Buying in Bellevue is exciting, but the final wire you send on closing day can feel like a black box. With higher Eastside home prices, many buyers are surprised by how much cash to close they need beyond the down payment. You deserve clear numbers and a simple plan. In this guide, you’ll learn what closing costs include, typical Bellevue ranges, what’s negotiable, and smart ways to lower your out-of-pocket total. Let’s dive in.
What closing costs include
Closing costs are the one-time expenses you pay to secure financing, transfer title, and set up your new home’s escrow accounts. They are separate from your down payment. Most costs fall into a few buckets:
- Lender fees: origination, underwriting, processing, discount points if you buy down the rate.
- Third-party loan costs: appraisal, credit report, flood certification, and tax service.
- Title and escrow: lender’s title policy, optional owner’s title policy, and the escrow/settlement fee.
- Government and recording: county recording charges for the deed and mortgage.
- Prepaids and escrows: first year of homeowners insurance, prepaid interest, and deposits for your tax and insurance impounds.
- Inspections and HOA: home inspection, specialty inspections, and HOA transfer or move-in fees if applicable.
In the Puget Sound area, closings are typically handled by escrow and title companies rather than attorneys. Who pays certain items can vary by local custom and negotiation, so your purchase contract should spell out the split.
Typical Bellevue ranges
Bellevue’s higher prices mean some costs scale up in dollars even when percentages are the same. The following are hypothetical estimates based on common Eastside practices through mid-2024. Always get exact lender and title quotes for your property.
Lender fees and points
- Origination/processing: often 0.5% to 1.5% of the loan amount, or a flat fee that can range from about $400 to $1,500.
- Underwriting/processing/admin: commonly $300 to $1,000 combined if not included above.
- Discount points: optional; 1 point equals 1% of the loan amount. Consider points if you expect to hold the loan long enough to break even.
Appraisal and third-party loan costs
- Appraisal: about $600 to $1,500+ in Bellevue, depending on complexity and price point.
- Credit report: roughly $25 to $60.
- Flood cert, tax service, other loan charges: typically $50 to $300 combined.
Title and escrow fees
- Lender’s title insurance: required by lenders. Cost varies by price and state-filed rates and is often a mid three to four-figure line item at Bellevue prices.
- Owner’s title insurance: optional but strongly recommended. Who pays can be negotiated.
- Escrow/settlement fee: varies by company and is often split between buyer and seller. Each party may pay several hundred to over $1,500 depending on services.
- Recording fees: county charges are usually modest, often in the tens to low hundreds of dollars.
Prepaids and escrows
- Homeowners insurance: often $700 to $3,000+ for the first year. Higher-valued homes generally cost more.
- Property tax proration: King County taxes are prorated at closing. A rough rule of thumb is around 1% of assessed value annually, though actual rates vary by location and levies. Your share depends on the closing date and what the seller already paid.
- Impound account deposits: many lenders collect about 2 months of taxes and 2 months of insurance upfront.
- Prepaid interest: daily interest from your closing date until your first payment.
Inspections and HOA
- Home inspection: roughly $400 to $1,000+ based on size and complexity.
- Specialty inspections: sewer scope, roof, pest, radon, or septic can run $150 to $800 each.
- HOA items: transfer or initiation fees often $100 to $500, plus any dues proration.
Government or specialty items
- Real Estate Excise Tax (REET): in Washington the seller generally pays REET, but always confirm contract language.
- Local assessments/LIDs: if present, these can be prorated at closing.
Down payment vs. closing costs
Your down payment is different from closing costs. For many conventional loans, down payments range from about 3% to 20% or more, depending on program rules. For higher-priced Bellevue properties that need jumbo financing, lenders often require larger down payments. Some lenders may also require several months of mortgage reserves in your accounts after closing, which affects how much cash you need to keep on hand.
What you can negotiate
Several items are open to discussion and can lower what you bring to closing:
- Seller concessions: a seller can credit a portion of your closing costs. Loan type and down payment can limit the maximum.
- Title and escrow splits: who pays the owner’s title policy or how you split escrow fees can be negotiated.
- Lender fees and credits: compare Loan Estimates from multiple lenders and ask about credits in exchange for a slightly higher rate.
- Repair credits: instead of asking the seller to complete work, you can request a closing credit and do the work after closing.
