Buying Brooklyn Real Estate: Money, Mortgages and Closing Costs

Because buying Brooklyn real estate is one of the most important and expensive purchases you’ll ever make, it’s worth the time to consider ways you can save money.  Here are a few ideas on how to save money on your mortgage and closing costs:

Pay Attention

You have to pay attention to how much the Brooklyn real estate costs. You have to pay attention to how much the house is worth and how much more you may have to put in the kitty for any repairs that may need to be done. Use these details to negotiate.

Negotiate with the Seller

Negotiating with the seller is expected.  You already know you can negotiate on the price of the home, but did you know you can also negotiate who pays the closing costs?  In this buyer’s market, it has become common to ask the seller to pay some or all of the closing costs when you purchase a home. Be careful with your negotiations.  Many sellers will up the price of the home, if you ask for them to pay closing costs.

Negotiate with your Lender

Negotiating with your lender has become the new norm.  In fact, depending on the lender’s Good Faith Estimate and your credit standing, negotiating for a better deal on your mortgage could save you thousands in the long run.

Examine the Good Faith Estimate

A Good Faith Estimate is the estimated settlement costs, or closing costs, your lender will expect you to pay. These can add up to as little as 3% and as much as 5% of the sales price. However, as the name implies, it is only an estimate, and prices are subject to change.

Carefully read your Good Faith Estimate. While some closing costs are usual, such as title insurance, others can be dropped by opting out of a service. Still others are “junk fees,” which you can negotiate for.

When buying Brooklyn real estate, you always want the best deal you can get. The same should be said when picking a mortgage lender. Pay attention to the good faith estimate.  In fact, get one from several lenders and compare them. Don’t let the excitement of buying a home override your good business sense.

Consider Rolling Closing Costs into your Loan

Many new homeowners roll their closing costs into the loan. However, if there’s a way to pay them at closing, it might be better to do so. Paying them now saves you money because spreading them throughout the life of the loan means shelling out more interest.

If you’re looking for a great deal on an even better home, let me negotiate for you. Call Charles D’Alessandro of Fillmore Real Estate at (718)253-9600 ext.206 or email me at [email protected] for more information.

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573

12 Responses to “Buying Brooklyn Real Estate: Money, Mortgages and Closing Costs”

  1. pierre says:

    great posts charles!

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  5. Roberto there is alot of information on buying real estate. I will continue to bring current information on buying and selling Brooklyn real estate to you and our readers. Keep the questions coming.

  6. Sunday I look forward to your questions with regards to the post Buying Brooklyn Real Estate and its closing costs.

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  8. Twila Kertels says:

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  9. Riley Alesna says:

    I really like what you posted. Brooklyn Real Estate blog is undoubtedly inspiring. Thank you!

  10. Thank you spreading important information about Brooklyn real estate to my readers is an important goal each and every day!

  11. Lieselotte Clippinger says:

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  12. […] The factors a buyer may want in place before the contract is finalized may be more than you’re willing to deal with. For example, the buyer may want an inspection before signing, or they may want to sell their own home. They may want the contract reviewed by their lawyer or they may still be waiting for their mortgage to be approved. […]

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