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What are closing costs and how much should I expect to pay?

Closing costs include loan origination fees, appraisal, title search and insurance, attorney fees, prepaid property taxes, and homeowner's insurance premiums. In New Jersey, closing costs typically range from 2 to 5 percent of the purchase price. On a $350,000 home, that means $7,000 to $17,500. Your lender provides a Loan Estimate within three days of application.

Why It Matters

Budgeting for closing costs upfront prevents surprises at the closing table and ensures you have enough cash on hand to complete the purchase.

Related Questions

What should I look for during an open house? How much should I save for a down payment? What are closing costs and how much are they? What loan options are available for first-time buyers? What questions should I ask my real estate agent when buying?

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