Buying a home in Gahanna and wondering what you’ll owe at the closing table? You’re not alone. Closing costs can feel like a maze when you’re trying to budget and compare homes. In this guide, you’ll learn what typical costs look like in Franklin County, who usually pays what, smart ways to reduce your cash to close, and simple steps to stay on track. Let’s dive in.
What closing costs cover in Gahanna
Closing in Ohio is commonly handled by a licensed title company or settlement agent. They coordinate documents, title insurance, prorations, and recording. As a rule of thumb, buyers in Gahanna often plan for about 2% to 5% of the purchase price in closing costs, not including your down payment.
Loan and lender fees
These are tied to your mortgage and lender processes.
- Origination or application fee and underwriting/processing fees.
- Optional mortgage points if you choose to lower your rate.
- Credit report fee.
- Appraisal to confirm value, typically several hundred dollars, often in the $350 to $800 range.
- Rate lock fee if your lender charges one.
Title, insurance, and settlement
The title company coordinates closing, searches records, and issues title insurance.
- Lender’s title insurance policy is usually required and commonly paid by the buyer.
- Owner’s title insurance policy is optional but recommended. Who pays can vary by contract and local practice.
- Title search, title exam, and settlement/escrow fees for document prep and coordination.
Inspections and reports
Most buyers order inspections as part of due diligence.
- General home inspection, often $300 to $600 depending on size and scope.
- Pest or termite inspection, often $50 to $150, if requested.
- Survey when required, plus optional inspections such as radon or sewer scope based on the property and loan.
Prepaid items and escrows
Your lender may collect initial deposits to fund tax and insurance accounts.
- Prepaid homeowners insurance and property taxes, often 2 to 6 months of escrow deposits.
- Prepaid interest from your closing date to the start of your first payment.
- Mortgage insurance premiums when required by your loan program.
Government and recording fees
You will see line items tied to county and local filings.
- Recording fees to file the deed and mortgage with the Franklin County Recorder.
- Any transfer or conveyance tax determined by local rules and your contract.
- Real estate tax prorations so each party pays their share based on the closing date.
HOA and assessments
If the home is in an association or has special assessments, you may see:
- HOA transfer or initiation fees and prorated dues.
- Payoffs or prorations for any recorded special assessments.
Who pays what in Franklin County
There is no single rule that applies in all Gahanna sales. Contract terms and market conditions often determine who pays which fees. Buyers commonly pay lender-related fees, the appraisal, the lender’s title policy, inspections, recording fees for the mortgage, and prepaid items. Sellers often pay the real estate commission, the cost to prepare the deed, and pay off any existing mortgages, and they may cover some transfer costs where applicable.
Many items are negotiable. You can request seller concessions to reduce your closing costs. Your agent and lender can help you set a strategy that matches the market and your loan program.
Timing and disclosures to expect
Under federal rules, your lender must provide a Loan Estimate within 3 business days of a completed application. You must receive a final Closing Disclosure at least 3 business days before closing. Review both carefully to confirm fees and cash to close.
Property taxes, HOA dues, and utilities are typically prorated through closing. Ask your title company to confirm Franklin County recording fees, any conveyance tax owed, and the City of Gahanna’s procedures for utility transfers or special assessments.
Ways to cut your cash to close
You have several tools to reduce upfront cash while keeping your budget balanced.
Seller concessions
You can negotiate for the seller to pay some of your closing costs. Loan programs set limits on how much a seller can contribute. As planning guidance, FHA loans commonly allow up to 6% of the sale price for certain buyer costs. VA and conventional loans also allow concessions, but the rules and limits vary. Always confirm the allowable amount with your lender before you write the offer.
Lender credits and rate tradeoffs
Many lenders offer a credit toward closing costs if you accept a slightly higher interest rate. This lowers cash due at closing but raises your monthly payment. Your lender can show you the long-term cost difference so you can choose the best fit.
Assistance programs
Ohio Housing Finance Agency (OHFA) and other statewide programs may offer down payment assistance and special mortgage products for eligible first-time and income-qualified buyers. Franklin County and local partners sometimes provide grants or assistance. Check current program rules, availability, and eligibility with OHFA, county resources, or the City of Gahanna.
Real-world examples for planning
Use these illustrations to set expectations, then rely on your Loan Estimate and title quote for exact numbers.
$250,000 purchase
- 2% closing costs: about $5,000. 5%: about $12,500.
- With a 3% down payment ($7,500), your cash to close would be your down payment plus closing costs, minus any earnest money and credits.
$400,000 purchase
- 2% closing costs: about $8,000. 5%: about $20,000.
- With 5% down ($20,000), your cash to close would likely fall in the $28,000 to $40,000 range before credits and earnest money.
$600,000 purchase
- 2% closing costs: about $12,000. 5%: about $30,000.
- With 10% down ($60,000), plan for roughly $72,000 to $90,000 before credits and earnest money.
Remember, escrow deposits for taxes and insurance can shift the totals. Earnest money and any seller or lender credits will reduce the final cash due.
Gahanna buyer checklist
Use this quick checklist to stay organized and avoid surprises.
- Get a Loan Estimate early and use it to compare lenders.
- Ask the title company for an itemized estimated settlement statement during contract review.
- Confirm Franklin County recording fees, any conveyance taxes, and typical title insurance premiums.
- Decide whether to purchase an owner’s title policy and who will pay for it under your contract.
- Discuss seller concessions with your agent and confirm the program limits with your lender.
- Compare lender credits versus paying points. Run the math on upfront savings versus monthly cost.
- Research OHFA and local assistance options if you may qualify.
- Schedule inspections early since you typically pay those out of pocket.
- Review your Closing Disclosure carefully at least 3 days before closing and compare it to your Loan Estimate.
Local resources
- Lender or mortgage officer for loan fees, credits, and concession limits.
- Title company or closing agent for title commitments, premiums, and exact local recording fees.
- Franklin County Recorder and Auditor for recording fees, property tax schedules, and prorations.
- Ohio Housing Finance Agency (OHFA) for statewide assistance program details and eligibility.
- City of Gahanna or local housing partners for municipal assessments, utility transfers, or local programs.
- Your real estate agent to negotiate who pays which costs and to guide local custom.
Work with a local team that plans ahead
You deserve a clear plan for your Gahanna purchase and no last-minute surprises. Our team pairs neighborhood-level insight with step-by-step guidance on closing costs, timelines, and negotiation strategies. If you want a calm, confident path from offer to keys, we’re here to help.
Ready to take the next step? Connect with Core Realty Collection to map your numbers, explore options for credits or assistance, and move forward with confidence.
FAQs
What are typical closing costs for Gahanna buyers?
- Plan for about 2% to 5% of the purchase price in buyer closing costs, not including your down payment.
How do seller concessions work in Ohio purchases?
- You can negotiate for the seller to pay some of your closing costs, subject to loan program limits that your lender must confirm.
What prepaid items should I expect at closing?
- Expect prepaid interest, initial escrow deposits for taxes and homeowners insurance, and any upfront mortgage insurance required by your loan.
Who usually chooses the title company in Franklin County?
- The title company is often chosen by agreement between buyer and seller, and the purchase contract can specify the selection.
When will I see my final cash to close amount?
- Your lender must provide a Closing Disclosure at least 3 business days before closing, which lists your final cash to close.
Are Franklin County property taxes prorated at closing?
- Yes, taxes are typically prorated between buyer and seller based on the closing date and the county’s billing schedule.
