Shopping Cart
Your Cart is Empty
Quantity:
Subtotal
Taxes
Shipping
Total
There was an error with PayPalClick here to try again
CelebrateThank you for your business!You should be receiving an order confirmation from Paypal shortly.Exit Shopping Cart

Real Estate Law Blog

Blog

Home Mortgage Refinance

Posted on February 11, 2018 at 4:23 PM
Standard Refinance

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.

A cash-out refinance 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 your home.

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). 

Our mortgage lawyers represent clients in all areas of New York , including all 5 boroughs of NYC (Manhattan, Brooklyn, Queens, Bronx and Staten Island), Long Island (Nassau and Suffolk Counties), and Westchester County.  We look forward to helping you.  Call us today at (516) 314-8433 or e-mail us.

Categories: Home Mortgage Refinance, Making Home Affordable, Real Estate

Post a Comment

Oops!

Oops, you forgot something.

Oops!

The words you entered did not match the given text. Please try again.

61 Comments

Reply ggdb
6:24 AM on August 23, 2021 
My wife and i felt thankful when Peter managed to finish off his preliminary research through your ideas he was given while using the web pages. It is now and again perplexing to simply choose to be handing out instructions which often people today may have been selling. We really figure out we've got the writer to appreciate because of that. All of the illustrations you have made, the easy web site navigation, the relationships you can aid to instill - it's all sensational, and it's letting our son in addition to us consider that that matter is pleasurable, and that's truly serious. Thanks for everything!
ggdb http://www.golden-gooses.com
Reply cheap jordans
6:25 AM on August 23, 2021 
Thank you a lot for providing individuals with an extraordinarily spectacular possiblity to discover important secrets from this site. It can be very amazing and as well , stuffed with a lot of fun for me personally and my office peers to visit your website not less than three times in one week to learn the latest things you will have. And indeed, we are certainly fascinated with your incredible information served by you. Selected 4 areas on this page are truly the best we have ever had.
cheap jordans http://www.jordansforcheap.us.com
Reply bape
6:27 AM on August 23, 2021 
I'm writing to let you understand what a incredible experience my cousin's daughter developed going through your web site. She figured out some things, which included what it's like to possess an incredible helping character to get certain people smoothly grasp specific tricky topics. You undoubtedly did more than visitors' expected results. Many thanks for supplying such helpful, dependable, edifying not to mention unique tips about your topic to Janet.
bape http://www.bapesonline.com
Reply jordan 11
6:27 AM on August 23, 2021 
I want to express some appreciation to you just for bailing me out of this particular situation. As a result of looking out throughout the the web and seeing methods which were not beneficial, I figured my life was well over. Being alive without the presence of strategies to the problems you have resolved as a result of your post is a crucial case, and those which could have in a wrong way damaged my entire career if I hadn't come across the website. Your primary skills and kindness in playing with all things was precious. I'm not sure what I would have done if I hadn't encountered such a thing like this. I am able to at this moment look forward to my future. Thanks very much for your high quality and results-oriented guide. I won't be reluctant to refer your web site to anybody who needs to have counselling on this problem.
jordan 11 http://www.jordan11retro.us.com
Reply yeezy 350
6:27 AM on August 23, 2021 
I simply needed to thank you so much once more. I am not sure what I could possibly have worked on without the actual opinions shown by you on such subject matter. Previously it was the fearsome concern in my view, however , witnessing a expert way you resolved it forced me to jump for fulfillment. Extremely happier for this service and thus have high hopes you know what a powerful job that you are undertaking training some other people via a blog. I'm certain you have never encountered any of us.
yeezy 350 http://www.yeezy350v2s.com
Reply bape
5:07 PM on August 23, 2021 
Thanks for every one of your hard work on this web page. Betty really loves working on investigations and it's really simple to grasp why. A lot of people learn all of the powerful medium you make precious information via your web site and as well encourage contribution from other individuals on this matter and our own princess has always been studying a lot. Enjoy the rest of the year. You are doing a useful job.
bape http://www.bathing-ape.us
Reply nike off white
5:09 PM on August 23, 2021 
I precisely desired to say thanks once again. I do not know the things that I might have taken care of in the absence of those recommendations shared by you directly on this question. It was actually an absolute frightening difficulty in my opinion, nevertheless noticing the professional way you processed it took me to leap over contentment. I am just thankful for the help and even pray you recognize what an amazing job you are always providing educating the mediocre ones thru your webblog. I am sure you haven't got to know all of us.
nike off white http://www.offwhiteshoes.us.com
Reply supreme new york
5:11 PM on August 23, 2021 
I intended to create you the little bit of observation so as to thank you so much yet again for all the pleasant principles you've discussed on this page. It has been quite open-handed of people like you to offer unreservedly what most people would've advertised as an e-book to help with making some dough for their own end, and in particular since you could possibly have tried it in case you considered necessary. These tactics likewise worked to become a good way to understand that other people have similar fervor really like my own to grasp a whole lot more with regards to this problem. I'm certain there are a lot more enjoyable instances ahead for people who read your blog.
supreme new york http://www.supremenewyork.us.com
Reply yeezy boost 350 v2
2:07 AM on August 25, 2021 
My husband and i felt lucky when Peter managed to conclude his research using the ideas he made when using the weblog. It's not at all simplistic just to find yourself handing out hints others have been trying to sell. And we also fully understand we now have the website owner to thank for that. All of the illustrations you made, the simple website navigation, the friendships you will give support to create - it is mostly exceptional, and it's really letting our son and our family reckon that that subject matter is entertaining, and that is particularly serious. Many thanks for everything!
yeezy boost 350 v2 http://www.yeezy-350.us.com
Reply kd shoes
2:08 AM on August 25, 2021 
