Understanding Closing Costs

Understanding Closing Costs

Know what to expect at the finish line before you make an offer. This is what buyers pay at closing in Las Vegas, and how to plan for it.

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The Four Categories

Closing costs are a set of specific charges from different parties, not one mystery fee. Here is what each covers.

Your lender charges these fees to process, underwrite, and fund the loan. The origination fee is usually the biggest single line on your closing disclosure.

Nevada buyers usually pick the title company. Title insurance protects you if an ownership problem comes up after closing. Escrow fees pay the neutral third party who runs the transaction.

Community guide

Closing Cost Breakdown

Sample: a $700,000 Las Vegas purchase with a conventional loan. Real amounts vary by lender, title company, and loan type.

Questions

What do buyers ask about closing costs?

What should you know first?

Know what to expect at the finish line before you make an offer. This is what buyers pay at closing in Las Vegas, and how to plan for it.

What Are Closing Costs?

Closing costs are the fees you pay on the day you take ownership, apart from your down payment. They run from your lender processing the loan to the county recording the deed.

Las Vegas buyers usually pay 2% to 3% of the price in closing costs. On a $700,000 home in Las Vegas, that comes to about $14,000 to $21,000 at closing.

You get a Loan Estimate within three days of applying for a mortgage and a Closing Disclosure at least three days before closing, so there are no surprises.

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