Unfortunately, New York State is one of the most expensive regions in the country to buy and sell a property. New York is the only state that requires buyers and sellers to pay a mortgage and transfer tax. In many cases, individuals who buy a home in New York pay up to 6 percent of the purchase price in closing costs just to obtain the keys to the front door. Therefore, it is important for you to find ways to save money if you are purchasing a home.
Saving Money Through Purchase CEMAs
In New York, residential home buyers can use a program called the Consolidation Extension Modification Agreement. The program allows the seller of a residential property to assign the existing mortgage to the buyer. By using a CEMA, both the seller and the buyer save money on the mortgage and transfer taxes that individuals must pay during purchase transactions.
Securing a CEMA
We at MortgageDepot specialize in Purchase CEMAs that can save you money on high-balance mortgage loans. If you are looking to buy a property with a sales price higher than $500,000, then you need to take a closer look at saving money through a CEMA. Allow us to guide you through the programs qualification process and help you save thousands of dollars on your home purchase.
Remember, any purchase transaction (except for Co-op’s, where a mortgage tax does not apply) qualifies for a CEMA. Since New York is a high-cost state, you need to find ways to save money on your closing costs. A CEMA is one proven way to save money, so let us help you unlock those savings today.
Contact us to learn more how you save money on mortgage tax when you are buying a property.