Closing Costs in Bellevue: What Buyers Should Expect

Buying in Bellevue can feel like climbing two mountains at once: saving for your down payment and figuring out closing costs. You are not alone if the second one feels murky. The good news is you can predict most fees with a simple framework and a few local insights. In this guide, you will see what buyers typically pay in Bellevue, who covers what in Washington, and how your loan type changes your bottom line so you can plan your cash to close with confidence. Let’s dive in.

What closing costs include

Closing costs are the one-time fees and prepayments needed to finalize your purchase and set up your loan. As a rule of thumb, plan for about 2% to 5% of the purchase price for standard closing costs, plus additional prepaids and escrow deposits. That range comes from national consumer resources like Bankrate’s guide to closing costs.

Loan and lender fees

These are charges from your mortgage lender. They can include an origination fee, underwriting and processing fees, credit report, and optional discount points if you choose to buy a lower rate. If you are financing, you will also pay for an appraisal. In higher-cost markets, appraisals often land between several hundred and over a thousand dollars.

Title and escrow fees

You will see a lender’s title insurance policy, title search, and an escrow or settlement fee. The owner’s title policy is often negotiated between buyer and seller. Title premiums and escrow charges vary by company and purchase price, so it helps to request quotes early for your target price range.

Government and recording fees

King County collects recording fees to file your deed and deed of trust. In Washington, the real estate excise tax (REET) is typically a seller cost. Buyers in standard transactions do not pay state REET under current rules, as outlined by the Washington Department of Revenue’s REET guidance.

Prepaids and escrow deposits

Prepaids are not fees. They are money set aside to start your homeowner’s insurance, cover prepaid mortgage interest from funding to your first payment, and seed the escrow account for future property tax and insurance bills. Lenders often collect 2 to 6 months of reserves for taxes and insurance at closing, depending on timing.

Inspections and HOA items

Most buyers in Bellevue pay for a general home inspection and may order specialized inspections for pests, roofs, chimneys, or septic where relevant. In condos, expect a resale certificate and potential HOA transfer or move-in fees. Many inspection charges are paid before closing and are not refunded if a deal falls through.

Who pays what in Washington

Understanding local norms helps you set the right expectations when you budget or negotiate.

• Seller typically pays: real estate excise tax (REET), their own closing costs, and agreed repairs or credits.
• Buyer typically pays: lender fees, appraisal, credit report, lender’s title policy, county recording fees, escrow or settlement charges as assigned by contract, prepaids and escrow deposits, and inspections.
• Negotiable or split items: owner’s title policy and escrow fees are often split or negotiated. Seller concessions toward buyer closing costs are allowed, subject to loan program caps.

For county-level items like recording and how tax proration works at different times of year, consult the King County government resources for the Recorder, Assessor, and Treasurer.

How your loan type changes costs

Your financing program shapes upfront costs and what a seller can legally pay for you. Ask your lender to itemize “loan costs,” “other costs,” and “prepaids” so you see the full picture. You will receive a Loan Estimate within three business days of applying, a key consumer protection explained by the CFPB.

Conventional loans

If you put less than 20% down, you will likely have private mortgage insurance (PMI), which can be monthly or sometimes partially upfront. Conventional loans also limit seller concessions based on your down payment. Typical guidance allows up to 3% in concessions if your down payment is under 10%, up to 6% for 10% to 25% down, and up to 9% for over 25% down, per Fannie Mae’s seller concession guidelines. Your lender will confirm the correct cap for your scenario.

FHA loans

FHA loans allow as little as 3.5% down for qualified borrowers and include an upfront mortgage insurance premium (MIP) that can be financed, plus an annual MIP paid monthly. Sellers can contribute up to 6% of the sale price to approved buyer closing costs and prepaids, per HUD.

VA loans

For eligible veterans and service members, VA loans often allow zero down payment. Most VA loans include a funding fee, which can usually be financed. Seller concessions are permitted but limited; a common cap is 4% of the purchase price for certain costs, as outlined by the U.S. Department of Veterans Affairs.

