NORTHSTAR FUNDING accepts CEMA loans

NORTHSTAR FUNDING accepts CEMA loans

Instead of paying thousands of dollars in mortgage tax, borrowers can obtain a Consolidation, Extension and Modification Agreement (CEMA loan), in which they only pay mortgage tax on the new loan amount that is above and beyond their current original principal balance.

Example:
New Loan Amount = $350,000
Original Loan Amount = $345,000
Property in Queens County Tax Rate = 2.05%

Typical Refinance:
Loan Amount $350,000 x (2.05% – .25% Lender Portion) = $6,300

CEMA Refinance:*
Net Difference in Loan Amount $5,000 x (2.05%-.25% Lender Portion) = $90

Just ask us about our CEMA option on your New York refinances and see how much you can save.