Closing Costs in Westerville: What Buyers Pay

Trying to figure out how much cash you will need to close on a home in Westerville? You are not alone. Closing costs can feel confusing because they include many small line items that add up fast. In this guide, you will learn what buyers typically pay, how loan type and county taxes change your numbers, and practical ways to lower your cash to close. Let’s dive in.

What closing costs include

Closing costs are the upfront expenses you pay to finalize your mortgage and transfer the property into your name. They include lender fees, appraisal and inspection costs, title and settlement charges, government recording fees, and prepaid items like interest, taxes, and insurance. You will also set up an initial escrow account for future tax and insurance bills if your lender requires it. Your exact totals appear on your Loan Estimate early in the process and on the final Closing Disclosure.

How much to budget

As a planning guide, buyers often pay about 2% to 5% of the purchase price in total closing costs. Your final amount depends on your loan program, interest rate, property taxes, and any seller credits.

Typical examples:

• $300,000 purchase: about $6,000 to $15,000
• $450,000 purchase: about $9,000 to $22,500
• $600,000 purchase: about $12,000 to $30,000

Use these as starting points. Your lender’s Loan Estimate will show your personalized figures.

Typical fees by category

Below are common buyer costs and realistic ranges for Ohio markets. Ask your lender and title company for written quotes.

Loan costs

• Origination or lender fee: often 0% to 1% of the loan amount. Many quotes fall around 0.5% to 1.0%.
• Underwriting, processing, application: usually $400 to $1,200 combined.
• Rate lock fee: sometimes $0 to $300.
• Credit report: about $25 to $50.
• Flood certification: about $10 to $20.
• Points: optional. Each point equals 1% of the loan amount to buy a lower rate.

Appraisal and inspections

• Appraisal: typically $350 to $700 depending on property type and complexity.
• General home inspection: usually $300 to $600.
• Add-ons if needed: radon, sewer scope, termite, HVAC, roof or other specialty checks can add $75 to $500 each.

Title and settlement

• Lender’s title insurance: commonly a few hundred dollars up to around $1,500 depending on loan size and filed rates.
• Owner’s title insurance: in many Ohio deals, the seller often pays for the owner’s policy, but it can vary by county and contract. Confirm who pays in your purchase agreement.
• Settlement or closing fee: often $300 to $900 total. This is sometimes split between buyer and seller by local custom.
• Recording fees and document stamps: usually $20 to $200 based on county.

Prepaids and escrow deposits

• Prepaid interest: interest from your closing date until your first payment. This depends on rate and timing.
• Initial escrow for taxes and insurance: lenders often collect a few months up front to seed your escrow account. A common range is $500 to $3,000, but it can be higher for properties with larger tax bills.
• Homeowners insurance: many buyers pay the first year at closing. Costs can range from several hundred dollars to $2,000+ based on coverage.

Government and local charges

• Ohio recording and county conveyance fees are generally modest and vary by county. Your title company will quote these precisely.

Other possible costs

• Private Mortgage Insurance: for conventional loans with less than 20% down. This is usually a monthly cost. Some lenders offer single-premium or lender-paid options.
• HOA dues and special assessments: prorations or setup fees may apply.
• Attorney or additional escrow services if used: varies.

Loan type differences

Your loan program affects which fees apply and how much sellers can contribute.

Conventional loans

• You will see standard lender fees, appraisal, title, and prepaids. If you put less than 20% down, plan for PMI monthly or consider a single-premium or lender-paid option.
• Seller concessions are capped by down payment and occupancy. Common limits are up to 3% if you put less than 10% down, up to 6% with 10% to 25% down, and up to 9% with more than 25% down. Confirm details with your lender.

FHA loans

• FHA requires mortgage insurance, including an upfront premium that is typically financed and an annual premium paid monthly.
• Seller concessions up to 6% can cover buyer costs, prepaids, and discount points within program rules.

VA loans

• VA loans do not require monthly PMI. A one-time funding fee usually applies and can often be financed. Exemptions and rates vary by eligibility and use.
• Sellers can pay certain buyer costs and provide additional concessions up to 4% for allowable items. Confirm with your lender based on your situation.

USDA loans

• USDA loans include an upfront guarantee fee and a small annual fee. The upfront fee can often be financed.
• Property and borrower eligibility apply. Seller credits are allowed within program rules.

