Lender charges
Origination, processing and underwriting fees, and any charge you choose to pay to lower the rate. A lender credit can offset some costs in exchange for a higher rate.
Madison, Morris County
From contract to keys in Madison, NJ: closing and the first year
For Madison buyers, including those who rent now: the two forms to compare, what the closing costs pay for, the cash to bring, and what to watch in the first year after you get the keys. Fidelity Residential is a direct, licensed mortgage lender with a New Jersey office on Route 36 in West Long Branch, in Monmouth County, and we lend across New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
Where are you?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Madison housing
Owners and renters, and many recent moves
Census Bureau estimates for 2020 to 2024, from the American Community Survey, show about 16,400 residents in the borough of Madison and about 5,800 homes. Close to two households in three own their home, an estimated 63.8 percent; the other 36.2 percent, about 2,000 households, rent.
The median value of owner-occupied homes is about $943,200, by the Census estimate.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our office is at 121 NJ-36, Suite 230, West Long Branch, in Monmouth County; we do not have an office in Madison, and we lend across New Jersey.
The homes and the households
- Recent moves: about 22 percent of households moved into their home in 2020 or later
- Mortgages: of about 3,600 owner-occupied homes, an estimated 67.6 percent have one
- Two to four units: about 15 percent of homes are in buildings of two to four units
- Detached houses: an estimated 63.4 percent of homes
- Median age: an estimated 38.2 years
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
Before closing
Two forms to compare line by line
After you apply, the lender gives you a Loan Estimate: the estimated rate, payment and closing costs. Before closing you receive the Closing Disclosure, with the final figures.
Lay the two side by side and ask your loan officer about anything that changed. Your loan officer stays in touch through closing and can walk you through the figures, the first payment date and the amount to bring.
What to bring
- Identification: photo ID for everyone signing
- The funds to close: usually by wire transfer or cashier’s check
- Insurance: proof of homeowners insurance, if it has not been sent
- Anything else asked for: documents your closing agent or loan officer requested
Confirm wiring instructions by phone with the closing agent, on a number you trust, never by email alone.
Closing costs
What the closing costs pay for
Your Loan Estimate lists each one. The amounts depend on the price, the loan, the program and where the home is.
Appraisal and credit report
Paid to the companies that value the home and pull your credit. Some loans also need a flood check.
Title
The title search, the settlement fee and title insurance: the lender’s policy, and an owner’s policy if you choose one.
Recording and transfer
Fees to record the deed and the mortgage, and any transfer taxes, often among the larger costs.
Prepaids and escrow
Interest to the end of the month, the first year of homeowners insurance, and deposits to your escrow account for taxes and insurance.
Inspections
A home inspection and a pest inspection, strongly recommended on a purchase.
Some services, such as title in many areas, you may shop for yourself; your Loan Estimate says which. See our guide to closing.
Timing
Make the rate lock last to closing
Appraisers, title companies and underwriters get busy, and a closing date can slip. Choose a lock period that covers your closing date with room to spare, and watch when it ends; a lock that runs out may have to be renewed at a different price. Our rate lock policy explains how it works with us.
Renting now? Set your lease end against your contract dates with some slack, because a closing date can move if a document is late.
After the keys
The first year: three letters to expect
The escrow analysis
Once a year the servicer compares what it collected for taxes and insurance with what it paid. The first one often shows a shortage, usually because the tax figure at closing was an estimate. Check it against the county’s actual bill before you pay.
The week after the keysA new servicer
If your loan moves to a new servicer, the terms stay the same; what changes is where you send the payment. Confirm the new address before you set up automatic payments.
The year-end statement
Your servicer sends a mortgage interest statement, Form 1098, for your tax preparer. Keep it with your Closing Disclosure and the rest of the closing folder.
Questions
Closing questions from Madison buyers
Do you lend in Madison?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License, and we lend across New Jersey. You can check the licence on NMLS Consumer Access (opens in a new tab).
Do you have an office in Madison?
No. Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, in Monmouth County, and we lend across New Jersey. Call 732-686-9999 to talk with a licensed loan officer.
What is the difference between the Loan Estimate and the Closing Disclosure?
The Loan Estimate gives the estimated rate, payment and closing costs after you apply. The Closing Disclosure gives the final figures before you close. Compare them line by line.
How do I send the money to close?
Usually by wire transfer or cashier’s check, for the amount the closing agent gives you. Confirm the wiring instructions by phone, using a number you trust.
Why does my first escrow letter show a shortage?
Often because the tax figure used at closing was an estimate, such as the previous owner’s bill. Compare it with the county’s actual bill; a wrong figure can be recalculated.
Can the seller pay part of my closing costs?
Yes, within limits each loan program sets. Ask your loan officer how much your program allows before you write the offer.
Talk with a loan officer near you
Get a quote online, or call us and talk it through with a licensed loan officer.
What happens next
- Tell us about your loan. A few quick questions about the property and the loan you want. No credit check to start and no obligation.
- A licensed loan officer reviews your answers and follows up with you, usually within one business day.
- This is a request for a quote, not a loan application and not a commitment to lend.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.