Trying to figure out how much you’ll bring to closing in Northeast Bellevue? You’re not alone. Between lender fees, title and escrow charges, and prepaids, the numbers can feel confusing. This guide breaks down typical buyer closing costs in Northeast Bellevue, what’s customary locally, and how to use credits to lower your cash to close. Let’s dive in.
What closing costs cover
Closing costs are the one-time fees and prepaids due when you finalize your home purchase. They are separate from your down payment and are usually paid via wire to escrow.
- Closing costs: lender fees, title and escrow charges, recording, inspections, and prepaids like taxes, insurance, and interest.
- Down payment: your equity contribution that reduces your loan amount.
- Earnest money: a deposit you make with your offer, typically credited back to you at closing.
As a baseline estimate, buyer closing costs often total about 2% to 5% of the purchase price. Your exact number depends on your loan type, price point, and any credits.
Typical NE Bellevue cost ranges
Below are common buyer-side cost categories in King County and Northeast Bellevue. These are estimates. Verify your exact fees with your lender and escrow company.
Loan costs
- Origination, processing, underwriting: typically 0.25% to 1.0% of the loan amount, or a flat fee depending on the lender.
- Discount points: optional, 1 point equals 1% of the loan amount to buy down your rate.
- Credit report, flood certification, application: usually 30 to 300 dollars each.
- Appraisal: commonly 450 to 900 dollars in the Seattle area, depending on property type and complexity.
Title and escrow
- Title insurance: lenders require a lender’s policy. An owner’s policy is optional but common. Costs scale with price. In Washington, sellers often pay for the owner’s policy, and buyers pay for the lender’s policy.
- Escrow/settlement fee: typically 500 to 1,800 dollars total. The fee is often split between buyer and seller, but this is negotiable.
Recording and transfer
- Recording fees: usually 100 to 300 dollars total, depending on the number of documents.
- Washington Real Estate Excise Tax (REET): customarily paid by the seller in standard transactions.
Prepaids and impounds
- Prepaid interest: covers the interest from funding to the start of your first payment, often 1 to 2 months.
- Homeowners insurance: many lenders collect the first year upfront, commonly 600 to 2,000 dollars or more depending on coverage.
- Property tax prorations and escrow impounds: amount depends on closing date, assessed value, and local tax rates.
Inspections and reports
- Home inspection: typically 400 to 800 dollars for a single-family home.
- Pest/wood-destroying organism inspection: about 100 to 250 dollars.
- Additional inspections: sewer scope, roof, or energy evaluations vary by vendor.
HOA-related fees
- HOA transfer, estoppel letter, and initial dues: commonly 100 to 500 dollars or more depending on the association.
Miscellaneous fees
- Wire, courier, and notary: typically 25 to 100 dollars.
Local customs and who pays what
Customary practice in Washington and King County gives you a helpful starting point. Remember, custom is not a rule. You can negotiate.
Title insurance and escrow splits
- Owner’s title policy is commonly paid by the seller in Washington. The buyer typically pays for the lender’s policy.
- Escrow/settlement fees are often split between buyer and seller, but the allocation can be negotiated in your contract.
REET and recording fees
- REET is generally a seller cost. Buyers usually do not pay it in standard transactions.
- Buyers commonly pay recording fees for their mortgage documents, and sometimes the new deed, depending on escrow instructions.
Inspections and HOA items
- Buyers typically pay for inspections. If repairs are agreed to, sellers usually pay for the work.
- HOA transfer and estoppel fees are often buyer costs, though you can negotiate for a seller contribution.
Prepaids, escrows, and proration basics
Understanding time-based costs helps you budget more accurately.
Property taxes in King County
- Property taxes are generally paid in arrears and prorated at closing. The seller is credited for their period of ownership, and you are charged from your closing date forward.
- Many lenders require an escrow account for property taxes. Expect an initial deposit at closing that may include a cushion plus prorated months.
Homeowners insurance
- Your lender will require active coverage at closing and usually collects the first annual premium in full.
- Premiums vary based on replacement cost and coverage. Confirm with your insurance provider early.
Prepaid interest
- Interest accrues daily from funding through month-end. Closing earlier or later in the month changes this amount.
HOA dues and reserves
- Escrow will collect any prorated HOA dues. Some associations may require additional reserves or move-in fees. The HOA estoppel will specify exact amounts.
Negotiation levers to lower cash to close
You have options to reduce what you bring to the table.
Seller credits
- You can request a seller-paid credit toward closing costs and prepaids. Limits depend on your loan program. Confirm allowable amounts with your lender before you write an offer.
Lender credits
- You can accept a slightly higher interest rate in exchange for a lender credit that reduces your cash due at closing. Compare the short-term savings with the long-term cost of a higher rate.
Market conditions and strategy
- In a buyer-friendly market, sellers are more likely to approve credits or cover more fees. In competitive settings, credits may reduce your offer strength. Calibrate with your agent.
Program limits
- FHA, VA, USDA, and conventional loans each have rules and caps for seller contributions. Your lender will confirm what is allowed for your specific program and loan size.
