By shopping around for a mortgage, a Tampay Bay home buyer with a credit score below 680 could save as much as $116 a month or almost $1,400 a year on a $216,400 home. That’s because lenders quote rates that vary substantially, Zillow found in looking at the range of rates offered for loans on the median-priced home in major metro areas. In Tampa Bay, where the median is $216,400, buyers with credit scores above 680 could potentially save $84 a month.
"The typical home buyer spends more than four months shopping for the perfect place,'' a Zillow release said. "But most buyers don’t shop around for the best mortgage rate. And buyers who don’t — especially those with lower credit scores — are missing out on significant potential savings.'' The biggest savings for buyers with scores below 680 was in San Francisco ($550 a month) and the smallest was in Cleveland ($78 a month).