Financing in 21231>Question Details

carlycoh, Home Owner in Baltimore, MD

If I refinance an existing mortgage on a second home (not my primary residence), do I need to pay the Maryland state tax stamp?

Asked by carlycoh, Baltimore, MD Sat Jun 8, 2013

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Yes, you will have to pay the tax
0 votes Thank Flag Link Sun Jun 9, 2013
Hi Carlycoh, consult your mortgage lender
0 votes Thank Flag Link Sat Jun 8, 2013
On a primary residence the recordation tax on the new loan only applies to the "new" money. For example, if you refinance a $200K loan with a new $250K loan you only pay the tax on $50K. But this exemption is limited to your primary residence. Sorry about that.

Bob McGee
Advance Realty Timonium
Direct: 410-560-4574
Office: 410-561-0004
0 votes Thank Flag Link Sat Jun 8, 2013
Hello Carlycoh,

You will not have to pay tax stamos on a refi. I wilk be happy to run numbers for your refinance. You can reach me on my cell phone or go directly to my link http://www.loansbycatherine.com and secure link out the FULL Application and I will get back to you with how much you can save.

Sincerely,

Catherine Purcell
Senior Morrgage Loan Office
Fairway Independent Mortgage Corporation
Cell 202 573-6035
Catherinep@fairwaymc.com
0 votes Thank Flag Link Sat Jun 8, 2013
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