Closing Costs

The first question I am often asked by prospective clients is "How much are your fees?" This is a difficult question to answer, because the majority of fees associated with the closing of your loan have absolutely nothing to do with the lender or mortgage broker. In many cases, "my fees" are equal to absolutely nothing! So, who is charging all of the fees that need to be paid at closing? Besides any applicable mortgage lender/mortgage broker fees, the following costs will apply to your transaction:

• Appraisal
• Title/escrow fees (title insurance, escrow fees, courier, recording, etc.)
• Flood certification
• County taxes
• Homeowner's insurance (also referred to as "fire" or "hazard" insurance)
• Flood insurance (typically not applicable in Las Vegas)
• Pre-paid interest (interest on your loan from the day you close until the end of the month)
• Real Estate Agent fees (may not be applicable)
• Home inspection
• Sewer (may not be applicable)
• Homeowner's Association (may not be applicable)

So, next time you ask a mortgage agent about fees, please keep in mind that all of the above costs have yet to be determined until a property is selected, and a purchase price and closing date are determined.

For purchase transactions, your real estate agent will help negotiate the sales contract for you. Your agent will not only work to get the purchase price you want, but will also work to limit the number of closing costs for which you will be responsible. Any closing costs can be paid all or in part by the seller, and this will all be determined during the negotiation process.

During the loan application process, I will walk you through the closing costs, answering any questions you may have. We can also discuss additional options such as buying down your interest rate, or paying a higher interest rate in exchange for lower closing costs. I can always tailor the loan program and closing costs to suit your needs. Go ahead and email me with questions!