How To Save Money On Closing Costs In Queens

Finalizing your real estate deal in New York can be a long arduous process. The time and expenses have piled up and then suddenly come to the closing costs, which can seemingly come out of nowhere and add on thousands or tens of thousands of extra dollars. The average closing costs can run between 2-5% and depending on the contracts can fall on the buyer, the seller, or shared by both. Here is an outline of the best ways to save on your closing costs.

Be familiar with the fee breakdown

Your closing cost is not a singular lump sum fee, but rather a combination of many different fees that are associated with obtaining a mortgage.

What are some examples of these fees?

  • Property tax deposit
  • Title insurance
  • Credit report
  • Homeowner insurance
  • Appraisal fee
  • Underwriting fee
  • Origination fee

Just to name a few. There are some costs that can be shared or delayed potential, and working with an attorney who specializes in real estate closing costs can help to navigate them.

Negotiate with Lender

Your lender might offer a bundle all-in-one package that includes multiple services for a larger fee. In order to close the deal, which is in everyone’s best interest, the lenders are often open to the idea of negotiating. They might waive, or reduce some fees. But without asking you will never know.

Shop around for individual services

If it is up to you to find and hire individual inspections, underwriters, title companies, etc, Then shopping around to find the best deals can potentially save you significant money. When all of these smaller fees add up they contribute to the large closing costs that all come close together. But finding the best deals either online or by asking for recommendations you can keep more money in your pocket.

Choose a mortgage with no closing costs

While this option might cost the same in the long term, choosing a mortgage with no closing costs might be an excellent choice if you need to save money at the time of closing the mortgage. When the mortgage says it has no closing costs, it means that the closing costs are bundled into the monthly mortgage payment over a certain period of time.

Hire a real estate lawyer

Hiring a real estate lawyer in Queens could be one of the best cost-saving tips you can do. Although you will have an additional expense for your attorney, they can review all the documents of your mortgage and notify you of exactly what your costs are and where they are going. Sometimes mortgage companies try to include costs that are unnecessary or can be deferred and your lawyer can request these be removed. Also, the fees and costs can be reduced, usually offsetting the costs of your real estate specialist.

Having peace of mind and saving money on your mortgage closing costs is something that everyone would like. So Why not take advantage of this opportunity.

We are proud to recommend a local real estate lawyer with over 70 5-star reviews, free consultations are available daily

Real Estate Lawyer Queens R.A Esq. 88-02 136th St, Jamaica, NY 11418 (718) 206-1555

How to Hire A Mortgage Broker In Queens

Searching for a home and applying for a mortgage can be an exciting new step in your life, but it can also be overwhelming. One of the best decisions you can make to simplify the mortgage process is to work with an experienced Queens mortgage broker. It doesn’t matter if you are a first-time homebuyer or it’s your 2nd or 3rd, by allowing a mortgage broker to handle most of the heavy lifting you can speed up and increase your chances of securing the best mortgage for you.

What is a mortgage broker?

A mortgage broker is a professional who specializes in the mortgage industry. Their main job is to act as an intermediary between lenders and borrowers. Their expertise is knowing and understanding the needs of each borrower’s unique situation and knowing the various types of mortgage options, the mortgage lenders, and the application and approval process. By matching the appropriate institution and mortgage with the borrower they increase your chances of getting the mortgage that best suits you, and makes the whole process a lot easier.

Benefits of working with a mortgage broker

Mortgage brokers are easier to work with than most institutions. They dedicate their time and attention to each client, and sometimes hold meeting hours and can be reached after the standard work hours.

Mortgage brokers have worked with many mortgage applications. They usually have partners or in-house teams to streamline the entire mortgage process from start to finish.

Mortgage brokers work with multiple lending institutions. They help you to compare the rates and terms of each mortgage, from each lender, You will be far better prepared to choose the mortgage that is the best fit for you.

What to look for in a mortgage broker

When you are looking to hire a mortgage broker in Queens the first thing, you will want to look for is someone who is easy to verify. This is why local and community-based brokers are the best. You can do research online, check reviews, ask them for testimonials, and ask your friends and family if they have heard of your broker.

Next, you will want to ask for a consultation. Don’t be hesitant they will offer you a no-obligation consultation. You can test their knowledge in the industry, ask what lenders they work with, how long they have been in operation, and what kind of clients they typically work with. Also, if you didn’t find anyone that you know for first-hand feedback, you can ask the broker for references.

Finally, you should ask about their fees. Mortgage brokers are compensated either by the borrower or the lender. If the lender pays them it’s a commission, that can usually range from ½ a percent up to 3%.  The other option is you, the borrower will be responsible for paying them, and this fee is usually about 1-2%.


The time you will save and the reduced stress will be well worth it, and this is willingly hiring a local mortgage broker in Queens is such a popular decision for so much of the population.


If are considering hiring a mortgage broker in Flushing or Queens, reach out to one of the best established independent mortgage brokers in the area. With operations in New York, New Jersey, and Florida.

R&J Mortgage & Loan Brokers Queens 116-16 Queens Blvd #204, Queens, NY 11375 (718) 520-7000