All Forum Posts by: Paul Stewart

@Jenny Moore I would be careful having a PM do this for you. Sounds like a possible recipe for  a negative outcome. 

@Chris Anderson Yes, That's what it was for me in NY. I was told by others in NJ that you only need to pay a quarter and no escrow upfront but i'm thinking that can only work for properties your buying out right with no mortgage. As @Debra A. mentioned I was also thrown off by my clossing estimate saying 3 months but I guess the extra month is a cushion depending on what part of the month you closing date falls on. 

@Steve Uhlig Did you check sold Comps in the area? Sometime's I feel its hard to gauge off of what people put their properties up for. I get a better sense of the area's market when I look through sold properties with a fine tooth comb as the saying goes. 

@Chris Masons I just looked on line and its says a 200K house is a 4,000 mortgage fee. It might depend on lender and price amount down payment what type of loan etc etc. 

@Chris Masons yes there is. If I remember off the top of my head I think my fee was just over 3k. That was on a $250K SFR my total closings in NY without my down payment was almost 18K luckily I got a sellers concession that covered most the closing costs.

@Garret Chiaramonte I finally got to the bottom of it yesterday. It does vary lender by lender.  Bottom line it still way cheaper in NJ compared to my closing in NY.

Thanks Kurt. It does seem like a lender requirement thing to me as well. Currently looking to change lenders if I can get a better deal. 

@Kurt Kwart Hey Kurt, sorry to bother you but i'm sure you would be able to give me some insight on this question if you have a chance to read the topic. Thanks in advance. 

Thanks @Chris Masons It very well be me misunderstanding. I just want to know exactly what is correct and what is not. I was under the impression that in NJ or at least Atlantic County Nj you did not have to pay the insurances a full year upfront.  

So i'm about to make a offer on a property in Atlantic city. I own a home in New York. I have been told by several people in Atlantic city (real estate agent, home owners other investors) that in NJ at closing you only have to pay a quarter of your taxes, home owners insurance and flood insurance upfront. As in NY all that has to be paid for a year in advance. My lender gave me the break downs of the closing costs for the price i'm willing to pay and it seems very high to me. His estimate has me paying in advance labeled as ( items required by lender to be paid in advance) 12 months of homeowners insurance and 12 months of flood insurance then under that its labeled ( reserves deposited with lender) 

3 months of homeowners insurance, 3 months of flood insurance and 5 months of property tax.  so basically i'm paying 15 months of homeowners and flood insurance at closing...that does not seem right to me that's more then NY and from what I have been old from several people that is not case in NJ. So maybe i'm misunderstanding something on 1 end or the other...but figured I'd write a post and see if I can get some answers as far as closing in NJ. my total on closing is coming out to be $16,400 and 8,000 of that is my deposit. So that's $8,400 to close. That seems high in NJ to me. Like i mentioned before everyone i spoke to said they paid in the $4000 to $5000 range to close not including their down payment. Any hot takes on this? I might be completely misunderstanding something. I asked my lender but I still did not really understand him. He told me he needs the 12 months upfront that its law..