens of small wins throughout the year.

What's particularly notable is that some of these products had previously generated complaints online from shoppers who felt prices had climbed too aggressively over the past few years.

Why Costco is lowering prices

During the earnings call, Costco CEO Ron Vachris said the company's philosophy is simple: "Our goal is to be the first to lower prices and last to raise them."

That's a strategy that helps explain why Costco continues to maintain one of the strongest customer loyalty rates in retail.

Rather than maximizing profit on every item, Costco often focuses on keeping members happy and driving repeat visits.

The company has used this strategy before. In 2024, Costco lowered prices on several Kirkland products, including macadamia nuts, olive oil, foil, laundry packs, and baguettes.

The latest round of cuts suggests the retailer is continuing to look for opportunities to pass savings along when costs improve.

What smart shoppers should do now

While price cuts are great, there are other ways to stretch your Costco savings even further. Here are five tips that shoppers should focus on now.

• Watch for double discounts. Just because an item recently dropped in price doesn't mean it's done getting cheaper. Many Kirkland products still rotate through monthly warehouse promotions and instant savings events. If a product is already cheaper than last year and then receives an additional warehouse discount, that's often the best time to stock up.
• Learn Costco's markdown clues.Prices ending in .97 indicate clearance items that have a price markdown attached to them. That means if you spot a Kirkland product that's already been reduced and carries a .97 price tag, it may be one of the best deals in the warehouse.
• Build your shopping list around Kirkland. Costco executives noted that Kirkland Signature continues to outperform national brands. That's not surprising, as Kirkland products are often priced 15% to 30% below comparable name-brand alternatives while maintaining similar quality standards. Whenever possible, compare Kirkland versions first before reaching for the national brand.
• Buy when prices fall, not when you need it. Items like sheets, golf balls, snacks, and freezer foods can often be purchased well before you actually need them. This means that smart Costco shoppers treat price drops as buying opportunities rather than waiting until an item becomes an urgent purchase.
• Track prices on your favorite items. Many shoppers notice price increases immediately but fail to notice when prices come down. Try keeping a running list of your most-purchased Costco items in your phone along with their typical prices. This will help you spot genuine deals and know when it's time to stock up.