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lauradrops · Joined: 12 May 2010 Posts: 1 1.31 Dollars($)

I was told by almost all the lenders I spoke to that when refinancing in N.Y. you do not have to pay the mortgage tax as long as you only refinance the balance of the previous mortgage and take nothing else out. Does anyone know if this is a fact?

adonis · Posted: Wed May 12, 2010 7:49 pm Post subject:

Hi lauradrops,

As far as I know, under New York law, the borrower has to pay a mortgage recording tax when a new mortgage is created and recorded on a property. However, the amount of the tax varies depending on whether the property is commercial property or a one-, two- or three-family home. The tax will also depend upon where the property is located and how large the mortgage is.

Posted: Tue May 18, 2010 5:33 am Post subject:

Yes, the CEMA process allows you to only pay the mortgage tax on the new money

jveenstra · Posted: Wed May 19, 2010 9:02 am Post subject: NY Mortgage Tax

The tax must be paid again when refinancing unless both the old lender and the new lender accept the Consolidation, Extension, Modification Agreement (CEMA) process.
If either one does not accept the process, must be paid.

Perhaps the best bet is refinance with the existing lender. That is usually the easiest way to not pay the tax. The existing lender can often refinance without you having to pay the tax.

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when refinancing in NY do you have to pay the mortgage tax?

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