Besides what you pay for the house (or really what you borrow and then what you give the seller by way of deposit and at the closing), is what are called closing costs. Theyâ€™re expensive in New Jersey as they cover all the extra things you have to pay for besides the new house.
First of all, itâ€™s the costs to the lenders for their fees, (banks are always cheaper by a couple thousand dollars usually), which are lender fees (application fee, origination, mortgage insurance, if you borrowed 90% or more, appraisal fees).
Then there are the title costs which are the next highest items, $500 per thousand and approximately $300 for title search and endorsements.
In addition, there is your home inspector, surveyor, if necessary, attorney fee, cost of recording Deed and Mortgage and Notice of Settlement (estimate â€“ $350) and surprise, surprise, finally the extra advance payments of taxes (usually 3 months, but can be 4, so take one-third of yearly taxes), and then there is about a month of mortgage interest.
If you estimate $10,000 for a house about $400,000, youâ€™ll be close.
mortgage application and commitment fees, home owner's insurance, title search fees, attorney's fees, recording and transfer fees, appraisal, survey.
The nature and cost of these fees will vary by lender.