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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Re-fi calcs
Posted by Meaghan729
Posted by SweetCaroline
I thought it was low too but he explained it's b/c I'm staying with the same lender.
I'll cut and paste why there is NYS mortgage tax - one sec 
HIS EXPLANATION
Because your current loan is with Wells Fargo, so we do what is called a CEMA (consolidation, extension, and modification agreement), which allows us to move the assignment from the current loan to the new loan. That assignment exempts what you owe on the current loan from being taxed on the new loan. You only get taxed on the difference between the new loan amount and what you owe currently.
they could be doing just a rate mod and not getting updated title insurance - title insurance is usually $3K or so.
And you should never be paying mortgage recording tax (unless you are getting $$ out) if you refi with the same bank - they already recorded your mortgage.
Hey Meaghan, what happens with a rate mod? Can they just lower your rate and you pay minimal fees? I think I need that!
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Posted 8/11/10 8:45 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Re-fi calcs
Posted by Meaghan729
they could be doing just a rate mod and not getting updated title insurance - title insurance is usually $3K or so.
our title insurance on the refi was $750...total title charges ~$1800. That was the bulk of the expense. As I mentioned above our refi only cost <$4K. (again, not taking into account property taxes & insurance due at closing which are expenses I would have whether I refi-ed or not)
Message edited 8/11/2010 9:30:47 AM.
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| Posted 8/11/10 9:27 AM |
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