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Purchase & Refinance CEMA

New York State Mortgage Tax

When obtaining a mortgage in New York State the buyer of that home typically pays mortgage tax on the whole amount of the mortgage that they obtain.  The mortgage tax in New York State is usually the largest amount a buyer pays in closing costs.  This tax can easily account for 40% of the closing costs paid when purchasing a home.  The mortgage tax rate in the 5 boroughs of New York City is 1.8 to 2.55%!  This accounts for thousands of dollars in closing costs that the buyer of a home can avoid.

Purchase Assignment Services

The Law Offices of Nathan Pinkhasov, PLLC can facilitate all aspects of the assignment process.  We can help sellers and buyers save thousands of dollars in closing costs.  Through our relationships with institutional lenders, servicing companies, credit unions and depositories, we have created a streamlined process that enables a buyer and seller to save thousands of dollars in closing costs within two to six weeks of a placed order.  The average time frame from contract to closing is usually 4 to 6 weeks in New York State.  Therefore, the assignment process must begin at the inception of the transaction.

The Buyer Saves

The buyer can avoid this tax in part or in whole by obtaining an assignment of mortgage from the seller of the property.  The savings is dependant upon the amount of the sellers existing lien.  This assignment of mortgage must be approved by both the sellers mortgage holder and the buyers new mortgage company.

The Seller Saves

The seller of the home also benefits from the assignment. In most cases the seller will avoid paying the New York State transfer tax they are typically obligated to pay when selling a home. The New York State transfer tax rate is .4% on the sales price of the home. If the seller chooses to assign the mortgage on their home and the lenders allow this assignment, the seller can save thousands just for signing an authorization.

The Refinance CEMA

Most New York State mortgage brokers and mortgage bankers don’t even attempt to get an assignment! The time frame has typically been too long, too tedious and sometimes resulted in no gain to the client. The process can sometimes be difficult and sometimes take up to three months. The Law Offices of Nathan Pinkhasov, PLLC has streamlined the CEMA process so precisely that some CEMA’s can take as little as 48 hours.

Please contact our office if you want to save thousands on your next closing.