what is a real estate tax stamp? I live in New York state.?
I am refianancing my mortgage, combining 2 loans and was told today I need to have $2500 at closing because of these tax stamps.
Public Comments
- every state has various taxes for conveyance of properties, usually a percentage of purchase price. that is what this is, although amount seems high and didn't realize it applies on refi's
- It's a mortgage tax and it's based on a percentage of the amount you are going to borrow. Seems like a lot of money. Maybe you need to shop around to get better closing costs for your refinancing. The mortgage company (or bank) has to provide you, by law, a detailed description of all closing costs before the closing. Don't go to the closing if you haven't been provided that. Again, shop around.
