A recent study by LendingTree found that women are more likely than men to overpay for a mortgage.
Using data from the Consumer Financial Protection Bureau, the study estimates that women paid about $1 billion more than men for the same mortgage services in 2018.
Women’s tendency to overpay seems due to their lack of knowledge in the mortgage-lending process and their failure to shop around for loan services.
According to REALTOR Magazine:
First-time buyers and repeat borrowers who are women reported being less familiar with all aspects of the mortgage process. Male and female first-time buyers show the largest disparities when it comes to unfamiliarity with mortgage rates and with different types of loans.
The study’s findings were used to make the following chart which is available at LendingTree.com.
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