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How Much are Closing Costs?

Buying a home is a long process that ends with a mountain of well-processed paperwork, and an exhausted, but satisfied smile. Before you can lay back for your first night in your new home, you’ll want to settle your closing costs. Closing costs are an amalgamation of fees that are paid by the home’s buyer, seller, and occasionally, lending institution to finalize the mortgage, and place your new home in your name.  Closing costs are the end of a long, but worthwhile process that ends with a raise in your personal wealth, and a great asset for you to pass on to someone you love. How much are closing costs? As with anything else you’ll buy in life, the total cost of a home is going to depend on numerous things, including the location of your home, the market, and amenities in the neighborhood. Closing costs aren’t stagnant, nor are they the only costs that you need to consider when you’re shopping for a new (or gently-used) home, but they are something that, without which, you won’t be able to own your home. Closing costs are paid at the close of the sale of the home, but it is possible to apply your mortgage to your closing costs, pay them off over time. Understanding closing costs will help you understand what’s ahead as you start a new chapter in your life.

Examples of Closing Costs

  • Attorney’s Fees

Don’t be put off from homeownership by this expense – you may not need one. In some states, having a ready real estate lawyer is required to move forward with the purchase of a house, but this is rare. Hiring an attorney can be expensive, as anyone should assume, but they have great services to offer. You’ll call an attorney if you’d like for a person familiar with real estate law to look over the contracts and paperwork for the purchase of the home. A real estate agent is also good for this purpose, but a lawyer is paid to make sure that everything is fair, and accurate.

  • Survey Fees

Your bank or lending institution will often want to assign a contractor to assess the value of the property, as well as the home itself, to see how risky an investment this could be for the bank. You might be the owner of  the home, but the lending institution is the entity paying for it until you pay it off.

  • Homeowner’s Insurance

The importance of homeowner’s insurance cannot be understated. Without homeowner’s insurance, not only will you be opening your home to a long list of different disasters that will affect your wallet, you’re also holding up the closing process. Many lenders won’t allow the close of a sale on a home without homeowner’s insurance, and this is insurance that must be purchased. Homeowner’s insurance protects your financial future in the event of a natural disaster, but there are some misfortunes that can happen to your home. Without insurance, you face the uncertainty of starting your home life over from scratch while dealing with the emotional blow of having lost your home in the first place.

Also part of closing costs for your new home could be your homeowner’s association (HOA) dues, inspection fees, property taxes, and the commission for your deserving real estate agent.

How Much are Closing Costs?

closing costsAcross the United States, closing costs average less than $5,000. In the life of a mortgage, this isn’t very much, but it can still surprise even the most careful house hunters. Expect your closing costs to reflect between 3% and 6% of the purchase price of the home, or between $7,500 and $15,000 for a property that costs $250,000.  Closing costs for a foreclosed property tend to be around the same as they are for a new or gently-used home. The states where closing costs are highest include New York, Maryland, Vermont, and Washington D.C. You’ll find the nation’s lowest closing costs in Iowa, Missouri, and South Dakota.

The best part of paying off closing costs is that you’ll already have had a detailed list of expenses related to the close of the sale. Your lender is legally required to issue a good faith, itemized estimate of your closing costs, called a Loan Estimate. Having this list will give you enough information to financially prepare to move forward the purchase of your home, or to find out if the process will make your home too expensive.

Lowering Your Closing Costs

As with most of the journey of purchasing a home, you will have options that can alter the total of your closing costs. The first thing that you should do for yourself, before even calling a real estate agent to set up a viewing, is to start shopping for a mortgage lender. Take your time doing this. You may think you’ve found the best lender in the beginning, but find a better rate after a couple of weeks. Shopping around will give you an idea of the market, as well as what’s accessible with your credit. Knowing what you can get will also teach you what you should avoid. If you encounter a lender that seems to be charging high interest rates and demand higher-than-usual processing fees, this could be a sign that you need to either skip that lender, or try negotiating. It is possible to do this, it just takes attention to the fine print in the paperwork. Your local real estate agent or attorney can help you with this.

If you’re still not sure of where to turn when it comes to closing costs, you may actually get some assistance from the seller of the home. It’s not a guarantee, but considering that a seller’s objective is to get a home off the market, and into the hands of a qualified buyer, they may be willing to help the process move along by helping you. Some closing costs, like the real estate agent’s commission, may be paid by the seller, and are part of the grand total of costs needed to get your mortgage (and your new life) going.

