Our law firm represents borrowers throughout the refinance process: negotiating loan conditions, review of mortgage commitments, loan documents, recommends clearance of property conditions coupled with violation reduction via property expediters and closing of their mortgages. The firm fee is $700 for a residential refinance and  $1,000+ for a commercial loan.

 

The firm handles your file from inception to closing which includes the following services:

• Negotiation of the loan terms, conditions

• Explanation of the mortgage commitment,

• Correspondence with the payoff lender, the new bank and the title company,

• Ordering “payoff” letters from the payoff lender to pay off existing mortgages, liens and judgments,

• Preparation for closing, including obtaining necessary title work,

• Review of the title commitment and

• Representation at closing.

 

The firm also specializes in CEMA Order & Preparation.  New York is one of the only states that charge Mortgage Tax- A tax paid by most borrowers for the priviledge of borrowing money from a bank on a New York Property.  This tax can be 1.8% (or more on commercial property) of your loan amount in the five boroughs depending on loan amount and type of property.  Subject to certain rules, restrictions, and upon agreement between lenders, many transactions qualify for a savings on mortgage tax by applying for an assignment and consolidation of loans.  Although a technical area of New York real estate law, the firm has handled over 1000 CEMAs/Assignments enabling borrowers to save thousands of dollars on mortgage taxes per closing.  We handle all logistics and coordinating between lenders, preparation of documents, authorizations, etc.  CEMAs are also sometimes available on a purchase.  Contact us on any residential or commercial refinance to verify whether your loan would qualify for these savings.