- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (4)
- David Nezri, "Direct Lender"
- Contributions:265
No, keep in mind not all Lenders allow a Cema.
Who's your current Lender?
Who's your current Lender?
- Evan LeFloch, "Evan LeFloch"
- Contributions:196
The mortgage tax is attached to the property; not the person. So it is possible to get a CEMA provided both lenders will allow it. Take the new loan amount and subtract the remaining principal balance on the current loan (not the original loan amount!). Multiply that figure by the rate in Queens which is 1.8% to the borrower on a single family home. So, if you're taking out a new loan of $500k, and the old loan was $400k, you would have to pay $1800 in mortgage tax. Much better than the $9k you would pay if you didn't do a CEMA. The old bank will charge you some fees (500-1200) and the new bank's attorney may charge a couple hundred extra because of the extra work done on a CEMA. In Queens, it's almost always worth it to do a CEMA unless the current existing principal balance on the home is very small.
- Diamond Funding Corp
- Contributions:454
On a CEMA transaction, you pay taxes on the difference if the new mortgage is higher.
Fees vary from lender to lender and can be very expensive. I believe BOFA is charging 0.75 points for a CEMA refinance. Why? I don't know, but it eats into the savings the CEMA was intended for.
Have your loan officer check with each lender until you find one that has a lower fee.
Fees vary from lender to lender and can be very expensive. I believe BOFA is charging 0.75 points for a CEMA refinance. Why? I don't know, but it eats into the savings the CEMA was intended for.
Have your loan officer check with each lender until you find one that has a lower fee.
- Chris Corica, "Chris Corica"
- Contributions:1075
No, but there are fee's involved with doing a CEMA and not all banks will do them.
Do I Have To Pay A Mortgage Recording Tax In NY Under A NY CEMA If The Refinanced Amount With The Ex
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.