Ways to reduce out-of-pocket costs
You have more control than you might think. Consider these tactics:
- Shop lenders and title companies: compare full Loan Estimates and fee quotes, not just the interest rate.
- Ask for seller credits: especially if days on market are longer or inspection findings support a credit.
- Evaluate points vs. credits: run the break-even math for buying down the rate or taking a lender credit.
- Use assistance programs if eligible: Washington State Housing Finance Commission and some local programs may offer down payment or closing cost help. Availability and terms can change, so confirm current options.
- Choose transparent providers: work with an escrow and title team that provides early, itemized estimates.
Hypothetical cash-to-close examples
These scenarios are hypothetical and for planning only. Always request real-time quotes from your lender and title company for precise numbers.
Entry condo, Eastside example
- Purchase price: $600,000
- Down payment: 5% = $30,000
- Estimated closing costs: 2% to 3% = $12,000 to $18,000
- Initial impounds: $1,000 to $3,000
- Inspections and HOA: $800 to $1,500
- Approximate cash to close: $43,800 to $52,500
Move-up single-family, East Bellevue
- Purchase price: $1,200,000
- Down payment: 20% = $240,000
- Estimated closing costs: 2% to 3% = $24,000 to $36,000
- Initial impounds: $3,000 to $7,000
- Inspections and HOA: $1,500 to $3,000
- Approximate cash to close: $268,500 to $286,000
High-end Bellevue with jumbo loan
- Purchase price: $2,500,000
- Down payment: 30% = $750,000
- Estimated closing costs: 1.5% to 3% = $37,500 to $75,000
- Impounds and insurance: $7,000 to $20,000
- Approximate cash to close: $794,000 to $845,000
How to calculate it:
- Cash to close = down payment + closing costs + initial escrow deposits and prepaids, then subtract any seller or lender credits and any earnest money you already paid.
Timeline and documents you’ll see
Early in the process, your lender provides a Loan Estimate that outlines projected interest, payments, and closing costs. At least 3 business days before closing, you must receive your Closing Disclosure with the final numbers. Review it carefully and ask questions about any line items that moved since your Loan Estimate. In King County, recording and transfer steps are handled by your escrow and title team, who will coordinate the final wire and keys after recording.
Protect your funds from wire fraud
Most buyers wire their final funds. Before you send any money, call your escrow or title officer using a phone number you know is correct and verify the wiring instructions. Do not rely on emailed instructions alone. Many escrow companies use secure portals for sharing wire details. Confirm the instructions again within 24 hours of funding.
Plan your budget next
Building a simple worksheet up front helps you feel in control.
- Start with your expected down payment.
- Add a planning estimate for closing costs. For many Bellevue purchases, 2% to 3% of the price is a reasonable starting assumption.
- Add prepaids and escrows for insurance, taxes, and prepaid interest.
- Add inspections, HOA fees, and any specialty reports.
- Subtract expected seller or lender credits and your earnest money.
A clear plan reduces surprises, keeps your search focused, and strengthens your offer strategy.
If you want a personalized estimate and a local game plan, connect with a trusted Eastside guide. From comparing Loan Estimates to negotiating seller credits and choosing the right escrow team, you can streamline this process with expert help. Reach out to Shari Jansen for a calm, step-by-step approach tailored to your Bellevue purchase.
FAQs
In Washington, who pays REET when buying in Bellevue?
- In Washington State, the seller generally pays the Real Estate Excise Tax, though you should confirm the purchase contract for any exceptions.
Do Bellevue buyers need owner’s title insurance?
- Lenders require a lender’s policy, while an owner’s policy is optional but recommended to protect your equity. Who pays can be negotiated.
When will I know my exact closing costs for a Bellevue home?
- Your lender must provide a Closing Disclosure at least 3 business days before closing with the final dollar amounts. Request early Loan Estimates and title quotes to reduce surprises.
Can a Bellevue seller cover my closing costs?
- Yes. Seller concessions are common and negotiable, though your loan type and down payment can set limits on the maximum credit.
Are inspection fees part of closing costs in Bellevue?
- Buyers typically pay inspection fees out of pocket before closing. They may not appear in the Closing Disclosure if paid prior, but include them in your overall budget.
How do I safely wire closing funds for a King County purchase?
- Confirm wiring instructions by phone using a known number for your escrow or title officer, not from an email. Prefer secure portals and reconfirm details within 24 hours of funding.
