The area you live can dramatically impact your interest rate and mortgage closing fees. The mortgage market is very similar to most commodities and there are regional differences in the costs of goods. For example, the price of a gallon of gasoline is very different in California vs Texas. The same analogy can be used with most mortgages. Some lenders will offer a base interest rate nationally, while others may change their rates based on the state or zip code of the loan applicant because these may be more or less favorable to the end investors, meaning they have a higher or lower likelihood of appreciation or default. The other major factor involved with mortgage are the fees. This can vary dramatically in some states, where their are additional requirements such as attorney closings or tax stamps. A loan that requires only $1200 in fees for Michigan could require as much as $3000 in fees in Florida due to their property tax stamps. The best way to receive the most competitive loan offer is to compare lenders and make sure they are quoting you specifics based on where you reside.

3-26-2008 ©LowRateMortgage.com

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