Does NY charge a tax stamp fee on refi's?

I am currently with countrywide and just called them and they gave me a re-fi quote which was much higher than another bank. When i told them that they told me if I change banks I will have to pay a tax stamp. Never heard of this.

Luckily someone on the boards was nice enough to refer me to a good friend of theres. I am waiting to hear back from him to talk about my options.

ETA: I am so frustrating with this whole trying to re-fi process. The guy who I spoke to through the 1-800 number is located in California. He tried telling me that my area, merrick, has a lot of bank owned homes and foreclosures which drive down the value of my home to the $400's. That would mean my home dropped almost $300k in value Somehow I doubt it.

Message edited 3/24/2009 6:23:48 PM.

Re: Does NY charge a tax stamp fee on refi's?

They are probably talking about mortgage tax. If you do a CEMA, you'll only pay tax on the new money. If you pay off you're existing mortgage and get a new mortgage, you will pay tax on the entire amount.

Edited--
Here is a link that can help you calculate some of the rates. It's for title fees and recording.

Stewart Title

FM me if you need me to walk you through it. (I work at a title company. This is our underwriter's site.)

Message edited 3/24/2009 7:19:31 PM.