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What is a CEMA?

A CEMA (Consolidation Extension and Modification Agreement) is used when a borrower refinances their mortgage to save on the mortgage recording tax.

If the purchaser intends to obtain a mortgage to buy a home (but not a coop), it is possible for the seller’s mortgage to be assigned to the purchaser, thereby saving the mortgage . . . → Read More: What is a CEMA?

How to choose a mortgage lender

Choosing the right mortgage lender is critical to the purchase of any home, coop or condo in the highly competitive seller’s market that exists in brownstone Brooklyn today. Seller’s contracts often contain deadlines for obtaining mortgage approval, so an appropriate sense of urgency is important. To select the right mortgage professional, you should first determine . . . → Read More: How to choose a mortgage lender