Northeast Ohio Closing Costs

5 Replies

I am currently looking at purchasing properties in the Akron / Cleveland surrounding area that are below 300k price range. I was wondering if there are any local real estate agents, mortgage brokers, or investors in the area who can give me a decent idea of what I can be looking to pay in closing costs. I have heard anywhere from 2-6% of purchase price but that was not specific to Northeast Ohio. Also what all will my closing costs be covering? Thanks for any help

@Joseph Mattucci Using percentages is never a great way to estimate closing costs.  There are some variable costs that will change with the loan amount size however most of the fees are fixed.  The cost of appraising, underwriting, closing, and recording are going to be about the same whether you are buying a home for $80,000 or $300,000

Here is a rough estimate for a recent investment property I closed in Cleveland with a $250,000 purchase price and a $200,000 loan amount

Originally posted by @Joseph Mattucci :

I am currently looking at purchasing properties in the Akron / Cleveland surrounding area that are below 300k price range. I was wondering if there are any local real estate agents, mortgage brokers, or investors in the area who can give me a decent idea of what I can be looking to pay in closing costs. I have heard anywhere from 2-6% of purchase price but that was not specific to Northeast Ohio. Also what all will my closing costs be covering? Thanks for any help

Joseph, I am assuming you are buying with conventional lending? If so then the numbers Eric shows above are a good estimate.  If you are buying cash it can be different depending on what you chose for insurance, if you are paying all the closing costs, etc.  Things change when mortgage underwriting isn’t involved.

Since you didn’t mention you are buying in cash I would say Eric’s estimate is a good Starting point.  Even though it will take you a few phone conversations I would recommend reaching out to lenders and insurance companies to get actual costs if you want a solid number. 

Also, we have some solid residential and commercial lenders, and even hard money lenders we can refer if you need some.