Steven Kaplan
Steven Kaplan
07:40 18 Aug 21
jerry gallegos
jerry gallegos
16:18 09 Aug 21
Very nice and helpful, responded to any questions very quick. I will do business with them again when I buy my next house.
Christopher Kampshoff
Christopher Kampshoff
00:30 07 Aug 21
Thank you so much guys, my brother was in a tight spot I appreciate you coming through. He's in a much better situation now. Again thank you.
Kelly Brown
Kelly Brown
18:48 27 Jul 21
I attempted to work with Allen, from this company. He seemed very nice and I was curious about what their company would give me for my home, if there were no realtors commissions involved. He said he needed to see the house. He came over and took a bunch of pictures and said he would talk to his partner Ryan, (the numbers guy), and get back with me in a half an hour. I didn’t hear from him that day. The next day I received a text from him, saying he would contact me on Monday. On Monday, he texted to see if I could talk at 12:00? I said, yes, he never called. Tuesday I receive a call from a random realtor telling me that Allen’s company has referred me to him. I call Allen, of course, to ask him what the heck is going on and he says yes, I work with this realtor, but I didn’t give him your information, he pouched it from our website!! I then say, so are you going to work with me and I find out, exactly what I already knew, they couldn’t offer enough money for my house, so they are not going to make an offer, HUGE SURPRISE!! #1, if you want your personal information safe, do not work with this company and #2, if you want a good offer on your home, don’t work with this company. I bought my home 3 years ago, it’s in great condition, in a great zip code and the market is through the roof!! If you can’t buy a house and get close to what someone needs financially right now, I don’t know when you can! Pick another company besides this one!! There are many!! Stay far away from this particular WE BUY HOUSES FOR CASH!!! You have been warned!!!
Carolyn Gobel
Carolyn Gobel
18:16 22 Jul 21
This company helped keep us from foreclosure. Thank you!
Carlos Caballero
Carlos Caballero
19:15 23 Jun 21
Thank you guys for your help with my Grandmas home. It was in rough shape and she left so much stuff. We couldn’t have taken on cleaning it out and the project.
jesse phalin
jesse phalin
01:29 18 May 21
Thank you, Thank you, Thank you! Went above and beyond assisting me through this process. Helped me move my things and even let me leave what I wasn’t taking with me. Thanks for all of the hard work.
Kelly Stewart
Kelly Stewart
21:27 08 May 21
My husband handled the process but felt good dealing with this local company and they did not try to change price after seeing the house. They actually offered higher once they saw our home. Had 5 companies come our to give us bids and they all were bait and switch. They beat everyone’s offers too. We tried to list before and couldn’t sell. I don’t know why anyone would work with head aches of real estate agents and paying commissions, banks, inspectors and the time to close only to walk away with the same money. Thank you Ryan and Jamie.
degan Stewart
degan Stewart
21:23 08 May 21
Thank you guys so much. Jamie is so sweet and on it. Ryan Is one of the most genuine people I’ve met in Vegas. They did what they said they’d do when they said they would and kept us in the loop the whole time
Brian Higgins
Brian Higgins
22:00 04 May 21
Thank you guys so much for everything. Ryan and Jamie Helped me find a place to get out of our old place. It was so nice to have the moving company just handle everything for me.
Sheila Winn
Sheila Winn
19:05 09 Apr 21
I struggled with the idea of selling my house to a "flipper". This company was fair, professional and extremely helpful every step of the way. I never had to wait for a response from Kelly Schnippel when I had a question or concern.I personally would recommend them to anyone looking to get a fair price for their property all the while getting kindness, professionalism and assistance from the buyer.Thank you Kelly Schnippel! I appreciate YOU and your team!Sheila Winn
Valerie Grijalva
Valerie Grijalva
17:30 27 Feb 21
Casey and his team will handle your transaction with the upmost professionalism and class like no other. Their knowledge in real estate will exceed your expectations and you won't be disappointed from beginning to end with their communication and systems to ensure your goals are met. I highly recommend Casey and his team!
Ann Reback
Ann Reback
18:51 25 Feb 21
Thank you for your professional and personal help in this process. You and your team have been so knowledgeable, responsive, courteous and kind...understanding my goals and executing each step in a timely and professional manner! THANK YOU! I will recommend you and your team to friends and others in our community.
Aviv Ben Shimon
Aviv Ben Shimon
16:38 25 Feb 21
Jess Lapensee
Jess Lapensee
16:31 25 Feb 21
From start to finish the selling process was quick and easy!
