The NY mortgage tax, how to save on it

Located in Fairfield, NJ, we are the title insurance agent that does it all for you. For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help.

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 New Yorkers entering into a loan transaction that we in New Jersey do not have to face, for now, the mortgage tax based on the amount being borrowed.

The NY mortgage tax applies to all mortgage transactions although in residential cases, the bank shares a part of the cost of the tax.

The NY Times contains a short article on one way to avoid the full impact of the mortgage tax when you refinance a mortgage - ask your new lender to take an assignment of the existing mortgage loan.  No tax is due on the amount being assigned to the new lender.

Read the full article to get a better understanding of the mortgage tax and its complications.

For your next title order or

if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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