What is the current New York State mortgage recording tax rate for mortgages on real property?
Correct Answer
D) $0.50 per $100 of mortgage principal
The New York State mortgage recording tax rate is $0.50 per $100 of mortgage principal (or fraction thereof). This rate has been in effect under New York Tax Law and applies statewide.
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Related Topics & Key Terms
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Related Concepts
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
A trustee sale is a type of foreclosure where a trustee, appointed under a deed of trust, sells the property at auction to satisfy the debt.
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