Loan Estimate Challenges
New Jersey’s Biggest LE Challenges

Homeland of the Jersey shore, the Boss himself, Bruce Springsteen, and some of the best damn tomatoes on the East Coast, New Jersey is a state worth acquainting yourself with.

Title insurance rates are promulgated in New Jersey. The standards are set and enforced by the New Jersey Land Title Insurance Rating Bureau (NJLTIRB). 

Recording Fees and Transfer Taxes

Recording fees are county-specific here, and tend to vary from county to county.

Transfer taxes are applied in tiers in New Jersey, with a different tier imposed for home purchases of greater than $350,000. Notably, for purchases over that price, the price of each tier on the purchase is higher (isn’t just applied at the highest level). Purchases below $350,000 are subject to a different set of transfer tax tiers.

Refinance Discounts

New Jersey also offers a discounted refinance rate when a borrower refinances his or her loan on the property that was previously insured which may be referred to as a recast or substitution loan. This discounted rate may be applied up to the face amount of the prior mortgage (or mortgages) with the exception of construction loans. Any amount in excess of the aforementioned amount should be calculated using the standard rates in the appropriate brackets.

Mansion Tax

Finally, home purchases for properties over $1 million are subject to a “Mansion Tax,” which amounts to one percent of the purchase price.


Last edited July 14, 2023

LodeStar Software Solutions prides itself on being the most accurate provider of the most up-to-date closing fees in the mortgage industry—so much so that we guarantee those rates. However, unlike the closing fee data we provide our clients through our product, LodeStar can only guarantee the accuracy of the content delivered through LE Challenges at the time of publication.LE Challenges is published solely for marketing and advertising purposes to provide an example of the depth and breadth of our commitment to providing accurate closing fees to its clients. While we do our best to update the content of LE Challenges as often as possible, the data shared here is in no way intended to serve as data to be relied upon in the generation of an actual Loan Estimate or any other element of a mortgage transaction.



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