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.



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