How Much to Refinance?


    I am refinancing a mortgage with the same lender (chase) without taking out cash except closing costs – do I have to pay mortgage tax on the whole mortgage or just closing costs?

    2 Replies

    1. You will have to pay the mortgage tax on the new money in this case the closing costs. If you owe 500k and take out a loan for 505k to cover closing costs you will have to pay the mortgage tax on that 5k. Not much money at all.

      Chase will bill you separately for the CEMA and they charge $1,100. You will have a few hundred dollars in recording fees to record the CEMA and collateral docs. Expect around 800 bucks for the recording as opposed to about 550 for a regular refinance in KINGS co.

      We are correspondent lenders for Chase.

      Adam Dahill

    2. I refinanced a couple of years ago with Chase and didn’t have to pay mortgage tax. You need to make sure a doc is signed that states no mortgage tax needs to be paid.
      I think closing costs are usually negotiable; recently chase was offering refi’s with no closing costs.