mhgn25, Home Buyer in New Jersey

I like to know the % of the closing cost in ridgefiel park nj

Asked by mhgn25, New Jersey Sun Sep 8, 2013

Help the community by answering this question:


If purchasing with a mortgage ask your loan officer for a good faith estimate; you attorney can also provide answers as they apply to you....
1 vote Thank Flag Link Sun Sep 8, 2013
There is no set percentage. It varies widely by house, time (for escrows on taxes, sewers, etc), and mortgage program. For most homes, $10,000-$15,000 should do it. But you should also have another $20,000-$50,000 set aside for emergencies, repairs, etc., when you buy a home. There are always lots of surprises and expenses associated with home ownership.
1 vote Thank Flag Link Sun Sep 8, 2013
Closing costs are not determined by the town. They are determined by the home, the type of loan, the attorney you select, and the purchase price/loan amount. Well-meaning people will try to answer, but your lender of choice should be the one to answer this question. There is no way for you to be sure the information you are getting is accurate, and there is too much confusion. A lot is a matter of perspective, so be careful. For example, it was indicated that tax reserves and prepaid condo fees are closing costs. They aren't. They are settlement charges. Confusing.
Educate yourself and work with a well-qualified lender and attorney team so you aren't trying to make decisions based on incomplete, confusing, or wrong information.
best of luck to you!
0 votes Thank Flag Link Thu Oct 3, 2013
Closing cost consists of the following
Attorney charges
bank charges
title search and insurance
prepaid taxes
home owners insurance and prepaid insurance will be more for larger mortgage amounts
For Condo's prepaid HOA and initiation fees

It is not a % but depending on your taxes and mortgage amount will be between $5000-$10,000
0 votes Thank Flag Link Mon Sep 9, 2013
Roughly it can be between 3%-6%. It depends if you are purchasing cash or with a mortgage. Are you currently working with a lender? A lender can give you a better estimate based on your purchase. I'm a resident of this town and also a realtor. I know my two last clients had a closing cost of $9k and the other one a cost of $5k. Again, it really depends on the purchase price, type of purchase, etc. hope this helps!
0 votes Thank Flag Link Sun Sep 8, 2013
Although I have never confirmed this with others, my favorite lender tells me closing costs are approximately the same as the annual tax bill.
Good Luck,
Chris Gubb
0 votes Thank Flag Link Sun Sep 8, 2013
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