This is a prime example of why I always suggest using someone local.. if you are dealing with an internet lender, they will often times not be aware of all the local customs of purchase and refinance transactions in your state.. In PA, the transfer tax is only collected on purchase transactions, not refinance transactions.. There are some lenders out there who don't know if it is necessary or not, so they disclose it "Just in Case"... I have seen the same confusion and poor disclosures from local banks as well as internet / nationwide lenders.. So I suggest using a local mortgage broker.. Not the bank, not the internet guy, and not the nationwide lender.. a local, brick and mortar mortgage broker.. Lower overhead, lower costs, better educated, familiar with local customs, equals a much smoother transaction.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.comNov 9th 2012
This is the exact reason I always tell people to work with a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. More importantly, we know and understand local requirements. If you are working with one of the big banks or national mortgage factories, stop and find a local Mortgage Banker/Broker. If you are working with a local Mortgage Banker/Broker they should know better. However, I have worked for firms that have pre-filled templates for disclosures and it would include a fee such as this. It is up to me to remove it if it didn't apply. Either way, if won't be charged, and if you ask, they should remove it and re-disclose to you without a fuss. If they do fuss or otherwise make you feel uncomfortable, then simply walk away. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950Nov 9th 2012
Many states charge a fee/tax when a home is sold, sometimes that is paid by the seller, sometimes by the buyer. Other states charge a fee everytime there is a new mortgage recorded. It does not apply to refinances in PA but the lender may have a policy of disclosing in case it applies. If the fee applies and isn't disclosed the lender may have to "eat" the cost. It's easier to take the fee off but impossible to add it later.Nov 9th 2012
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