What are the Closing Costs in NJ?

Deal Score0

Here is a list of “fees” on the Good Faith Estimate from Wachovia
Interest Rate is 5.500% (6.191% APR)

0801 Loan Origination Fee: $ 1446.53
0803 Appraisal Fee $ 300.00
0804 Credit Report Fee $ 15
0812 Flood Certification $ 15
0818 Application Fee $ 60
0901 Interm Interest $ 66.54
0902 FHA PMI $ 2531.43
1003 City Property Tax $ 978 (3 payments)
1101 Settlement Fee $ 300
1103 Title Examination $ 650
1108 Title Insurance $ 705
1201 Recording Fee $ 120 (includes deed/mortgage)
1301 Survey $ 125
1311 Free Form From MPOS $ 500

Total Settlement Charges $ 7812.50

The title company sent me a letter with the following (ill type in CAPS to distinguish the difference)

INSURANCE PREMIUM: REISSUE
OWNER’S POLICY: $ 588
LOAN POLICY: $ 25

CHARGES:
EXAMINATION OF TITLE: $ 90.00
MUNICIPAL LEIN SEARCH $ 45.00
PATRIOT NAME SEARCH VS BUYER: $ 10
UPPER COURT VS BORROWER: $ 15
TRANSACTION MGMT PLATFORM: $ 25
CORPORATE STATUS VS SELLER $ 35

TOTAL: $ 833

SETTLEMENT FEE (NOT INCLUDED IN TOTAL)
INSURED CLOSING LETTER: $ 25.00
FLOOD CERTIFICATION: $ 20.00
TIDELANDS SEARCH: $ 75.00
DRAFTING OF METES: $ 50.00

ENDORSEMENTS (25 PER ENDORSEMENT)
ENVIRONMENTAL ENDORSEMENT
LENDER’S SURVEY
ALTA 9-06 RESTRICTIONS
ALTA 4.1-06 CONDO ENDORSEMENT
ALTA 6-06 VARIABLE RATE
ALTA 22 LOCATION
ALTA 5.1-06 PUD
SURVEY

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Is the GFA estimate accurate? Some items are listed in the GFA and then relisted in the estimate from the title company (do I need to pay twice?)

If it’s not listed, do i need to pay those fees? If there are items not listed, please let me know so I can ask my lender (Wachovia) if I am responsible for them.

Thanks
Thanks you for your help

1 Comment
  1. Reply
    Noneya
    April 29, 2011 at 10:36 pm

    I emailed you because the title fees look high to me so I’m verifying with a national title company but I need to know what county you’re in.
    The big thing to me is that the numbers did not make sense on your first post so I am going to build a GFE for you to show how your earnest money deposit affects how much you have to bring to closing. The other thing I question is if they are using seller concessions to offset the closing costs.

    Edit: Ok the title fees are a little high but not by much. The GFE is just an initial estimate so the fees may go up. For example the title company sent you a separate estimate for their fees. You should compare it to the GFE and realize that your fees will be whatever the title company sent you. Everything else looks normal except there is no charge listed for underwriting or processing but other than that it all looks good.

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