As you get pre-approved for your loan, your lender is required, by law to give you a good faith estimate of all the costs associated with purchasing the home. If they fail to give you this, I would question whether or not to work with them. Also, in Ohio, closing costs for a purchaser typicall range from $299 (for a special deal from some lenders) up through about $2000, depending on the mortgage broker or banker fees and what "junk" fees they charge (junk fees are increases in costs to typical services for a profit or handling fee, such as charging you $500 for a $350 appraisal, and charging $96 for a $36 credit report, etc.).
The best bet is to get with a local real esate professional you trust, and allow them to refer you to professionals, inspectors, title agencies, attorneys, lenders, etc., that they have relationships with. Let me know if you need a referal of an agent in Columbus, I have several professional contacts in Columbus that I work with on a regular basis.
You also have pre-paid items to pay, which is interest on the loan for up to one month, depending on your closing date, and one year of homeowners insurance.
Earnest money is money you put down on the home, with the brokerage to hold, until you close, at which time you get it returned to you to use how you wish - toward closing costs, down payment, etc.
Again, get hooked up with a knowledgeable professional and this will all be taken care of for you.
Google search shows inspection fees in Ohio can start at around $200 and go up, maybe as high as $500 depending on the area in Ohio and the size and complexity of the home. Some homes are quite large, have swimming pools or hot tubs and other amenities which will drive the fee up.
Closing fees vary a bit depending on the Escrow company you choose, but most are based on the sale price and use a sliding scale. Your local real estate agent can answer these questions and more and â€¦.it wonâ€™t cost you a penny to make the call. ïŠ
HUD has information with some details on closing costs at: http://www.hud.gov/offices/hsg/sfh/res/sc3secta.cfm
Oh yes, closing costs are NOT part of a down payment. Down payments are generally determined by your lender/Bank who will do your home loanâ€¦ which can be 3-5% for FHA to 20% down for bad credit or non-owner occupied homesâ€¦, unless you wish to put down more of course, no one will mind. ïŠ
The closing costs are for fees incurred as part of the purchase process, seller will normally pay the commissions for both sides. We generally in our area give a rough estimate of 3% closing costs for a buyer to pay. Some savvy real estate agents in a Buyers Market like this will ask the seller to pay ALL of your closing costs/feesâ€¦. Its just business and the seller wants to sell.
Hope this has helped a bit,
Down payment is part of the purchase and not part of the closing cost.
Earnest money will be applied to the closing cost if you are financing 100%