Refinancing can save you a lot of money, there’s only one catchclosing costs. Anytime you get a New York refinance loan, you will be required to pay many of the same fees that you paid when getting your original mortgage. Because New York has the highest closing costs in the nation, you should go out of your way to try and get a good deal.

Negotiating Closing Costs

One of the best ways to avoid overpaying on your New York refinance loan is by negotiating with your lender for lower closing costs. Most people don’t try it, because they aren’t even aware that negotiating is an option. But, the fact is that you can shave a lot of the fees off the total costs that you pay just by asking. Application fees, document preparation fees, and loan processing fees are the first thing you will want to ask your lender to waive.

Knowing What Everyone Else is Paying

One of the easiest ways to make sure you are not being taken for a ride is to find out what everyone else is paying to close on their New York refinance loan. Currently, refinance closing costs average $3,887 in New York. You can learn more about the type of fees you will be asked to pay by contacting the Department of Housing and Urban Development.

Get It in Writing

When getting a New York refinance loan, the last thing you will want to do is work with a lender who will not provide you with an estimate of your closing costs upfront. Always ask for a Good Faith Estimate in writing. Once you receive it, carefully review it line by line to see exactly what it is you are paying for.

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