Home Buyer Closing Costs in New Jersey

A Home Buyer’s closing costs in New Jersey typically range from 2 to 3 percent of the homes sale price.  The majority of the expenses below are paid at closing.  The Buyer’s Closing Costs list below is only an approximation of the costs a buyer may encounter when buying a home in New Jersey. It is not an exhaustive list.  The actual costs incurred may vary by provider.

If you will be getting a mortgage to finance your home purchase, you may also want to check out my mortgage calculator for an approximate mortgage payment per month, as well as your approximate costs over the life of the mortgage.  For more information about the mortgage process and your mortgage options, go to the Prosperity Mortgage website.

For more information on the Home Buying Process, please give me a call at 908-656-1782.

Legal Fees and Title Costs

Attorney Fee $1500 to $2,200
Survey $450 to $800
Recording Fees (Mortgage & Deed) $200 to $300
Title Search/Policy Endorsements $250 to $300
Title Insurance Premium Check with attorney or lender
Miscellaneous Fees Check with attorney

Mortgage Costs

Application Fee (with Credit Report) $300 to $600
Appraisal $400 to $600
Miscellaneous Mortgage Costs $100 to $600 (Varies, check with your lender)
PMI or Private Mortgage Insurance Check with your lender
Points Check with your lender

Points are a fee to the lender to “buy down” the interest rate on a mortgage.
1 point = 1% of mortgage.  For example, 1 point on a $800,000 mortgage = $8,000

Inspection Costs

Home Inspection $300 to $900
Radon Inspection $120 to $300
Wood Destroying Insect Inspection $75 to $150
Septic Inspection (if applicable) $750 t0 $1,000
Oil Tank Inspection (if applicable) $395 to $500

Additional inspections if needed such as Asbestos, Mold, Chimney, or structural engineer.  Costs vary.

Additional Expenses

Homeowner’s Insurance (1 year prepaid) Check with insurance provider
Homeowner’s Insurance – up to 2 months escrow Check with attorney or lender
Property Taxes – up to 3 months escrow Check with attorney or lender
Mansion Tax (If applicable) Check with attorney

The NJ Mansion Tax on residential properties is 1% of the total consideration, if the purchase price exceeds $1,000,000.