Eyal Karban
Eyal Karban
16:22 25 Feb 21
The best team in the business!Really helped us to cash out our home, very fast, very professional, great price, thank you!
jevim kale
jevim kale
04:17 27 Jan 21
Best experience with We Buy Any Vegas House. Extremely knowledgeable about home selling process and marketing. Wonderful people to work with. Highly recommend if you are looking to sell your home in Las Vegas NV.
Kate 7Timmons7
Kate 7Timmons7
01:02 26 Nov 20
We were looking to sell our home and called We Buy Any Vegas House so we could get more information. We spoke to Casey Ryan. Ryan was informative, answered our questions, and he went out of his way to give us the best advice on selling our home. Kelly was also helpful and was quick to answer any questions we had.We recommend calling We Buy Any Vegas House to anyone interested in selling their home.
Towik Jes
Towik Jes
05:36 16 Nov 20
I recently helped my parents sell their home due to unforeseen events and We Buy Any Vegas House.com made the process smooth and easy. Their company offered a very reasonable price for my parents home and they closed in 30 days as promised. Look no where else!
Alexa Pughlet
Alexa Pughlet
04:15 17 Sep 20
We Buy Any Vegas House is a very good company to work with, they were very professional and knowledgeable about their business. They made it very easy to work with them. If i ever had to sell my house again I would definitely call them first. Thank you guys for helping me out in my time need.
Pauletta Smith
Pauletta Smith
21:08 02 Sep 20
I contacted them on 8/06/2020 and had my check in my hand on 9/01/2020! They were fast, professional, and gave me a very fair offer for my property. I had to get out of my house pretty quick because of a medical problem and I was able to do most of the paperwork on line. The title company they worked with was great. Very fast and very thorough. No snags. Easy transaction! Signed all the papers and had my money 5 days later. I would recommend them to anybody. Plus...packed and took what I needed and left the rest. No cleaning or trying to find someone to take what I didnt want. Awesome! Thank you.
James Aimery
James Aimery
05:11 08 Aug 20
We Buy Any Vegas House was a great business team. Staff were helpful, friendly and responsive. I was able to sell my house within 2 months in an area where real estate agents are struggling with many properties on the market for much longer periods. I would recommend them to anyone thinking of selling.
Wayne Romerobel
Wayne Romerobel
03:57 30 Jun 20
These guys are the best place to sell your house in Las Vegas. They gave me a fair price and closed quick for maximum convenience. These people are professional, efficient, and extremely friendly.
Lynne M
Lynne M
04:52 24 Jun 20
I have nothing but positive things to say about this company! I needed to sell a house quickly after a death in my family. I spoke with several Cash for Houses Companies in Las Vegas and settled on We Buy Any Vegas House. Everyone was very sensitive about my situation, helpful, answered all my questions and extremely responsive when I called. Ryan and Kelly were awesome!After we settled on a price everything went super smoothly in escrow and again if I had any concerns or questions there was immediate feedback. Also the fact that I was able to do this remotely as I live in California was extremely helpful! I am so grateful for all the help I received during a very challenging time in my life.
Frank Lyod
Frank Lyod
04:21 12 Jun 20
Great team! Glad we chose We Buy Any Vegas House team who understood the market of real estate in our city. They gave us a fair cash offer for our home. We accepted and closed very quickly. We are happy with the outcome and the way we were treated from start to finish.
Sharla Olivaresretento
Sharla Olivaresretento
04:20 28 May 20
Had a really great experience working with We Buy Any Vegas House.com! I really needed to sell my house in Las Vegas and they helped out. Thank you so much!!
Tom Cruz
Tom Cruz
04:11 12 May 20
If/when I do decide to list my home, We Buy Any Vegas House will be the first place I call. They are professional, helpful, and friendly. They provided a lot of helpful information during the course of our business.
Robinson Hunk
Robinson Hunk
04:31 25 Apr 20
We Buy Any Vegas House buyers is a great blessing to my family. Our house was actually sold very fast, in just 7 days processed. Thank you so much!
Florinda Shuff
Florinda Shuff
04:42 08 Apr 20
Las Vegas home buyers has been great to work with. They’re very knowledgeable in real estate and always do what they say. I highly recommend We Buy Any Vegas House.
Florinda Shuff
Florinda Shuff
04:53 21 Jan 20
I got an amazing job offer down in Las Vegas and needed to sell my house fast. First, they explained everything to me and how it all works (selling your house for cash). The process was pretty easy and quick which I appreciated greatly!!
Freddy Aleman
Freddy Aleman
18:47 27 Dec 19
