The mortgage industry is filled with creative advertising such as below market interest rates and no closing fee loans. Consumers are trained to shop aggressively for mortgages as this is often their largest monthly expenditure. There can be dramatic differences in the fees a home owner will pay depending on the state they reside in. and this can have a signicant determination on their loan value especially if the home owner is considering a refinance mortgage. For home owners that live in state such as New York, Virginia and Florida the state tax stamps can be in the thousands of dollars. These are typically fees that a lender will not waive and require a home owner to pay, even if they are an existing customer. Shopping for a mortgage loan and comparing offers is best done when you receive an estimate in writing to help understand the APR and itemized closing fees. This estimate should include the lenders estimate of the third party settlement fees including the anticipated taxes for local and state requirements.

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