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

" Further details on this issue, including the factors contributing to it, are available from the source, WXYZ Channel 7, which provides more information on the report and its findings.