I’m looking to refinance a home I purchased several years ago. I currently have a 30 year mortgage plus a home equity line of credit on the house. I’d like the new 30 year mortgage to cover the outstanding balance of both, plus take advantage of additional equity that I’ve acquired in the home due to the recent run up in real estate values. Loan rates are still low and I need the additional cash for other investments.
Anyway, what I’m wondering is what I’ll have to pay in mortgage taxes relative to the mortgage amount. I tried Googling but I got fed up after hitting so many advertising sites. One article I read indicated that I’d only have to pay the difference between the outstanding balance in my current mortgage and the new one. A representative for a mortgage company I spoke with said that that only applied if I refinanced with the same company that is my current mortgagee. Is either true? Would that also include the line of credit? And what is the mortgage tax rate for single family homes?