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CEMA stands for Consolidated Extension Modification Agreement and is a process specific to the state of NY that allows a borrower on a refinance to reduce the amount of mortgage taxes they are paying. The existing mortgage is rolled into the new mortgage being obtained so that taxes are only paid on the difference. Eligibility for a CEMA will depend upon a number of factors including the current lender/servicer and applicable fees.
If you have a NY refinance and would like to know if it can be consolidated to save money contact us at firstname.lastname@example.org and our CEMA team will run an analysis for you to show you the potential savings.
Some states charge “Mortgage Taxes” which is a tax based on the any recorded mortgage documents. This means that even a refinance will have taxes charged. The amount of these taxes vary based on the county and state requirements. In some cases the borrower may even be eligible for a discount on these taxes based on previous transactions they completed. You will see these taxes charged in such states as NY, FL, MD, VA and GA. To make sure you have an accurate quote for your refinance transaction visit our calculator by clicking the ‘Get a Quote button or contact us at email@example.com.
The Lender’s Title insurance policy protects the lender’s investment against any loss. Obtaining the policy is a condition of securing the loan. The Owner’s Title insurance policy protects the buyer from any title defects as a result of forgery, fraud, clerical errors and undiscovered liens or easements.
Title policy rates vary from state to state. For an accurate quote you can visit our guaranteed calculator by clicking on “Get a Quote” at the top of our home page or by emailing us directly at firstname.lastname@example.org.
Some states are considered ‘attorney states’ when it comes to title and closing. This means that one or more parts of the closing process is considered to be the practice of law and requires the involvement of an attorney with a valid bar license for that state. This involvement could range from anything to a behind the scenes certification of title to being present at the closing table during signing.
Res/Title has on staff attorneys and partners in all the attorney mandated states. This means no matter what the requirements are in a particular state Res/Title still serves as your one point of contact without you having to incur an additional fee from outside counsel. For questions on a particular state feel free to reach out to us at email@example.com.
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