New Yorkers should compare refinance loans carefully
By Ryan Fields
November 19th, 2010
 |  |
| |
Refinance rates remain low but additional charges can add up for NY residents
With interest rates continuing to hover near historic lows, many New Yorkers may be looking tocompare refinance rates for the best deals.
However, residents of the Empire State may be paying more than the rest of the county on mortgage refinance loans, a new reports says.
Among the additional charges residents could rack up are fees and closing costs – New York ranks the highest in the nation – and stamp taxes on all refinance loans, WGRZ reports. These fees could add thousands of dollars for consumers.
"There are certain fees here that might not be charged to a consumer in other states," Brian Downing, a mortgage loan officer of L.W. Integrity Funding, told the news provider. "[But] these low interest rates we've had for the last year and a half are going to start to creep up a little bit."
A stamp tax on a $200,000 mortgage could cost consumers an additional $1,500 dollars, the news source says.
However, residents may soon be getting some relief. Newly elected Governor Andrew Cuomo has pledged to target the state's mortgage taxes, which could help lower closing fees.
