A recent report from Bankrate reveals that many homeowners in the US are overpaying on their mortgages. The research found that a significant percentage of borrowers are not shopping around for rates, resulting in unnecessary costs. The average homeowner is reportedly paying over $3,300 extra per year, which can add up to more than $78,000 over a 30-year loan.

" Further details on this issue, including analysis from Bankrate experts, are available from the source. Local homeowners in Waco, TX, may want to review their mortgage rates to see if they are affected by this issue.