Real Estate Math
A Minnesota property owner refinances their $180,000 mortgage with a new $195,000 loan at a lower rate. The Mortgage Registry Tax at $0.23 per $100 applies to the new loan amount. What is the MRT?
A$414.00
B$448.50✓ Correct
C$345.00
D$379.50
Explanation
MRT = ($195,000 / $100) x $0.23 = 1,950 x $0.23 = $448.50. The Minnesota Mortgage Registry Tax applies to the full new loan amount, not just the amount above the previous mortgage balance. This is an important cost consideration in refinancing decisions for Minnesota homeowners.
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