Cincinnati Real Estate Closing Costs

Estimated Closing Costs In The Cincinnati Area

Estimates are based on a $100,000 purchase price with a $95,000 mortgage


Common Disbursements
Lender Appraisal Fee			$250.00
Credit Report				35.00
Mortgage Survey Fee				130.00
Settlement and Title Exam fees				250.00
Title Policy fee (lender policy only - owner's policy is discretionary)				450.00
Endorsement & Flood Certification Fees				85.00
Recording Fees				50.00
Tax Service Fee to Lender				75.00
Fee			25.00

	Sub-total			$1,350.00

Other Fees If your down payment is less than 20% of the purchase price of the property, the mortgage will require private or government mortgage insurance depending on the type of loan. On government secured loans this will result in an additional out-of-pocket expense of 2.25% of the mortgage which is typically financed into the mortgage. Note: There is also a monthly insurance premium, which is added to the mortgage payment. This premium ranges from .5% of the mortgage value to .78% depending on the size of down payment.				$ Varies

Property Tax Proration - Because property tax billing is a minimum of 6 months in arrears you will actually receive a credit at closing for taxes owed, but not yet billed. Assuming 7 months this will reduce your cash requirements at closing by about				($800.00)

Mortgage Insurance Proration - Between the date of closing and, typically, the first of the next month you will be required to pay interest for the number of days left in the month of closing. With an 8% loan this would be a little less than $21 per day. Assume 5 days.				$105.00

Home Owner's Insurance - You will have to arrange for property insurance and pre-pay a one year policy prior to closing. The annual rate for a basic policy is approximately				$325.00

Escrow Account - If you use an escrow account to pay your taxes and insurance bills when they come due your monthly mortgage payments will include a portion for maintaining this escrow account. You will also have to fund the initial establishment of the account.				$400.00

Other - If you agreed to pay "points" to improve your payment terms you will have $95,000 x (the points agreed) to due at closing				$400.00

Suggested cash on had at time of closing, excluding $5,000 down payment and any credit for earnest money - will be a minimum of ...		Total $1380.00

*These figures are an estimate only. They are subject to change and it is recommended that you consult your lawyer for confirmation of your total costs.

Galen Mills
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(513) 793-2121 (Office)
(513) 588-5039 (Voice Mail)

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