There was a great article in this weekend’s N.Y. Times Real Estate Edition, titled, “New Yorkers Miss Refinancing Spree”. 

• The lowest rates are for mortgages up to $417,000, generally low for our area.
• N.Y.S. Mortgage tax generally needs to be paid each time there is a new mortgage, even to the same owner, making the cost of refinancing higher than other states.
• I am finding that nearly all banks are now requiring that you escrow your tax money.  It used to be a general rule of six months in advance but I have seen 9 months upfront…that is a lot of extra money to come up with at closing!
• The other various fees (appraisal, etc.) seem to have increased, making the process more expensive.
• The article states that that there was a 92% rise in mortgage refinancing transactions nationwide in the first 3 months of this year compared to the same period last year, but New York State experienced only a 6% jump. 

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