Latest / The Loan Daddy Podcast
022 - How To Help Your Buyers Save on Mortgage Recording Tax
At a recent presentation to about 50 agents, one of them raised his hand and asked Scott to talk about purchase CEMAs. It's a tool too few agents know about, and it can help buyers save money at a time when rates are rising.
In this episode:
- What CEMA stands for and how New York's mortgage recording tax works
- A full example: $1 million home, 20% down, $800,000 loan, $15,400 in mortgage tax
- How a CEMA combines the seller's existing mortgage with the new "gap money," so only the new portion is taxed ($5,400 in Scott's example)
- When to bring it up with your buyer, and why you want to be…
The skinny
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