Released: September 18, 2011

Saving on mortgage taxes

Source: Vickie Elmer, The New York Times

Homeowners looking to refinance their mortgage will need to compare interest rates, loan terms and fees, but some who live in New York may also want to arrange for what’s known as a mortgage assignment, when the balance on the loan is transferred to the new lender from the old. Not all lenders permit such transfers, but if both do, borrowers can skip paying a second helping of mortgage recording taxes (they paid the first round when they bought the home).

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