Closing Costs in NJ - Help! (real estate, insurance, mortgage broker)

[SweepTheLeg]

I just got a Good Faith Estimate from my Mortgage Co, and I had a few questions about the closing estimated costs. My mortgage company is very hard to speak with, so I figured I'd turn to the nice folks here.

Line 1109 - "Lenders Coverage" - I understand that is the title insurance for the Mortgage Company, and that is SEPARATE than my own Title Insurance? So I have to pay for two titles?

Lines 1201, 1202, 1203, and 1204 - Charges for recording fees, and tax stamps, and a lien release.

1) Does anyone have an estimate on what the recording fee in Mercer County is?

2) Does any town in Mercer Co. charge Tax stamps? Does NJ charge Mortgage tax/stamps?

The bank I'm using is based in Virginia, so they DO charge tax on mortgages, but I'm not sure if it affects me because the property is in NJ.

Thanks!!

[joe moving]

We paid $2193 on $392k for title insurance. I don't know what all that included, but we did not need anything more than that with regard to title insurance or title search. The fee for this is supposed to be regulated and I called around and the amounts were about the same so I figured it was correct.

Recording fees in Bergen county about $300 if that helps. I have no clue what a tax stamp is!

[SweepTheLeg]

Thanks Joe. The thing that is annoying me is that apparently, I have to pay for two title insurance deals - one for the lender and one for me. Is this normal?

[JamesBoyer]

Originally Posted by SweepTheLeg

I just got a Good Faith Estimate from my Mortgage Co, and I had a few questions about the closing estimated costs. My mortgage company is very hard to speak with, so I figured I'd turn to the nice folks here.

Line 1109 - "Lenders Coverage" - I understand that is the title insurance for the Mortgage Company, and that is SEPARATE than my own Title Insurance? So I have to pay for two titles?

Lines 1201, 1202, 1203, and 1204 - Charges for recording fees, and tax stamps, and a lien release.

1) Does anyone have an estimate on what the recording fee in Mercer County is?

2) Does any town in Mercer Co. charge Tax stamps? Does NJ charge Mortgage tax/stamps?

The bank I'm using is based in Virginia, so they DO charge tax on mortgages, but I'm not sure if it affects me because the property is in NJ.

Thanks!!

your not paying for two titles, you paying for the lenders part of the title insurance, and then you are paying for your part. Say you get a 80% mortgage, well the lender needs coverage up to that amount, any additional coverage, is for the part of the purchase price you paid out of your own pocket.

I would assume you have an attorney representing you. I would say that the best answer would come from your attorney who you are likely paying $800 or more for representation.

Moderator cut: NO SIGNATURES

[SweepTheLeg]

Originally Posted by JamesBoyer

your not paying for two titles, you paying for the lenders part of the title insurance, and then you are paying for your part. Say you get a 80% mortgage, well the lender needs coverage up to that amount, any additional coverage, is for the part of the purchase price you paid out of your own pocket.

I would assume you have an attorney representing you. I would say that the best answer would come from your attorney who you are likely paying $800 or more for representation.

Moderator cut: no signatures

Yes on the attorney, no on the 800.

[JamesBoyer]

Originally Posted by SweepTheLeg

Yes on the attorney, no on the 800.

OK,

I was not trying to be rude, but your attorney has the numbers for you down to tens of dollars, verses asking a bunch of people here who will just be guessing.

[SweepTheLeg]

Originally Posted by JamesBoyer

OK,

I was not trying to be rude, but your attorney has the numbers for you down to tens of dollars, verses asking a bunch of people here who will just be guessing.

My main concern seems to be the "tax stamps", which no one has an answer for.

There is an escrow impound already of prop taxes, homeowner's insurance, and PMI. I know there's going to be recording fees, but I'm wondering what these "tax stamps" are. My GFE has fees in it that are a little off-kilter for what I'm getting (1000 for homeowner's insurance vs. 700 for what I'm paying) plus Attorney Fee's (500 for what they assume vs. what I'm paying) so I'm wondering if they are are applying fees that aren't applicable in Jersey.

I also wanted to see what an average survey fee was.

[MegaJimako]

I would call a few NJ title agencies and ask questions. Also, I would ask a mortgage broker. I usually play dumb and ask tons of questions pretending I am in the market. Most are very helpful. Some will try to get you to make an appointment first.. Definitely call other agencies and ask. Competitors are usually keen on blasting the competition about useless other fees inflicted for more profit. If you really have the time and energy, there are tons of resources in the dept of banking and insurance, and the real estate commission. Ask your Lawyer...that's what you're paying him all that lute for. Don't pay anything they can't substantiate. There are tons of hidden fees and bullcrap costs...

[JamesBoyer]

Originally Posted by MegaJimako

I would call a few NJ title agencies and ask questions. Also, I would ask a mortgage broker. I usually play dumb and ask tons of questions pretending I am in the market. Most are very helpful. Some will try to get you to make an appointment first.. Definitely call other agencies and ask. Competitors are usually keen on blasting the competition about useless other fees inflicted for more profit. If you really have the time and energy, there are tons of resources in the dept of banking and insurance, and the real estate commission. Ask your Lawyer...that's what you're paying him all that lute for. Don't pay anything they can't substantiate. There are tons of hidden fees and bullcrap costs...

That is what the smart REALTORS, Mortgage Brokers, Title Insurance People, ... learn to deal with, people who just call up and want to play dumb and hope that we will give them our time for free, and let them go off and never use our services. That is why they try to get you to make an appointment, and the smart ones who are most likely the ones you want advising you, will not just give you the info on the phone.

My advice still stands, if the OP were working with a good attorney he she would be able to sit down and have all of these questions answered down to a few dollars. The old adage "you get what you pay for" comes in to play here.

[HalfFull]

Originally Posted by JamesBoyer

My advice still stands, if the OP were working with a good attorney he she would be able to sit down and have all of these questions answered down to a few dollars. The old adage "you get what you pay for" comes in to play here.

Amen to that. Depend on quality representation, it's worth the money.