NWR Closing costs

Danes983

Would you all mind sharing an estimate on how much  your closing costs were if you recently bought a townhome in NJ?  I am trying to save money for this (in addition to the wedding) and am just curious how crazy I am trying to do this is 6-8  months. LOL

kristen8040

We have a regular house, but since it's in South Jersey, we got it pretty cheap.  We asked for $5000 in closing costs from the seller, and ended up needing about $3000 at closing.

akmackay

We bought a house just over a year ago... looked at our papers and it looks like the cost was 10,176.51 plus inspection cost etc. Does this seem right? Not sure if that's exactly it... I remember the lending person said it would be around $8,000 and we laughed at that price in the end b/c it was so off.

ffbride_0813

I dont have my contract but I believe it was between $3K and $5K.  When you get preapproved I believe they can give you a breakdown of all the costs you will have when you go to closing.  I know we paid our down payment, closing costs, taxes and partial months payments depending on when we closed. 

ffbride_0813

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/local-wedding-boards_new-jersey_nwr-closing-costs?plckFindPostKey=Cat:Local Wedding BoardsForum:90Discussion:ac0e8694-5e20-442e-932f-1c6b2e24e74dPost:e05decf8-72cb-4671-a4aa-591a1d5c7a76">Re: NWR Closing costs</a>:
[QUOTE]We bought a house just over a year ago... looked at our papers and it looks like the cost was 10,176.51 plus inspection cost etc. Does this seem right? Not sure if that's exactly it... I remember the lending person said it would be around $8,000 and we laughed at that price in the end b/c it was so off.
Posted by akmackay[/QUOTE]

This may be all the fees I was talking about.  There is a bunch more money we had to actually bring that wasnt part of the closing costs that go to the bank. 

goaliegirl

I don't have the papers handy, but I believed we paid around $8000 in closing costs when we closed on our house in November. 

Danes983

Oh boy. I better start saving.

goaliegirl

yes...closing costs are ridiculous.   There are a lot of variables as well, including escrow money, buying points, etc.    As a pp said, when you get approved for a mortgage you can get a basic idea of what your closing costs will be, but be prepared for them to be more than that.  

ffbride_0813

I also saved a little bit of money on my closing costs by going through a bank my company had a discount program with.  They waved a lot of the lender fees.  By far the craziest cost was the title search.  It was $2K and I had to pay it again when I did my refinance through the same company.  I already paid the title search 2 years earlier.  What else could you find?

TuffysMommie

It was a few years ago, but I remember the closing costs being really low in my townhouse (Monmouth county).  My mom is an attorney, so there was no attorney fee. I bought it from the owner, so there was not realtor or realtor fees involved.  There was no inspection cause the the building was new (probably stupid on my part, but it's been over 3 years and no problems.  Even if he climbed the roof of the townhouse and found it needed a new roof, the association would have to deal with that and not me personally) So, I wouldn't recommend doing that, but in my case, it worked in my favor.

I remember there being a title search and some other things, but it wasn't high - and I'm pretty sure it was nowhere near $10,000.

gymchick05

Mine was between 5-6k last year for a $220k townhouse. If I had known I was going to meet my FI right after, I may have waited and saved my downpayment and closing costs to help w/ the wedding haha

HeatherC37

We closed in May and we had to bring around 6k to the table. It would have been closer to 8, but we had a $1500 credit.

melliott09

We closed in June 2008, we had $5k in costs paid by the seller and we paid about $8k day of closing. We are in Middlesex County.

USER876

You Lender should be able to give you a good faith estimate that lists all closing costs.
 The biggest line items are points (avoid this), insurance escrow, and prepaid interest until the end of the month.  If you close the second, you basically pay a whole month of interest, if you closed on the 29, you would only pay 1 day of interest at closing (much less).  The other fees are pretty standard, title insurance, survey, flood cert, escrow, bank fees, and your attny fee.  Of course if you are selling, you pay a realtor fee too.

It usually ends up being around 2-2.5% of the sale price (give or take).