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CEMA, also known as Consolidation Extension and Modification Agreement is a loan option available to New York residents that can excessively reduce the cost of refinancing their mortgage. <\/b><\/p>
In CEMA loans the borrowers have to pay the mortgage recording tax on only the unpaid mortgage balance (The difference between the current mortgage balance and the new loan amount).<\/b><\/p>\n
New York State collects recording tax to record a new mortgage unless the property is a cooperative unit. <\/b><\/p>
Along with the state tax, New York City, Yonkers, and various counties impose additional local taxes to record a mortgage. <\/b><\/p>
In New York City, this mortgage recording tax is 1.8% if your loan amount is less than $500,000 and 1.925% if the mortgage balance is $500,000 and more. <\/b><\/p>
If you are refinancing your mortgage in New York, you can save a good amount of money with the help of a Consolidation Extension and Modification Agreement loan.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t