Home arrow Mortgage Forums arrow Looking for Mortgage again arrow

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

Author Message
Icon Mini Profile lauradrops





Joined: 12 May 2010

Posts: 1

1.31 Dollars($)
Post Posted: Wed May 12, 2010 11:35 am    Post subject: when refinancing in NY do you have to pay the mortgage tax?
Like 0
Dislike 0

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?
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10562
Location: ALASKA
1089.18 Dollars($)
Post Posted: Wed May 12, 2010 7:49 pm    Post subject:
Like 0
Dislike 0

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.

_________________
Procrastination is the enemy of your financial success
Guest









Post Posted: Tue May 18, 2010 5:33 am    Post subject:
Like 0
Dislike 0

Yes, the CEMA process allows you to only pay the mortgage tax on the new money
Icon Mini Profile jveenstra
jveenstra
Community Expert
Community Expert

best lender badge

Joined: 10 Nov 2008

Posts: 1310
Location: River Edge, New Jersey
274.62 Dollars($)
Post Posted: Wed May 19, 2010 9:02 am    Post subject: NY Mortgage Tax
Like 0
Dislike 0

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.

_________________
John Veenstra, Sr Mortgage Consultant
Approved Funding Corp
Licensed NJ NY CT PA
201-833-0123x278
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.060 seconds.