• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Melissa DeSantis

Real Estate Redefined

  • Home
  • About
  • Selling
  • Buying
  • Our Towns
  • Blog
  • Contact

So What are Closing Costs Anyways?

November 28, 2018 by Melissa DeSantis

CLOSING COST – NJ REAL ESTATE

New Jersey Real Estate Closing Cost – HOW MUCH DOES IT REALLY COST ?

Many homebuyers think that saving for their down payment is enough to buy the house of their dreams, but what about the closing costs that are required to obtain a mortgage?

By law, a homebuyer will receive a loan estimate from their lender 3 days after submitting their loan application and they should receive a closing disclosure 3 days before the scheduled closing on their home. The closing disclosure includes final details about the loan and the closing costs.

But what are closing costs anyway?

According to Trulia:

“Closing costs are lender and third-party fees paid at the closing of a real estate transaction, and they can be financed as part of the deal or be paid upfront. They range from 2% to 5% of the purchase price of a home. (For those who buy a $150,000 home, for example, that would amount to between $3,000 and $7,500 in closing fees.)”

Keep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. As mentioned before,

Closing costs are typically between 2% and 5% of your purchase price.

Trulia continues to give great advice, saying that:

“…understanding and educating yourself about these costs before settlement day arrives might help you avoid any headaches at the end of the deal.”

Bottom Line

Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.

Filed Under: Buyers

Topics

  • Buyers (8)
  • Colts Neck (8)
  • eXp Realty (1)
  • Freehold (16)
  • Howell (7)
  • Living in Monmouth County! (22)
  • Local Businesses (9)
  • Manalapan (12)
  • Marlboro (9)
  • Monmouth County Neighborhood Tours (6)
  • Real Estate (38)
  • Real Estate Tips (7)
  • Sellers (15)
  • Uncategorized (4)
  • Videos (16)

Recent Posts

  • 10 Places for You to Explore in Monmouth County!
  • The Top 3 Destinations NJ Residents are Moving To
  • Explore the Aldin Model at Regent Oaks Community
  • Discover the Regent Oaks Development in Freehold, NJ
  • Home Buyer Tips When Buying New Construction
  • 3 Things To Know When Selling Your New Jersey Home
  • 8 Things You Need To Know About The Freehold Regional High School District
  • Luxury Living At Marlboro’s Lexington Estates
  • A Tour Of The Monmouth Heights At Marlboro Development
  • The Monmouth County 2022 Year-End Review

Navigate

  • Home
  • About
  • Selling
  • Buying
  • Our Towns
  • Blog
  • Contact

Melissa DeSantis

Servicing Monmouth, Ocean & Middlesex Counties

218 Schanck Road, Freehold, NJ 07728

Cell: 732-757-2522

Office: 732-210-9973

Email: m@melissadesantis.com

LET’S GET SOCIAL

  • Facebook
  • Instagram
  • LinkedIn

Copyright © 2023 · Melissa DeSantis · Site Design by FGD