The Tax Resources Blog

Posts Tagged ‘reference’

Ny Tax Records Search

Question: Amending an existing mortgage?

My loan is not distressed, but I would like to lower my mortgage rate. A full refinancing is expensive due to all the fees, including the NY tax to record mortgages and title insurance etc. I would like to just amend my existing mortgage with Citibank and thus not have a new mortgage. Does anyone know if you just amend the existing mortgage, do you still need new title searches, insurance etc? It would seem if nothing but the rate changes and the existing mortgage remains in place you would not need all that. Has anyone done this?
ps don’t even know if citi would agree since it just less money to them but I may as well try as I could save quite a bit.

Answer: I seriously doubt that the bank will “amend” your mortgage (which costs them money and manpower to process) in order for you to be able to pay them less. However…

Depending on when you bought, you may be able to roll at least some of the costs into the newly re-financed loan, if the house is worth quite a bit more than what you still owe. Talk to your bank, and also talk to a couple of other banks about refinancing. A good rule of thumb is that if you can recoup the cost of refinancing within 2 years (and you plan to stay in the house longer than that), then it is worth it to refinance.

Short Sale: Avoid Foreclosure