When a buyer is securing a home loan for $500,000. the state mortgage recording tax rate is $0. 115 per $100. The mortgage recording tax would be $575.
A loan is a financial instrument that is taken by the needy person from any financial institution which is allowed to do so by the law of the country. A loan is an asset for the giver and a liability for the person who is taking the loan.
When a purchaser obtains a $500,000 mortgage. The state charges $0.115 per $100 in mortgage recording tax. $575 would be the mortgage recording tax.
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