My wife and i got really contented Raymond could complete his homework because of the ideas he grabbed through your web site. It is now and again perplexing to just be making a gift of steps which usually many people may have been trying to sell. So we recognize we need the website owner to be grateful to because of that. The main illustrations you have made, the easy site navigation, the relationships you aid to foster - it's most fabulous, and it's facilitating our son and us do think the subject matter is enjoyable, and that is rather vital. Thanks for everything!
kd shoes http://www.kevindurant-shoes.us.com
Reply kevin durant shoes
2:09 AM on August 25, 2021 
I needed to compose you that bit of observation to thank you over again considering the fantastic basics you've contributed above. This has been incredibly generous of you to make without restraint what exactly a lot of people would have offered as an e book in order to make some profit on their own, especially given that you might well have done it in the event you desired. The things as well acted as a fantastic way to understand that most people have similar desire like my very own to find out more and more with regards to this condition. I am sure there are a lot more fun occasions in the future for folks who discover your website.
kevin durant shoes http://www.kd12.us.com
Reply hermes belt
2:10 AM on August 25, 2021 
I enjoy you because of all your valuable efforts on this website. Kim delights in making time for research and it's really simple to grasp why. Most of us know all relating to the lively ways you create helpful tips and tricks through this website and even welcome contribution from others on this area then our own simple princess has been discovering a whole lot. Take pleasure in the remaining portion of the year. Your carrying out a very good job.
hermes belt http://www.hermesbelts.com
Reply supreme clothing
2:12 AM on August 25, 2021 
I must show some appreciation to the writer just for bailing me out of this type of difficulty. As a result of searching through the search engines and finding suggestions that were not beneficial, I was thinking my life was done. Existing without the presence of approaches to the difficulties you have sorted out as a result of your entire posting is a critical case, as well as those which may have badly affected my entire career if I had not encountered your blog post. That expertise and kindness in playing with every aspect was excellent. I'm not sure what I would have done if I had not come upon such a solution like this. I'm able to now look forward to my future. Thanks a lot so much for your impressive and effective guide. I will not hesitate to refer the blog to any person who desires guidance about this matter.
supreme clothing http://www.supremeoutlet.us.com
Reply off white jordan 1
6:57 PM on August 26, 2021 
I'm writing to make you be aware of of the terrific discovery my princess had visiting your blog. She learned plenty of things, with the inclusion of what it is like to have an ideal helping style to let men and women with ease gain knowledge of selected complex subject areas. You really exceeded our own expectations. I appreciate you for providing those effective, trusted, revealing as well as unique guidance on this topic to Kate.
off white jordan 1 http://www.offwhitexjordan1.com
Reply off-white
6:57 PM on August 26, 2021 
Thank you for each of your labor on this site. Kim takes pleasure in conducting investigation and it's really obvious why. A lot of people know all of the compelling method you render both useful and interesting tricks through this web blog and strongly encourage participation from other people on the article while our favorite girl is without question understanding a lot of things. Take advantage of the remaining portion of the year. Your doing a remarkable job.
off-white http://www.offwhite.us.com
Reply nike off whtie
6:58 PM on August 26, 2021 
I happen to be commenting to make you be aware of of the great encounter my cousin's child undergone reading through your web site. She noticed a good number of pieces, with the inclusion of what it is like to possess an ideal teaching mindset to get others without problems learn about specific impossible things. You really did more than our own desires. Thank you for offering such powerful, trustworthy, informative and even cool tips about your topic to Jane.
nike off whtie http://www.nikexoffwhite.com
Reply kawhi leonard shoes
6:58 PM on August 26, 2021 
Thanks a lot for giving everyone an extraordinarily wonderful chance to read critical reviews from this site. It can be so pleasant and full of a good time for me personally and my office mates to search your blog at the very least 3 times per week to find out the newest items you have got. And of course, I am at all times contented concerning the excellent concepts served by you. Some two facts on this page are really the most beneficial I've ever had.
kawhi leonard shoes http://www.kawhileonardshoes.us
Reply yeezy 350 v2
6:59 PM on August 26, 2021 
I am glad for writing to make you be aware of of the fabulous discovery my daughter enjoyed browsing your webblog. She came to understand too many pieces, which included what it's like to have an incredible helping nature to have most people very easily fully grasp various problematic matters. You really surpassed her desires. Thank you for showing those effective, healthy, informative and fun guidance on this topic to Mary.
yeezy 350 v2 http://www.yeezy350v2s.com
Reply jordans
6:59 PM on August 26, 2021 
I and my pals ended up examining the good helpful tips on your web blog and all of a sudden came up with a terrible feeling I had not thanked you for those tips. The men are actually for this reason joyful to learn them and now have undoubtedly been loving those things. Appreciation for simply being indeed helpful as well as for having some tremendous resources millions of individuals are really desperate to understand about. My personal sincere regret for not expressing appreciation to sooner.
jordans http://www.jordanssneakers.us.com
Reply retro jordans
7:00 PM on August 26, 2021 
I would like to show thanks to this writer for bailing me out of such a predicament. Right after looking throughout the world wide web and getting thoughts which were not powerful, I assumed my entire life was over. Existing without the presence of answers to the difficulties you have resolved as a result of the write-up is a critical case, and ones which may have negatively affected my career if I had not encountered the website. Your own personal ability and kindness in maneuvering every item was valuable. I'm not sure what I would have done if I had not come upon such a point like this. I am able to at this moment look ahead to my future. Thank you very much for the reliable and sensible guide. I will not be reluctant to recommend your blog to any individual who would need direction on this topic.
retro jordans http://www.retro-jordans.us.com
Best Real Estate Attorney Award
0