NORTHSTAR FUNDING accepts CEMA loans
Instead of paying thousands of dollars in mortgage tax, borrowers can obtain a Consolidation, Extension and Modification Agreement (CEMA loan), in which they only pay mortgage tax on the new loan amount that is above and beyond their current original principal balance.
New Loan Amount = $350,000
Original Loan Amount = $345,000
Property in Queens County Tax Rate = 2.05%
Loan Amount $350,000 x (2.05% – .25% Lender Portion) = $6,300
Net Difference in Loan Amount $5,000 x (2.05%-.25% Lender Portion) = $90
Just ask us about our CEMA option on your New York refinances and see how much you can save.