Westerville taxes and escrow

Westerville spans both Franklin County and Delaware County. Property tax amounts depend on county levy rates, the City of Westerville, school district levies, and any library, park, township, or special district charges.

Franklin vs Delaware counties

Two similar homes on different blocks can have different annual taxes because they may sit in different counties or school districts. That matters at closing because you will fund an initial escrow deposit for taxes based on the expected annual bill. Higher local millage typically means a larger initial escrow.

How taxes affect escrow

• Property taxes are prorated between buyer and seller at closing based on the closing date.
• Lenders collect a reserve to make sure your escrow account can cover the next tax cycle. This deposit can be one of the largest single pieces of your cash to close.

Confirm a property’s taxes

• Pull the parcel tax record through the county auditor for the specific address to see the most recent bill and millage breakdown.
• Ask your title company for estimated prorations and escrow deposits based on your target closing date.
• For budgeting, using the current annual tax divided by 12 provides a reasonable monthly estimate for your escrow.

Who pays what in Westerville

Customs vary by county and by contract. In many Ohio purchases, sellers often pay for the owner’s title policy and share some settlement fees, but it is not guaranteed. Your purchase agreement controls who pays each item. Confirm allocations with your agent and title company so you know your exact cash to close.

Ways to lower cash to close

• Ask for seller concessions within your loan’s limits to cover closing costs or prepaids.
• Compare multiple lenders for lower origination fees and a better overall APR.
• Consider a slightly higher rate in exchange for a lender credit to offset some costs.
• Time your closing date to minimize prepaid interest when it makes sense.
• Verify which title fees the seller will pay, and decline optional courier or add-on services you do not need.

Get an accurate estimate

• Apply with at least two lenders and review the Loan Estimate you receive within three business days. Compare line items and APRs.
• Request a preliminary title and settlement quote for title premiums, recording fees, and expected escrow deposits.
• Share the property address early so estimates reflect the correct county and school district taxes.
• Update your estimate once you lock your rate and set a target closing date.

Timing and payment

Your Closing Disclosure shows the final cash to close and is issued at least three business days before signing. You will pay prepaids and initial escrow deposits at closing, along with your down payment and any remaining fees. If you negotiated seller credits, those reduce what you bring to the table. Your title company will provide wire instructions and acceptable payment methods.

Quick budgeting examples

• $300,000 home: plan for about $6,000 to $15,000 in total buyer closing costs.
• $450,000 home: plan for about $9,000 to $22,500.
• $600,000 home: plan for about $12,000 to $30,000.

These ranges include lender fees, appraisal and inspections, title and settlement, and prepaids like taxes and insurance. Your results will vary based on loan type, taxes, and any seller contributions.

Final thoughts

If you plan for 2% to 5% of the purchase price and confirm the big drivers early, you will avoid surprises on closing day. In Westerville, the county and school district tied to your address can shift your escrow needs more than you might expect, so get parcel-specific numbers early. Pair that with a detailed Loan Estimate, and you will have a clear view of your total cash to close.

Have questions or want a custom estimate tied to a specific Westerville home? Reach out to the Richmond Home Team for clear guidance, local title and lender referrals, and a step-by-step plan from offer to keys.

FAQs

What are typical closing costs for a $400,000 Westerville home?

• Plan for about 2% to 5% of the price, or roughly $8,000 to $20,000, depending on your loan program, taxes, and any seller credits.

Do closing costs differ between Franklin and Delaware County addresses in Westerville?

• Yes, local levy rates and school district taxes can change your initial escrow deposit and prorations, and county recording fees can vary; get a title quote for the specific address.

Can the seller pay my closing costs on a conventional loan?

• Often yes within program limits, typically up to 3% with less than 10% down, up to 6% with 10% to 25% down, and up to 9% with more than 25% down.

What FHA, VA, or USDA fees can be financed into the loan?

• Each program allows certain upfront fees to be financed, which reduces cash to close but increases the loan balance; confirm specifics with your lender.

When will I know my exact cash to close?

• You will see an early Loan Estimate after application and a final Closing Disclosure at least three business days before closing that shows the exact figure.

Are home inspections part of closing costs or paid earlier?

• General and specialty inspections are usually paid out of pocket during the inspection period, often totaling $300 to $600 for general plus any add-ons.