Refinancing in New York? Here's what you'll actually pay.

NY imposes a mortgage recording tax on the principal amount of any new mortgage recorded — including refinances. Without intervention, a refi pays tax on the FULL new loan amount. With a CEMA (Consolidation, Extension and Modification Agreement) under Tax Law § 255, the existing mortgage is assigned from the prior lender to the new lender and only the 'new money' (new loan amount minus existing principal balance) is taxed.

Highest mortgage recording tax in the nation. Co-ops are exempt from MRT (they're personal property, not real property), so co-op refis avoid this tax entirely but cannot use CEMA either.

New York exempts refinances from transfer tax. Transfer tax applies when property changes hands, not when the loan changes. Mansion tax (1%+ on residential sales ≥ $1M) also does not apply to refinances.

Exemption statute: NY transfer tax (Tax Law § 1402) is on conveyances of real property (deeds), not on mortgages. Refinances do not transfer title and are not subject to NY State or NYC Real Property Transfer Tax.

NY title insurance rates are filed and approved by NY DFS through TIRSA (Title Insurance Rate Service Association). On a refinance, the lender's policy is issued at a refinance/reissue rate that runs roughly 30%–40% lower than the original-issue rate, with steeper discounts when prior policy is recent.

Typical discount on the lender's policy: 25–50% off (typical 35%).

Lookback period: Typically within 10 years of prior policy for refinance rate; some underwriters require prior policy within 3 years for steepest discount. Documentation required: Copy of prior owner's or lender's title insurance policy. Title agent may also accept evidence from underwriter database..

TIRSA rate is automatically applied by NY title agents on refinances; less risk of being charged full original-issue rate than in non-bureau states. However, borrowers should still confirm the refinance rate is reflected on the CD.

An attorney is required at refinance closings in New York. Typical fee range: $800–$2,500 (typical $1,500).

NY is an attorney closing state. Borrower's attorney AND lender's attorney are both customary on refinances. Attorney fees are an additional component of NY's high closing-cost ranking. CEMA transactions require additional attorney work and add ~$500–$1,500 in attorney fees beyond a standard refi.

Patterns we see consistently on New York refinance closings, sorted by how actionable they are:

New York's mortgage recording tax varies by county. NYC borough rates depend on whether the loan is over $500,000. Counties in the Metropolitan Commuter Transportation District (MCTD) carry an additional 0.30% on top of the base rate. The table below shows the borrower-paid rate (residential 1–6 unit) for every NY county.

• NY Tax Law § 253 (mortgage recording tax)
• NY Tax Law § 255 (supplemental mortgage / CEMA basis)
• NYC Administrative Code § 11-2601 et seq. (NYC mortgage recording tax)
• NY DTF Publication 576 — Mortgage Recording Tax
• LodeStar 2024 Refinance Closing Cost Report (NY ranked #1, 2.1% / avg $6,565)
• NY DFS OGC Opinion 08-04-17 (CEMA mechanics)