Buyer Closing Costs in New Jersey

Closing costs in New Jersey are typically 2% to 3% of the purchase price. To help you budget, we’ve compiled a list of expenses you should expect as you buy a home. Closing costs could be rolled into the loan amount or be paid at closing, depending on the loan program, loan characteristics and lender practices. Consider reaching out to lenders to learn more about their available loan program types and options for closing costs.

Buyers are responsible for paying certain fees associated with receiving a mortgage, along with recurring fees after close (like homeowners insurance). Sellers, however, usually pay the buyer and listing real estate agent commissions, transfer fees and their own attorney costs. Many items can be negotiated by contract to ensure all parties are satisfied with the transaction.

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.

Legal Fees and Title Costs

Attorney Fee $1,500 to $2,200
Survey $450 to $800
Recording Fees (Mortgage & Deed) $200 to $300
Tile Search/Policy Endorsements $250 to $500
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 (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 $600 to $900
Radon Inspection $120 to $300
Wood Destroying Insect Inspection $75 to $150
Septic Inspection (if applicable) $750 to $1000
Oil Tank Inspection (if applicable) $200 to $500
Additional inspections if needed such as Asbestos, Mold, Chimney, or structural engineer Costs vary.