Are you wondering how much cash you will actually need to close on a Moorestown home? You are not alone. Between lender fees, title charges, inspections, and escrows, the numbers can feel confusing. In this guide, you will learn what buyers in Moorestown and nearby Burlington and Camden County markets typically pay, how each line item works, and practical ways to reduce your cash to close. Let’s dive in.
What Moorestown buyers typically pay
Most New Jersey buyers spend about 2% to 4% of the purchase price on closing costs, not including the down payment. Your exact total depends on your loan type, title choices, property taxes, and whether you receive a seller credit. New Jersey’s higher property taxes and escrow requirements often make the prepaid items one of the biggest drivers of cash to close.
Key New Jersey notes
- In a standard sale, the New Jersey realty transfer fee is generally paid by the seller.
- Closings usually involve a title company or an attorney. Those fees, plus owner’s title insurance, are meaningful line items.
- Lenders collect initial escrows for property taxes and insurance. This can add several thousand dollars upfront.
- By law, lenders provide a Loan Estimate within three business days of application and a Closing Disclosure at least three business days before closing.
Your closing cost checklist
Use this section to understand each category and plan your budget.
Lender and loan fees
- What it covers: origination or processing, underwriting, credit report, appraisal, flood determination, and any lender-required inspections.
- Typical ranges:
- Origination and processing often 0.5% to 1.5% of the loan amount or a flat fee around $500 to $3,000.
- Appraisal about $400 to $800 in South Jersey.
- Credit report about $25 to $50.
- Loan-specific items:
- FHA loans include an upfront mortgage insurance premium that is typically about 1.75% of the loan. Many buyers finance this.
- VA loans include a funding fee that varies by status and down payment. Many buyers finance this.
- Points cost 1% of the loan amount per point in exchange for a lower rate.
Title, settlement, and attorney costs
- What it covers: title search and exam, lender’s title policy, optional owner’s title policy, settlement or closing fee, attorney fee, and document handling.
- Typical ranges:
- Owner’s title insurance often 0.2% to 0.6% of the purchase price.
- Title search, settlement, and attorney together often $800 to $2,000.
- Recording fees for deed and mortgage typically $50 to $300, depending on pages and county.
- Tip: Ask for a detailed title fee quote early and compare proposals.
Inspections and surveys
- What it covers: general home inspection, termite or wood-destroying insect inspection, radon test, sewer scope, septic inspection if needed, and a survey if required by your lender.
- Typical ranges:
- Home inspection about $300 to $700.
- Termite about $50 to $150.
- Radon about $125 to $250.
- Sewer scope about $150 to $300.
- Survey about $300 to $900.
- Local note: Many Moorestown and nearby suburban properties are on public sewer. Needs vary by home age and neighborhood.
Prepaids and escrows
- What it covers: first year of homeowners insurance, prepaid mortgage interest from your closing date to month-end, and initial escrow deposits for taxes and insurance.
- Typical ranges:
- Homeowners insurance around $600 to $2,000 for the year, depending on the home and coverage.
- Initial escrow often equals 2 to 6 months of combined tax and insurance estimates.
- Prepaid interest can range from a few hundred to a few thousand dollars based on your closing date and mortgage rate.
- Why it matters in NJ: Because property taxes are comparatively high, the required escrow cushion can be one of your largest line items.
Taxes and recording
- Realty transfer fee: typically paid by the seller in New Jersey.
- Property tax proration: taxes are prorated between buyer and seller at closing. Confirm the current annual tax bill with the local tax assessor or the listing agent.
- Recording fees: buyers commonly pay to record the deed and mortgage. Check the Burlington County Clerk schedule for Moorestown properties, and Camden County Clerk for nearby transactions.
HOA and miscellaneous
- HOA or condo costs at closing may include the first month’s dues, a transfer fee, and reimbursement for any prepaid dues. Amounts vary by community.
- Miscellaneous items like wire, courier, and notary fees can add $20 to $200.
Example closing budgets
Below are common scenarios to help you plan. Your actual figures will vary based on lender, title company, insurance, and exact tax amounts.
