Home Buying in 07307>Question Details

Tahir, Home Buyer in Jersey City, NJ


Asked by Tahir, Jersey City, NJ Mon Mar 14, 2011

Help the community by answering this question:


Goto amerisave.com and enter the information. It will give you the closing cost amount very close to good faith estimate given by lenders.
0 votes Thank Flag Link Fri Apr 27, 2012
Tahir there are two distinct parts in the closing of a Real Estate Transaction: Closing Costs & Prepaids/Escrows. The closing costs will be about 3% as stated here, but the Prepaids and the escrows will be determined by the property & the property Taxes. As a general rule a lender would normally quote 5 months of tax escrow (which is a 'Worse Case Scenario', so if the taxes were $12,000 a year the tax escrow quoted on a Good Faith ESTIMATE could be $5,000. ANother large factor is the type of loan you are doing. An FHA loan has an upfront mortgage insurance premium
that is financed into the loan but is part of the closing cost calculations. Nowadays that fee on a $150,000 loan is 1.75% or $2625 so you haven't provided enough information to really answer your question.
As a general rule in New Jersey, with a loan with Escrows the total costs to get into a loan would amount to approximately $9,000. If you wish to discuss your EXACT circumstances feel free to call me 973-769-2572
0 votes Thank Flag Link Fri Apr 27, 2012
For the avobe purchasing price your closing cost could be about 3% of purchasing price.You may ask your lender for estimated closing cost.
0 votes Thank Flag Link Thu Oct 13, 2011
Lender fees are going to be the majority of your closing costs. So yes, asking your lender from the beginning would be the best idea. It also depends on what type of loan you are buying with. Generally yes, it's pretty safe to estimate about 2-3% of the purchase price.

The remaining costs will be your attorney fees, title insurance, recording charges, tax proration (this is simply paying your portion of property taxes for the quarter), and survey (if required by your lender).

** The best way to keep your closing costs low is to try and negotiate in a Seller's Concession (closing cost credit) into your contract. This allows you to put a portion of your closing costs into the Contract price so you don't have to bring as much at the closing tables. Your realtor should be able to tell you more about it when putting in your offer.

Rifah I. Manasra, Esq.
Manasra & Manasra, PC
1169 Summit Avenue
Jersey City, NJ 07307

0 votes Thank Flag Link Thu Oct 13, 2011
Hi Tahir,
Closing costs vary between 2-3 %. Your lender should provide you with a Good Faith Estimate. It is always a good idea to set an few extra dollars aside for last minute costs that may arise. Good Luck

Mirta Alsina
0 votes Thank Flag Link Wed Jun 1, 2011
Hello Tahir,
Just to be on the safe side closing cost should be around 3% of the Purchase Price, also be sure to ask your Lender for a itemized Good Faith Estimate, this will give you a more accurate idea of your total cost etc.
Hoping this helps.
Charlaine A Mercado
Realtor Associate
New Jersey Association of Realtors® Award of Excellence
Weichert Million Dollar Sales Club
Weichert Realtors® - 273 Grove Street – Jersey City NJ 07302
201.780.6962 mobile
201.333.4443 office
201.917.1360 e-fax
0 votes Thank Flag Link Tue Mar 15, 2011
Hi Tahir,

In general, closing costs are 1-2% of your purchase price. As the other agents have posted, your lender will be able to provide you with a more accurate estimate.

Good luck,

Chris Amberg
Weichert Realtors
Exchange Place Office
Cell: 917-428-8317
Email: camberg@weichert.com
0 votes Thank Flag Link Tue Mar 15, 2011
Hi, It all depends on your lender and their fees. You should request a good faith estimate (GFE) from your lender and this will break down the closing cost to you. Cost vary greatly from deal to deal.
You can do a rough estimate by calculating 2% of the sales price.
The best way is to get a GFE.
If you have any questions, feel free to contact me:
James Folise
Weichert Realtors
Sales Representtive
0 votes Thank Flag Link Tue Mar 15, 2011
Hi Tahir, it can depend on many factors and on average can be 2-3% of purchase price. However you should ask for an estimate from your attorney or your mortgage rep.
Hope that helps!
0 votes Thank Flag Link Tue Mar 15, 2011
It could be up to about 3% of the purchase price, don't forget your lawyers fee will cost about $1,000 approx.
Title search & title insurance, surcharge, misc. fee... it adds up.
0 votes Thank Flag Link Tue Mar 15, 2011
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