Mortgage refinancing regulations, statutory closing fees, and borrower protections vary significantly across state jurisdictions.
1. Key State Refinancing Nuances
- Texas 50(a)(6) Cash-Out Laws: Texas Constitution caps total home equity borrowing at 80% LTV and limits fee caps to 2% of loan principal.
- New York CEMA (Consolidation, Extension, and Modification Agreement): Allows borrowers to avoid paying the steep New York mortgage recording tax again by assigning the existing note to the new lender.
- Florida Documentary Stamp & Intangible Taxes: Florida levies state documentary stamp taxes ($0.35 per $100) and nonrecurring intangible taxes ($0.002 per dollar) on new mortgage notes.