Would a borrower pay Mortgage Recording Tax on a Refi in NYC?
Basically the title. Doing a case study right now for a d/e shop and want to know if I should be including a mortgage recording tax in the sources and uses.
Basically the title. Doing a case study right now for a d/e shop and want to know if I should be including a mortgage recording tax in the sources and uses.
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If you are recording a mortgage, and there is no other reason you'd be exempt (affordable transaction, not a gov't entity, etc) then... yes.
Yes...above.
And No.
For a refinance, you get the previous lender to assign the mortgage to the new lender. You only pay the 2.8% mortgage tax on the new loan amount IF greater than the balance. So, mostly cash-outs
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