Profile picture for crodriguez08

Closing Costs?

Hello all,
So I know I am about to ask a loaded question, but I am wondering what the closing costs might be for a home in New Jersey, South Jersey to be more specific, with a value of $230,000 and putting 20% down?
Again, I realize this is a difficult question, but I have tried to do some research and got figures all over the place. Some say to take 3% of the purchase price which would be just under $7000, but some estimates are around $15,000. I will soon be in the market to purchase a home and just want to try and get an idea of what to expect the total amount of closing costs might be.
Any information or insight provided is greatly appreciated.
Thanks,
Chris.
  • July 10 2013 - US
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Answers (5)

You might try getting more than 1 company to give you a good faith estimate on your particular situation.  The GFE is universal to the mortgage companies and you can see what the overall fees are for each listed items and compare and contrast.   This will help you become more educated with the estimate of settlement charges for your final mortgage choice.  Good luck.

  • August 27 2013
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Profile picture for MyAgentSarah
If your lender is good, he/she will give you a few loan scenarios, so that you can determine what makes the most sense for you. 

If bringing money to the closing table is prohibitive for you, its possible to make an offer for more than the purchase price and roll up those expenses in your loan. If having lower monthly payments is the most important thing to you, then you may decide that paying more at closing is the best option.

Again, this is something you just have to sit down with your lender and figure out. There are so many variables, its impossible to give a general answer. 
  • July 10 2013
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Profile picture for GMerino
Chris,

Estimates will be all over the place if you are rate shopping because some quotes may include points for the rate.  What would be best is to speak to a lender do some comparisons shopping because everyone lender will be different when comes to bank fees.  Some may charge a loan origination fee, some may not but charge you discount fees to buy down the rate.  You have a choice to escrow or not, some lenders may have an increase to the rate, some may charge you up front . . . it all depends. 

The best thing to do even before you go out to look for a home is to get preapproved with a commitment letter. 
  • July 10 2013
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There are many variables involved.  It really will vary lender to lender depending on the amount of mortgage lender fees charged.   The 3rd party charges like title work, title insurance, appraisal, and recording fees will be around the same regardless of the lender you choose.  Another big variable will be escrows for taxes if you choose to escrow.  Depending on when you close you may need anywhere from 3 to 5 months taxes up front.  My office is in the SJ area.  Feel free to contact me through my profile with any questions.  Good luck!
  • July 10 2013
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Profile picture for Tyler Tapley
A lot of it depends on the loan amount and the type of loan you are getting.  Also, in some markets...sellers can actually pay a portion of your closing costs..but it depends on the type of loan you are getting.

I'd recommend talking to a real estate agent and a loan officer.

They will be able to help and can maybe even negotiate a deal where the seller pays a portion of your closing costs.
  • July 10 2013
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