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Avoid upfront closing costs and keep more of your money in your pocket.

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Reduce Your


Closing Costs

Believe it or not, most closing costs offer the ability to negotiate how you pay them. You may even have the ability to reduce your overall closing costs substantially, depending on the mortgage you qualify for. Newfi can help you review all your loan options to make sure you get the best rate at the lowest cost.

Get In Touch with a Newfi Senior Loan Advisor Today!

Our team of dedicated Senior Loan Advisors are here to help you through the mortgage process and answer any questions you may have.

What are

Closing Costs?

Closing costs are fees that lenders charge borrowers for lending them a mortgage loan. These fees are typically 3-6% of your total mortgage loan, depending on the loan you qualify for. Closing costs are made up of a number of different fees that are incurred during the purchase or refinance process (appraisal, home title, loan origination fees to name a few).


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How Do I Reduce Closing Costs?

Ask the Seller to Pay

You never know until you ask! Depending on their situation, a seller may be willing to cover some or all of your closing costs, especially in a buyers market.

Choose the Right Home Loan

Some loan options, like an FHA loan, allow the seller to credit up to 6% of the purchase price of the home to cover closing costs and other prepaid costs.

Reduce Points

Points, or prepaid interest, are usually the largest of all closing costs. One point typically costs 1% of the purchase price and can be used to reduce your interest rate. By choosing a no-points option or a 1-point option, you can drastically reduce your closing costs, though at the expense of a higher interest rate.

Close at the End of the Month

By closing closer to the end of the month, you reduce the amount of interest owed on closing day. For example, if you close on the 15th of the month, you pay per diem interest from the 15th to the 30th, but if you close on the 29th, you’ll only owe 1 day of interest.

Include Closing Costs in the Loan

If you choose an interest rate higher than you would normally qualify for, you can earn “lender credits” with which you can pay down closing costs. Note that there’s no free lunch: earning these credits means higher interest payments down the road.
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Frequently Asked Questions

How Much Do I Need to Save for Closing Costs?

Typical closing costs will range from 3 to 6% of the home purchase price. These closing costs will vary depending on the type of loan you qualify for, the state you live in, and other factors. To estimate what your closing costs will be, talk to an experienced Newfi Loan Advisor today for a no-cost, no-obligation quote.

What are the Advantages of Reducing Closing Costs?

Reducing closing costs is a great way to keep more cash in your pocket today. If you’re able to eliminate closing costs entirely or even reduce them severely, you’ll be able to save the money you originally had set aside for closing.

What are the Disadvantages of Reducing Closing Costs?

  • You will likely see higher monthly payments if you choose to incorporate closing costs into monthly mortgage payments.
  • If you decide to opt for a higher interest rate, you’ll ultimately pay more interest over time. If you’re not interested in moving within the next 5 years, this option will likely cost you more over time.

What are Current Mortgage Rates?

Your exact rates depend on the interest rate you qualify for and the term you select. Contact us to review your options and calculate your payment.

What is the First Step in Getting a Mortgage?

Because everyone has their own unique situation, we recommend speaking to a loan advisor about your options as your first step. Go to or fill out the form on this page for a free consultation with one of our licensed loan advisors to learn about what documentation and qualifications you may need!

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