Bellevue examples to make it real
These illustrations help you set expectations. They are not quotes. Always rely on your lender’s Loan Estimate and the escrow company’s preliminary closing statement for the final numbers.
Example: $900,000 single-family, 80% LTV
Loan amount 720,000 dollars. Estimated buyer closing costs:
- Loan origination and processing: 3,600 to 7,200 dollars
- Appraisal: 600 dollars
- Title and escrow fees, buyer share: 1,200 dollars
- Lender’s title insurance: 1,500 dollars
- Recording: 200 dollars
- Prepaid interest and first month interest: 2,000 dollars
- Homeowners insurance, 1 year: 1,200 dollars
- Tax escrow deposit and proration: 2,500 dollars
- Inspections, home plus pest: 700 dollars
- Miscellaneous: 200 dollars
- Estimated total buyer closing costs: 13,700 to 18,000 dollars, about 1.5% to 2.0% of the purchase price, assuming the seller pays the owner’s title policy and escrow is split.
Example: $1,500,000 condo, 20% down
Loan amount 1,200,000 dollars. Estimated buyer closing costs:
- Loan origination and processing: 6,000 to 12,000 dollars
- Appraisal: 700 to 1,200 dollars
- Title and escrow fees, buyer share: 1,800 dollars
- Lender’s title insurance: 2,500 to 3,500 dollars
- Recording: 200 to 400 dollars
- Prepaid interest and first month: 3,500 to 6,000 dollars
- HOA estoppel and transfer fees: 200 to 600 dollars
- Insurance, 1 year: 1,200 to 2,500 dollars
- Estimated total buyer closing costs: 17,100 to 26,200 dollars, about 1.1% to 1.7% of the purchase price.
How to use these estimates
- Ask your lender for a written Loan Estimate and for scenarios that include and exclude discount points or lender credits.
- Request a preliminary closing statement and title premium quote from your escrow/title company.
- Confirm recording fees, required tax and insurance impounds, and HOA charges with escrow.
- Update your budget once you have a mutual contract, since credits and timelines can change your final cash to close.
Buyer closing-cost checklist
Use this list to gather exact figures early.
- Earnest money: confirm it will be credited at closing
- Down payment: verify per loan documents
- Loan costs: origination, underwriting, discount points, appraisal, credit report, flood cert
- Title and escrow: lender’s title policy, escrow/settlement fee split, owner’s policy payer
- Government and recording: deed and mortgage recording, any county fees
- Prepaids and escrows: prepaid interest, first-year homeowners insurance, property-tax proration, initial impounds for taxes and insurance
- Inspections and third parties: home, pest, sewer, roof as needed
- HOA: estoppel/transfer fees, initial dues, potential reserves
- Miscellaneous: wire, courier, notary
Verify your exact numbers
To dial in your final cash to close, contact the professionals handling your file.
- Lender or mortgage loan officer: loan fees, discount points, lender credits, required impounds
- Title/escrow company: title premium schedule, escrow fee schedule, recording fees, and proration details
- King County offices: Recorder, Treasurer, and Department of Assessments for recording charges and parcel-specific property taxes
- Washington State Department of Revenue: REET rules and rates, typically a seller obligation
- Consumer resources: understand your Loan Estimate and Closing Disclosure and how they should match
Ask these questions:
- What is my current total closing-cost estimate, and can I see it in writing?
- Which fees are negotiable or eligible for seller credits under my loan program?
- Will the seller pay the owner’s title policy and share escrow fees per local custom?
- How much will you collect for my tax and insurance impounds at closing?
- If I choose a lender credit, how does that change my monthly payment and long-term cost?
- Exactly which recording fees will I pay, and what could change them?
- Which inspections are recommended for this property type, and what do they typically cost locally?
Next steps
Your numbers should be clear, predictable, and aligned with your goals. If you want a precise estimate and a negotiation plan tailored to Northeast Bellevue norms, reach out for a personalized strategy that blends financial rigor with white-glove representation. Schedule your VIP consultation with Mari Moline.
FAQs
How much are buyer closing costs in Northeast Bellevue?
- Many buyers budget about 2% to 5% of the purchase price for closing costs, with actual totals based on loan type, price point, and any credits.
What is customary for who pays in King County?
- Sellers commonly pay REET and the owner’s title policy. Buyers usually pay the lender’s title policy, their mortgage recording fees, and split escrow fees, subject to negotiation.
Which items are prepaid at closing versus in my monthly payment?
- Prepaids typically include daily interest from funding, the first year of homeowners insurance, prorated property taxes, and initial tax and insurance impounds if your lender requires an escrow account.
Can the seller or lender cover my closing costs?
- Yes. You can negotiate seller credits and request lender credits. Maximum credit amounts depend on your loan program and should be confirmed with your lender.
How are King County property taxes handled at closing?
- Taxes are generally paid in arrears and prorated based on the closing date. You may also fund an initial escrow deposit for future tax payments if required by your lender.
Where do I verify exact recording and escrow fees?
- Ask your escrow/title company for a fee quote and your preliminary closing statement. Your lender will provide a Loan Estimate and later a Closing Disclosure with final figures.
