we were quoted $4,975 for a mortgage registration tax. anyone know what this is? i KNOW NY state charges a $1,875 mortgage and tangible state tax, just curious if this is what the lender is referring to. they also quoted us some state tax of $3,100.
estimated closing costs are 2.5% of loan. is this about right?
ThongLori
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Re: What is mortgage registration tax?
Maybe they are quoting you the transfer taxes as well?? Is it new construction? many times you'd be responsible for paying those in that case - usually the seller pays them.
skew
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Re: What is mortgage registration tax?
no, not new construction. the agent dod say that the seller sometimes pays the state tax. i will have to verify if this is required of the seller.
IrishBride-05
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Re: What is mortgage registration tax?
I'm sorry I don't know what mortgage registration tax is, but we were told to estimate 4% of the amount we are borrowing for closing costs from the Credit Union.
skew
Posted:
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Re: What is mortgage registration tax?
thanks. based on the estimate that we received, it is 2.5% of the loan amount. isn't a high %, but high in numbers.
