I am refinancing a loan, I have two banks with drastically different Transfer Tax Fees. Can you explain this fee

You should only have transfer taxes on a purchase. Please contact me so I can better understand your circumstances. If you can forward the closing statement I would be happy to review complimentary. Team(@)americachoiceMortgage.com

Both "banks" are not telling you the truth. Transfer taxes are only on purchases. Plus, banks, credit unions and many of lender's charge a lot of fees. We pay most if not all fees and do not charge points, origination, processing or lender fees.Contact me and we can make sure you are not unnecessarily charged.Michael Winnen Loan Approval ManagerLandmark FinancialMichael (@) YourEliteLender.com

Yes, the Loan Officers have no clue. Run as fast as you can to your local broker. Bank and credit union loan officers are NOT required to be personally licensed and tend to be more like simple application clerks. Non-bank lenders and brokers are required to be personally licensed and generally are much smarter. Then, understand that interest rate and closing costs go hand in hand. You can get a really low rate, put you'll pay a lot more in closing costs. You can go the other way too. You can get really low, or even no closing costs. But don't let anyone fool you. The way any lender does that is by increasing your interest rate. Any lender who says they don't charge a standard fee, or we pay fees for you is charging a higher rate to do that. Now either one of these options isn't automatically good or bad. it depends on your situation, and you must review the math to see which option makes most sense for you. For loans in MN, WI, and SD, visit me at www.JoeMetzler.com

Transfer taxes are only required on Purchase transactions.. not refinance transactions.. but it sounds like you are using a bank where loan officers are mere application takers.. they have no clue on how to structure or properly disclose a loan. This is why it's most always advisable to deal with a mortgage bank or broker.. They only do Mortgages.. that's it.. For a solid, competent quote, feel free to reach out to me.. I'm a preferred Lender with California and Arizona being my primary markets. 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.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893