Long Island Refinance Attorney Long Island Refinance Lawyer
Long Island Refinance Attorney —
Serving Long Island and Greater New York,
Assisting Borrowers with Mortgage Refinancing
We represent and assist borrowers with mortgage
. Whether a first
mortgage, second mortgage or line of credit, we are here to help.
to deciding to refinance consider the following: Have interest rates fallen? Has your credit score improved enough so that you might be eligible for
a lower-rate mortgage? Would you like to switch into a different type of
mortgage? The answers to these questions will influence your decision to
Before you decide to refinance,
consultation, so that you understand all that refinancing involves. We will help you save on closing costs.
A standard refinance paying off an existing mortgage with the proceeds from a new loan. In order to decide whether this is worthwhile, the savings in interest must be weighed against the fees associated with refinancing. Other reasons to refinance include reducing the term of a longer mortgage, or switching between an adjustable-rate and a fixed-rate mortgage.
is taking a loan for more than you owe on your existing
mortgage. Your existing mortgage is paid off from the new loan proceeds
and you receive the balance of the new loan. You might do this
if you want to make home improvements or pay for a child's education.
Cash-out refinancing removes some of the equity you have built up in
Closing costs are the fees paid when you close on a refinance loan. These fees may include
application fees; title examination, abstract of title, title insurance, and
property survey fees; fees for preparing deeds, mortgages, and settlement
documents; attorneys' fees; mortgage recording tax; recording fees; estimated costs of taxes and
insurance; and origination, appraisal, and credit report fees. Under the Real Estate
Settlement Procedures Act (RESPA), the borrower receives a "good faith
estimate" of closing costs within three days of application.
What is a New York CEMA?
“CEMA” stands for Consolidation,
Extension and Modification Agreement. A CEMA allows borrowers to save on the amount of the mortgage recording
tax associated with the refinance.
CEMA is a tool that can help a borrower save thousands of
dollars in mortgage recording tax on the new loan amount. In reality,
rather than having the original mortgage satisfied and discharged of record, the original mortgage is assigned to the new lender. The parties execute a new mortgage for refinance closing costs and for additional funds if it's a cash-out refinance, and an agreement which assigns the original mortgage to the new
lender and consolidates the original and new mortgage into one mortgage. The
borrower would only have to pay taxes on the amount of the new loan that
exceeds the unpaid balance of the original loan, such as closing costs
or cash out. Although it can be a lengthy process, a CEMA is well worth
the additional time as it can save a borrower thousands of dollars in
mortgage recording taxes which would otherwise be payable at closing.
Contact our expert Long Island mortgage refinance attorneys today to find out how we can help you
save thousands of dollars in closing costs,
specifically mortgage recording tax, by refinancing your mortgage
with a Consolidation, Extension and Modification Agreement (CEMA).
free consultation to discuss a refinance or other real estate matter
call our experienced Long Island refinance attorneys today at (516) 314-8433. Please
e-mail your questions or comments to us so that we may better assist you.
Jeanne Reardon is a refinance attorney serving clients in New York, Queens, Brooklyn,
Bronx, and Staten Island, in New York County, Queens County, Kings County,
Bronx County, and Richmond County, as well as, Long Island, Nassau County,
Suffolk County and throughout Westchester County.