Realtor / Real Estate
Agent in Millburn/Short Hills N.J., Livingston, Summit, Chatham,
Maplewood, South Orange, and Madison New Jersey |
Millburn
/ Short Hills Realtor Site Map
The
first rule if you want the best possible property-buying
experience is to be prepared. This means considering
carefully your property requirements and taking
the time to ensure that you are prequalified for
an adequate loan.
Be sure that all your documents, including downpayment
documentation, are ready for the moment you find
your dream home.
If you
have questions about Millburn/Short Hills Real Estate,
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Don't
Forget Personal Home Features & Your Ideal Area
You also
need to draw up a list of all the features that you
would like to see in your new property. However, it
makes sense to begin the process of choosing your new
home by selecting an area that offers the facilities
you are looking for, in particular schools and work,
and then find a neighborhood you would be comfortable
in. Then, and only then, can you begin your home search
with confidence that it will yield the perfect property--your
dream home.
After seeing several properties, you may begin to get
a little confused about all the different features of
each one, so it's a great idea to take notes as you
go. This way you'll be able to arrive at the best possible
decision after seeing everything that fits your basic
criteria. You can view all homes for sale in
the featured communities below, or you can
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Fire and extended coverage insurance policy in
the amount of the mortgage. This must be presented
at closing. Recommended: Homeowners policy to cover
both mortgage amount and your equity in the home.
All buyers should be present. If this is not possible,
tell your attorney or title company in ample time
to see if they can make special arrangements.
Bring certified check to closing, made out to you
in the amount of the purchase price less down payment
and mortgage, to be endorsed to proper parties at
closing.
Bring some personal checks to cover miscellaneous
closing costs, such as attorney's fee, tax or insurance
escrow or adjustments, fuel oil, etc.
Order telephone service.
We will take care of having utilities transferred
except telephone, if you desire.
Check your new post office address zip code.
Summary
of Estimated Closing Costs
Mortgage application: $250-400
Points: 1 point equals 1% of the mortgage amount.
Example with $70,000 mortgage, 1 point = &700
Attorney's fees: $650-1000
Recording fees for Deed & Mortgage: $80-100
Title Search: $150-200
Title insurance: $3.25 per $1000 of sale price up
to $500,000; $2.00 per $1000 os sale price up to $2,000,000
Survey: $350 & up
Homeowner's insurance policy: based on variables,
$400 & up Single family; $250 & up condos
Flood insurance: $350-400 depending on mortgage
amount and location of property.
Private Mortgage insurance (PMI): Required with
less than 20% down payment;
varies:
5% down -.78 of mortgage amount / 12 = monthly
PMI cost
10% down -.52 of mortgage amount / 12 = monthly
PMI cost
15% down -.34 of mortgage amount / 12 = monthly
PMI cost
1 to 2 months PMI is paid at closing
Tax adjustment: Example: on a $200,000 house taxes
of $2800 annually , $0-700 depending on which day
of the quarter you close.
Tax escrow: Example: on a $200,000 house taxes of
$2800 annually , $770-950 depending on which day of
the quarter you close.
Special assessments: Example: Sewer of Curbing.
Interest adjustments: Example: With a $100,000
mortgage at 8% = $734 per month which is prorated
per day
Radon Inspection: $75
Termite Inspection: $75-200
Home Inspections: $250 & up
Fuel Oil: $0-500
Review fee: Fee to lending institution if you use
other than their attorney, $100-350
Realty transfer fee: (generally paid by seller)
Standard rates: $1.75 per $500 up to $150,000, $2.50
per $500 over$150,000
New Construction:
$.75 per $500 up to $150,000, $2.50 per $500 over$150,000
Sr. Citizen - 62 & over, or blind or disabled:
$.50 per $500 up to $150,000, $1.25 per $500 over$150,000
