Chicago Mortgage Overpayments Need Careful Shopping

Chicago stood out among the largest US metros, with an overpayment rate that matched or exceeded the ~87% national level for mortgage borrowers.
Across the 10 biggest metros, low-80% to high-80% of borrowers overpaid, placing Chicago within a pattern where excess mortgage costs were common overall.
The research said many buyers missed lower available rates because of weak price transparency, limited mortgage shopping, and reliance on familiar lender recommendations.
For Chicago buyers, getting at least three quotes within a 14- to 30-day window could create leverage while protecting credit from multiple rate-shopping hits.
Chicago buyers were also urged to compare APR, ask whether low rates required points, and negotiate lender fees alongside third-party closing services.