When exploring Las Vegas homes for sale, there are many things to consider. Your dream home will be in the perfect location, have all of the amenities, and fit your budget. While you're deciding how much you can afford for your home, it's important not to forget about closing costs. 

Our real estate agents recommend that prospective buyers save up 2 to 5 percent of the home's price to cover closing costs. This can include a wide variety of expenses, including (but not limited to) the following.  

• Mortgage Application Fee - Your mortgage application fee is what the bank charges for processing your application. It's typically between $200 and $400. You may need to pay this ahead of time or at closing.
  
  
• Appraisal Fee - An appraisal is required to ensure the property value is enough to secure the total amount of the loan. The cost is usually between $100 and $400.
  
  
• Inspection Fee - Before you can purchase a home using financing, a professional must check the house for damage or other problems. A home inspection typically costs between $100 and $400.
  
  
• Title Search and Title Insurance - This is a service performed by a title company to ensure no other parties have a legal claim to the property. The search is usually between $150 and $200, while title insurance typically costs about 1 percent of the property's price.
  
  
• Recording Fees - Recording fees are what the local government charges to record your purchase transaction. They usually run between $40 and $60.
  
  
• Transfer Tax - When you purchase a new (to you) property, you'll owe transfer taxes. The cost will vary depending on where the home is located. 
  
  
• Legal Fees - You aren't required to hire a lawyer, but doing so can help ensure your interests are represented in the transaction. This can cost anywhere from $300 to $600, depending on the attorney.
  
  
• Homeowner's Insurance - Most lenders require you pay the first year of your homeowner's insurance premium upfront. Sometimes you'll pay your insurance company directly while at other times you'll pay this cost at closing.
  
  
• Private Mortgage Insurance (PMI) - If you make a downpayment of less than 20 percent of the home's value, you'll most likely have to carry private mortgage insurance. The cost will vary depending on the home's value, your credit, and how much you put down. On average, it runs about 2.5 percent of the mortgage balance.
  
  
• Prepaid Interest - The lender may require you to pre-pay a partial month's interest if you close on a date other than the first of the month.
  
  
• Points - Points are an optional expense that allows you to reduce your mortgage interest rate. 
  
  
• Paying Your Closing Costs - Within three days of submitting your loan application, your lender will provide you with a "good faith estimate." This document outlines all of the closing costs. 

There are several ways buyers can choose to pay their closing costs. This includes paying cash, rolling the costs into the mortgage loan, and taking out a separate loan. It's also possible to negotiate having the seller or the lender cover some of the closing costs. 

Are you ready to find your dream home in the Las Vegas area? Contact us today to get started.