Quick estimates by price
- $350,000 purchase: about $7,000 to $14,000 in closing costs.
- $500,000 purchase: about $10,000 to $20,000 in closing costs.
- $750,000 purchase: about $15,000 to $30,000 in closing costs.
These estimates reflect the common 2% to 4% range in New Jersey. A larger escrow deposit, higher insurance, or certain loan programs can push totals higher. A seller credit or lender incentive can bring them down.
Worked example: $500,000 in Moorestown
Assumptions: conventional loan with 20% down, loan amount $400,000, owner’s title insurance purchased, standard inspections, typical local taxes with an escrow account.
- Lender fees and appraisal: about $2,500.
- Title search plus lender’s and owner’s title insurance: about $2,000 to $3,000.
- Attorney or settlement fee: about $1,200.
- Recording and minor fees: about $200.
- Home inspection, termite, and radon: about $600.
- First year homeowners insurance: about $1,200.
- Initial escrow for taxes and insurance: about $3,000.
- Prepaid mortgage interest: about $800.
- Estimated total closing costs: about $11,500 to $14,500, which is roughly 2.3% to 2.9% of the price.
How to lower cash to close
You have options to manage your upfront cash without sacrificing peace of mind.
Negotiate seller help
- Ask for a seller credit to cover part of your closing costs. Loan programs limit how much the seller can contribute, but even a modest credit can make a real difference.
Finance eligible items
- Some charges can be financed rather than paid in cash. For example, many FHA buyers finance the upfront mortgage insurance premium. Discuss options with your lender.
Shop providers
- Compare Loan Estimates from multiple lenders. Even small rate or fee differences can change your bottom line.
- Request itemized title and attorney quotes. Owner’s title insurance rates and settlement fees vary.
- Get homeowners insurance quotes during attorney review so you can lock a competitive premium.
Consider title choices carefully
- Owner’s title insurance is optional but strongly recommended. If you shop providers and ask for a clear breakdown, you can control this cost without giving up protection.
Explore assistance programs
- First-time buyers may qualify for down payment or closing cost help through state or local programs. Check New Jersey Housing and Mortgage Finance Agency resources for current offerings and eligibility.
Next steps for Moorestown buyers
- Ask at least two lenders for a Loan Estimate and compare fees, projected escrows, and rate with points versus no points.
- Request a sample settlement statement from your title company or attorney as soon as you go under contract.
- Confirm the current annual property tax bill with the listing agent or local assessor so escrow estimates are realistic.
- Schedule standard and specialized inspections right after attorney review.
- Start homeowners insurance quotes early. Your lender will need proof of coverage before closing.
- Review your Closing Disclosure carefully at least three business days before settlement and ask questions quickly if something looks off.
Ready to plan your budget with a clear, step-by-step roadmap tailored to your home and loan? Connect with Patty Smith for local guidance and white-glove support from contract to keys.
FAQs
What are typical buyer closing costs in Moorestown, NJ?
- Most Moorestown buyers spend about 2% to 4% of the purchase price on closing costs, excluding the down payment.
Who pays New Jersey’s realty transfer fee in a standard sale?
- In most standard transactions, the seller pays the state realty transfer fee, not the buyer.
Why do New Jersey closings require large escrows?
- Lenders collect upfront escrows for property taxes and insurance, and New Jersey’s comparatively high property taxes make this line item significant.
What inspections should I budget for in Burlington and Camden Counties?
- Plan for a general home inspection, termite, and radon; consider a sewer scope or septic inspection if relevant to the property.
How can I reduce my cash to close without risking the deal?
- Negotiate a seller credit, compare lender and title quotes, explore assistance programs, and discuss financing eligible items with your lender.
When will I see my final numbers before closing?
- Your lender must provide a Closing Disclosure at least three business days before settlement, giving you time to review and ask questions.
Are attorney fees typical for New Jersey home purchases?
- Yes, many NJ buyers use an attorney or a title company for settlement, and you should expect related closing and professional fees.
