mortgage tax on refinancing loans?

What is the name of your state? ny

Did NY state eliminate mortgage tax on refinancing loans on secured mortgages?

I'm with GMAC mortgage and I am in the process of refinancing my loan and the mortgage processor bought the mortgage tax waiver but he said he needed to double check. I scanned the web a bit and I can't seem to find a definitive answer except that the NYS assembly website did say bills were introduced to eliminate double taxation on refinancing loans. Is that NY law/bill currently effective? Thanks for any replies.

[HomeGuru]

[quote]Originally posted by quaspro
[b]What is the name of your state? ny

Did NY state eliminate mortgage tax on refinancing loans on secured mortgages?

I'm with GMAC mortgage and I am in the process of refinancing my loan and the mortgage processor bought the mortgage tax waiver but he said he needed to double check. I scanned the web a bit and I can't seem to find a definitive answer except that the NYS assembly website did say bills were introduced to eliminate double taxation on refinancing loans. Is that NY law/bill currently effective? Thanks for any replies.

**A: I don't know. Contact your tax office.

Contact your tax office. [/b][/quote]

Thanks, good advice, I spoke to NY state mortgage banking division and cleared things up. I was disappointed to learn that mortgage tax is still collected on refinanced loans...with the exception that existing lenders usually waive the 1.75 % if borrower stick with them whereas the case where a new lender is involved, the new lender is at the mercy of the original lender to cooperate in note assignment to help the borrower avoid this tax.

[HomeGuru]

Good job.