A borrower in New York is refinancing their existing mortgage. Under New York law, who is typically responsible for paying the mortgage recording tax on the new mortgage?
Correct Answer
D) The borrower who is refinancing the property
Under New York law, the mortgage recording tax is typically paid by the borrower (mortgagor) when recording a new mortgage, including refinance mortgages. This is a cost borne by the person receiving the loan proceeds.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
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A Hawaii licensee is reviewing a candidate asks whether a Hawaii mortgage passes title to the mortgagee. What is the best answer?
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- → In Utah, what is the standard non-judicial foreclosure process under a deed of trust?
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- → Utah is classified as which type of state regarding the security instrument used for most residential mortgage loans?
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