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January 25, 2011
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Contact your legislators before this week’s vote!
In This Issue
- 2 STEPS TO ELIMINATE THE RE-FI TAX (go)
2 STEPS TO ELIMINATE THE RE-FI TAX
Virginia Homeowners:
When you’re refinancing your loan, EVERY DOLLAR MATTERS. That’s why the Virginia Homeowners Alliance is asking that you tell your legislators to vote YES to eliminating the recordation tax on mortgage refinances.
Step 1: Click here to calculate what the recordation tax could be if you wanted to refinance your home today.
Step 2: Ask your legislators to vote to save you that tax. All you do is have to click "send." We’ve already written the message for you!
The Virginia General Assembly will vote this week on legislation that could save you money when you refinance your home in Virginia.
The legislation, proposed by the Virginia Association of Realtors®, eliminates the recordation tax on mortgage refinances.
Currently, refinancing your loan could cost you hundreds of dollars in recordation taxes, even though you’re not increasing the loan amount. In other words, you pay that recordation tax AGAIN even though you already paid it when you first got your mortgage.
If you’ve already contacted your legislators about this legislation, thank you!
But if you have not, PLEASE take just a moment to help save yourself some real money. Your contact with your legislators WILL make a difference!
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Virginia Homeowners Alliance
10231 Telegraph Road, Glen Allen, VA 23059
www.VAHomeownersAlliance.com
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There is one way to avoid paying transfer taxes in the state of Virginia. If you do a refinance with your “original” lender, then you only pay transfer taxes on the amount of the loan higher than the original loan. So if your original loan was 100K, and you refi at 125K, you pay transfer taxes on just the 25K. Again, that is if you refi with your original lender. Here at C&F, we sell most of our loans, but if we origionated it, we are still considered the original lender and the transfer taxes can be waived. You still have to pay recording, which I believe is $56.00. Mark