My wife and I recently bought a home from Casey Ryan. The home we purchased is located in Centennial Hills. Gorgeous remodel. Casey and his team did a great job of designing the home. We ran into a couple of issues shortly after moving in. Casey had his people out quickly during Christmas week to make a couple of repairs. He gave my wife and I peace of mind during a chaotic holiday week and for that we will always appreciate him. I would recommend a Casey Ryan home to my friends and relatives.
Angela Rienstra
Angela Rienstra
21:06 26 Dec 19
I needed to sell my house from out of state ASAP. I looked into some other larger name companies and was disappointed with their turn-around time and lack of customer service. I'm so grateful to have found Ryan (and Kelly)! They understood my time crunch and moved heaven and earth to buy my house at a fair price and closed by the promised date. They were with me every step of the way and offered world class service! 100% would recommend to anyone!
Sue Kuckelmann
Sue Kuckelmann
17:02 16 Nov 19
We couldn’t be more pleased with the service provided. From start to finish the team was professional and extremely helpful. All the deadlines were met or exceeded even when I was in Arizona and my husband was in Las Vegas. I would recommend them to anyone who is looking to sell in Las Vegas.
Sam Thompson
Sam Thompson
17:47 25 Oct 19
Great people and very professional. Treated me and my situation fairly and with care.
Mandy Majano
Mandy Majano
01:49 07 Oct 19
They did exactly what they said they would. Great company! Highly suggest!
Anthony Montonini
Anthony Montonini
01:31 07 Oct 19
Thank you guys. We were selling our house to Casey And Ryan and there was some HOA liens that totaled over $40k and they met with the HOA board with me and got them reduced to less than $5k so I walked away with $35k more than I thought I was going to. True professionals!
Nicole Dur
Nicole Dur
01:20 07 Oct 19
My grandma needed help selling after my grandpa passed :( anyways I found them through google and they really treated her like their own family. And let us leave a lot of the stuff she had accumulated over 40 years in the house. Thank you Casey and Ryan!!
pat rolman
pat rolman
01:13 07 Oct 19
These guys have true character. We signed agreement to buy my house then my situation changed and they didn’t force me to move forward. Then 2 months later I needed to sell it and they helped me find a new place any everything. They are really Great people.
That_one_random_ Crafter
That_one_random_ Crafter
00:06 24 May 19
This was so easy Casey was very helpful and kept in contact through the entire process thank you again for everything. Highly recommend this company.
Lela Leedham
Lela Leedham
03:08 22 Feb 19
Great experience working with Casey and Ryan. We would recommend them anytime. They are very knowledgeable and very professional.
Emily Binder
Emily Binder
21:16 18 Feb 19
Jennifer Gibbs
Jennifer Gibbs
19:58 18 Feb 19
A very impressive operation. Very professional and knowledgeable. They follow up when they say they will. Very helpful Team. If you're looking for a fast and fair cash offer on your home, these are the guys to call!
Mario Elizondo
Mario Elizondo
19:58 18 Feb 19
Very professional and a pleasure to work with.
Danny O'Bannon
Danny O'Bannon
19:53 18 Feb 19
I called 5 different companies from google trying to find a company that would pay the most for my rental and their offer was higher than the others. Extremely streamlined process. Easiest transaction I’ve done
Ross Greene
Ross Greene
18:04 17 Feb 19
Ryan & Casey were great to work with! Absolute pro's in the business. I would definitely recommend them. If only I could give them more than 5 stars. Hope to work with them again soon! Thanks guys!
Pam Dickerson
Pam Dickerson
23:53 15 Feb 19
Excellent customer service! Helped us through the entire process. Highly recommend!
steve Balsacker
steve Balsacker
19:35 14 Feb 19
Me and my wife had gone through a divorce and we wanted a quick way to get rid of our property so we could just move on with our lives, Thankfully Ryan came in and helped us out, I didn't have the time to deal with the headache of people coming in and out as well as all the repairs that were needed. He gave me top dollar for my home and I was out in 7 days!
jason almeida
jason almeida
16:52 14 Feb 19
We have seen their signs around town and thought it was a scam, we decided to give them a call and I couldn't have been happier with our experience. They were professional and knowledgable, they paid for all closing costs and even helped with our family move. Great guys and great company! Thanks again!
Peter Floratos
Peter Floratos
04:51 14 Feb 19
This team handles their business right. They are a pleasure to work with.
Tyler Hubbs
Tyler Hubbs
04:38 14 Feb 19
Ryan and Casey treated me with patience and respect during the whole transaction! Very trustworthy and explained each and every question I had!! I would highly recommend We Buy Any Vegas House!!
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