Refiance in 2013



Answers
avatar
Answer #1

unless you are cashing out, Transfer tax charges should be minimal. Maybe $7 for the State Recordation Tax…
$60 Recording fee
$50 Release fee
then your Title co & Lender charges

Hopefully one of the Loan Officers will respond.

Answers Answered By: choicefinance.net Level Rating148points
avatar
Answer #2

You should directly contact one of the Loan Officers you see to the right. They are all local to Montgomery County.

Answers Answered By: choicefinance.net Level Rating148points
avatar
Answer #3

Is your lender from out of the area? The answer is no you won’t have to pay it and they can’t collect more than the county requires. If you borrow 292k and owe 291k you would pay $6.90 for the transfer tax. Plus the above mentioned fees. Title, appraisal, recording etc.

The government holds lenders to a zero tolerance on mistakes for transfer and recordation taxes. Which I will say is absurd. We only collect as lenders what we are told and if we do under charge it doesn’t and never did become profit for the bank or the loan officer. There should at least be a tolerance factor as there are on the title fees. Lenders generally rely on title companies to provide us the taxes anyway but we still have to pay their mistakes. Sorry for rambling on but I think it’s unfair but since when did the government have any idea about private business and how to manage one. They disclosed the amount from 0 to 292k to you $2,014.80 because they weren’t sure how to configure the taxes. You’re fine but they don’t know loans in Maryland and Montgomery county. Hope this helps and please let us know any other questions.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407

Answers Answered By: Brent Mendelson Level Rating133points

Answer this Question

You must be Logged In to Answer this Question
Not a member yet? Sign Up Now »

Related Questions

LOAN OFFICERS

Lets Stay In Touch

Contact Brent Mendelson

Your Name:

Your Email:

Phone:

Message:

Cancel

Contact Casey Hanagan

Your Name:

Your Email:

Phone:

Message:

Cancel