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Mortgage for small amount - what does this mean?

Started by Flutistic
almost 11 years ago
Posts: 516
Member since: Apr 2007
Discussion about
I'm researching a condominium in New York City and I found several mortgages recorded for amounts like $3,721.58, or $$2,892.21, in apartments worth a million dollars or more. Does anybody know what could be going on? These are mortgages in addition to a more conventional mortgage number.
Response by NWT
almost 11 years ago
Posts: 6643
Member since: Sep 2008

Probably part of a re-fi, to bring it up to a round number. E.g., balance on old note $496,278.42, new note $500,000, so $3721.58 the additional amount upon which mortgage-recording tax is paid.

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Response by Flutistic
almost 11 years ago
Posts: 516
Member since: Apr 2007

Thank you so much NWT!

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