Closing Costs Explained For Westerville Buyers

Are you trying to figure out how much you will pay at closing when you buy a home in Westerville? You are not alone. Closing costs can feel confusing, especially when you are budgeting for your down payment and move. In this guide, you will learn what typical buyer costs look like in Franklin County, how proration and local fees work, and smart ways to lower what you bring to the table. Let’s dive in.

What closing costs cover

Closing costs are the one-time fees and prepaids you pay at settlement in addition to your down payment. These include lender charges, title and settlement services, inspections and reports, and prepayments like taxes, insurance, and interest. Many line items are standard, but the exact amounts vary by lender, loan type, and local recording and title fees in Franklin County.

Most buyers can plan for about 2% to 5% of the purchase price for closing costs. Your total can change based on concessions, points, and timing. Always confirm with your lender and the title company handling your closing.

Typical Westerville buyer costs

While every purchase is unique, here is how costs usually break down for buyers in Westerville.

Loan-related costs

• Origination or lender fee. Often 0.25% to 1.0% of the loan amount, or a flat fee.
• Points. Optional fee to lower your rate. One point equals 1% of your loan amount.
• Underwriting, processing, application. Often a few hundred to a couple thousand dollars total.
• Appraisal. Commonly about $300 to $700.
• Credit report. Often $25 to $75.
• Mortgage insurance. Upfront premiums for some loans or monthly PMI if required.

Title, escrow, and settlement fees

• Lender’s title insurance. Usually required by the lender. Cost depends on loan amount.
• Owner’s title insurance. Optional but strongly recommended to protect your equity.
• Title search and settlement or closing fee. Charged by the title company.
• Recording fees and county charges. Franklin County collects fees to record your deed and mortgage. Confirm current amounts with the title company.
• Survey. Sometimes required. Cost varies.

Inspections and third-party reports

• Home inspection. Often $300 to $600 depending on size and scope.
• Pest or termite inspection. Typically $50 to $200.
• Radon, sewer scope, septic, or well. As needed and property specific.
• Flood certification. Small lender or title fee.

Prepaids and escrow deposits

• Property taxes. Prorated between you and the seller based on the closing date and the county’s billing cycle.
• Homeowner’s insurance. Often the first year’s premium is paid at closing.
• Prepaid interest. Covers interest from closing until your first payment date.
• Escrow deposits. Lenders often collect a few months of taxes and insurance to start your escrow account.

Other possible items

• HOA or condo transfer fees and prorated dues.
• Attorney fees if you choose to hire one. Ohio does not require an attorney for closing.
• Courier, wire, and notary fees.

A simple example cost estimate

Use this to visualize how numbers can add up. These are illustrative only, not a quote.

• Purchase price 350,000 dollars, loan 280,000 dollars
• Estimated buyer closing costs (excluding down payment): about 2% to 4%, or 7,000 to 14,000 dollars
• Breakdown example:
  • Loan origination and lender fees: 1,400 to 2,800 dollars
  • Appraisal: about 400 dollars
  • Credit and underwriting: 100 to 500 dollars
  • Title, settlement, and title insurance: 1,200 to 3,000 dollars
  • Recording and county charges: a few hundred dollars
  • Home inspection: about 400 dollars
  • Prepaid homeowner’s insurance: 800 to 1,200 dollars
  • Initial escrow deposit: 1,000 to 3,000 dollars
  • Prepaid interest: varies by closing date
  • Miscellaneous items: 200 to 1,000 dollars

Your actual costs will depend on your lender, loan program, title company, and the property. Ask for written estimates early.

Franklin County items to verify

Local details matter. Before you lock your budget, confirm the following:

• Recording fees. Ask your title company to confirm current Franklin County Recorder fees for deed and mortgage recording.
• Conveyance or transfer charges. Ohio has state and local practices for conveyance fees. Ask the title company what applies for your Westerville purchase.
• Property tax billing and proration. Franklin County bills on a set schedule. Your title company will prorate using the most recent tax period. Review the seller’s tax bill and auditor records for accuracy.
• Special assessments. Ask about any Westerville-specific assessments, like sidewalks, sewer, stormwater, or pending school district levies.
• Title insurance quotes. Title premiums use state rate structures. Request a quote for both lender’s and owner’s policies from your chosen title company.
• Assistance programs. Explore the Ohio Housing Finance Agency and any Franklin County or City of Westerville programs that may help with down payment or closing costs if you qualify.

