The average borrower who doesn't shop rates pays $47,000 more over 30 years. What's your penalty?
Not financial advice. Calculations based on standard amortization formulas using the rate difference provided. Actual savings from refinancing depend on closing costs, credit score, and lender terms. Educational use only. FinanceRateCalc.com
We calculate the cost of staying with your current lender vs shopping the market. The penalty is the difference between your current rate and the best available rate for your profile, compounded over your remaining loan term.
Best available rate based on 740+ credit score conventional loan. Penalty calculated over full remaining loan term. Does not account for refinancing costs. Educational use only — not financial advice.
Disclosure: FRC may earn a commission if you use this link — at no cost to you. This does not influence our data or analysis.
🔍 Also explore: All FRC Tools · Lender Comparison · FHA by State · Lender Stress Index
Prices and rates are widely reported. Whether a lender says yes is not. In the complete 2025 federal record, denial rates across the 100 largest FHA lenders ran from 1.8% to 78.7% — same programme, same year.
And it is not simply who applies where: standardizing on state, loan amount, income, debt-to-income and loan-to-value, applicant mix explains only a 2.7× range in expected outcomes.
CFPB HMDA 2025, computed by FinanceRateCalc. Covers the highest-volume lenders published per market, not all lenders. Historical observations, not predictions. CC BY 4.0, not independently reproduced.