What buyers can negotiate

Who pays which fees can be part of your purchase agreement. Your options include:

• Seller concessions. You can request the seller to contribute to your closing costs, within lender limits.
• Repairs or credits. If inspections find issues, you might negotiate a price reduction or credit at closing.
• Title and settlement fees. You can shop among local title companies for settlement fees. Owner’s title insurance is optional but provides protection for your equity.
• “No-closing-cost” structures. Some lenders cover fees in exchange for a slightly higher interest rate. You can evaluate this tradeoff.

Timeline and required disclosures

Here is what to expect from application to closing:

• After you apply, your lender provides a Loan Estimate within 3 business days. Use it to compare lenders and understand rate and fee tradeoffs.
• At least 3 business days before closing, your lender must deliver a Closing Disclosure. Review it line by line, and ask about any differences from your Loan Estimate.
• Final walkthrough and closing day. Bring your photo ID, confirm wired funds or cashier’s check amounts, and sign with the title or settlement company. They will record your deed and mortgage with the Franklin County Recorder.

Ways to reduce your out-of-pocket costs

• Compare multiple lenders for rates, fees, and points.
• Ask for seller concessions in your offer.
• Consider a lender credit or roll eligible costs into the loan if allowed by your program.
• Shop title and settlement services for competitive fees.
• Review down payment assistance and grants that can cover part of your costs.
• Buy points only if the rate reduction makes sense for how long you plan to keep the loan.

How taxes and escrows work here

Property taxes are prorated at closing based on the most recent Franklin County tax period. You will typically reimburse the seller for the portion of taxes that relate to the time you will own the home during the current period.

Your lender may also set up an escrow account. At closing, expect an initial deposit of several months of taxes and insurance so the lender can pay these bills when due. The exact amount depends on your closing date and lender policy.

What to bring to closing

Use this quick checklist so your day is smooth:

• Government photo ID such as a driver’s license or passport.
• Proof of homeowner’s insurance with an effective date at or before closing.
• Verified wire instructions from the title company, confirmed by calling a known phone number.
• Cashier’s check or wire confirmation for the exact funds shown on your Closing Disclosure.
• Contact info for your lender, agent, and title company.
• Any lender or title documents requested in advance.

Protect yourself from wire fraud

Wire fraud is a real threat. Always verify wiring instructions by calling your title company at a trusted phone number. Do not rely on emailed instructions alone. Confirm the recipient name and account before you send funds.

Work with a local guide

You deserve a clear, stress-reduced path to the closing table. From comparing lenders and reading fee sheets to negotiating credits and timing your close, having an experienced Westerville advocate can save you time and money. If you want a detailed, property-specific estimate and guidance tailored to Franklin County’s process, reach out to Connie Sadowski.

FAQs

How much do Westerville buyers usually pay at closing?

• Most buyers plan for about 2% to 5% of the purchase price for closing costs, though your total depends on loan type, lender, title fees, and timing.

What closing costs can a seller pay for me in Ohio?

• You can negotiate seller concessions toward your costs, subject to lender and program limits, and agree on credits or repairs based on inspections.

What is owner’s title insurance and do I need it?

• The lender’s policy protects the lender. An optional owner’s policy protects your equity if title issues surface later, which is why it is strongly recommended.

When will I see my final numbers before closing?

• Your lender must deliver a Closing Disclosure at least 3 business days before closing, which lists all final loan terms and costs.

How are Franklin County property taxes handled at closing?

• Taxes are prorated based on the latest tax period, so you pay your share from the closing date forward and may fund an escrow account.

Can I roll my closing costs into the loan?

• Some loan programs allow lender credits or financed costs, or a higher rate in exchange for reduced upfront fees. Ask your lender to show options.

Who handles the closing in Westerville, Ohio?

• A title or settlement company typically manages the closing and records your deed and mortgage with the Franklin County Recorder. An attorney is optional.