USDA loans

USDA programs allow zero down payment in eligible areas and permit seller concessions, commonly up to 6% for allowable costs. Your lender will confirm eligibility and current rules.

Bellevue price tiers and sample budgets

Bellevue’s higher prices mean a standard percentage translates to larger dollar amounts. Here are realistic planning ranges using the 2% to 5% closing cost rule of thumb, plus roughly 1% to 2% for prepaids and escrow deposits. These ranges exclude your down payment and any seller-paid amounts.

Modest condo or townhouse at $600,000

• Closing costs (2%–5%): $12,000 to $30,000
• Prepaids and escrow seed (1%–2%): $6,000 to $12,000
• Estimated cash to close excluding down payment: about $18,000 to $42,000

Typical Eastside single-family at $1,200,000

• Closing costs (2%–5%): $24,000 to $60,000
• Prepaids and escrow seed (1%–2%): $12,000 to $24,000
• Estimated cash to close excluding down payment: about $36,000 to $84,000

Higher-end Bellevue home at $2,000,000

• Closing costs (2%–5%): $40,000 to $100,000
• Prepaids and escrow seed (1%–2%): $20,000 to $40,000
• Estimated cash to close excluding down payment: about $60,000 to $140,000

If you secure seller concessions within your loan program’s limits, those funds can cover many closing costs and reduce what you bring to closing.

Local Bellevue factors to watch

Title and escrow quotes

On the Eastside, title and escrow fees are meaningful in dollar terms because purchase prices are higher. Ask for written quotes from local title and escrow providers for your expected price range. This helps you compare estimates across lenders and closing companies.

Condo and HOA documents

Bellevue has a strong condo and townhouse market. Budget for HOA transfer or move-in fees and the condo resale certificate. Your lender may also require certain HOA documents. Getting these early helps avoid delays and surprises.

Property tax timing in King County

Property taxes are prorated at closing. Depending on the date you close, you may reimburse the seller for taxes already paid or deposit several months of taxes into your escrow account. Check timelines with the King County Treasurer and Assessor.

Market conditions and concessions

When the market favors sellers, they may be less open to paying buyer costs. When inventory sits longer, seller-paid closing costs become more common. Ask your agent to align your concession request with current Bellevue conditions and your loan program’s limits.

Ways to lower cash to close

• Negotiate seller concessions within your loan’s cap. Conventional, FHA, VA, and USDA all allow seller-paid costs, each with specific limits confirmed by your lender and program rules. See Fannie Mae, HUD, and the VA for program guidance.
• Explore lender credits. You can often accept a slightly higher interest rate in exchange for a credit that covers part of your closing costs.
• Compare multiple lenders. Fees and rates vary. The CFPB explains your right to a standardized Loan Estimate within three business days, which makes apples-to-apples comparisons easier.
• Research assistance programs. The Washington State Housing Finance Commission offers statewide programs that may help with down payment and closing costs. Eligibility and terms vary.

Step-by-step plan for Bellevue buyers

1. Get prequalified with 2 to 3 lenders and request written Loan Estimates. Compare not just the rate but the total cash to close.
2. Ask each lender to separate loan costs, other costs, and prepaids or escrows so you know what is negotiable.
3. Request title and escrow fee quotes for your target purchase price from local King County providers.
4. Discuss seller concessions with your agent based on today’s Bellevue conditions and your loan program’s cap.
5. Budget conservatively: plan for 2% to 5% in closing costs plus 1% to 2% in prepaids and escrow deposits.
6. If cash is tight, evaluate assistance through the Washington State Housing Finance Commission and ask about lender credits.
7. If buying a condo, order the resale certificate early and confirm HOA fees or move-in deposits to keep closing on schedule.

Documents and timing to expect

• Loan Estimate: You should receive this within three business days of application, showing itemized estimates for closing costs and prepaids, as outlined by the CFPB.
• Title and escrow estimates: Your title and escrow providers can issue estimates tied to your purchase price and loan type.
• Final figures: Before closing, you will receive a Closing Disclosure that lists your final cash to close. Cross-check it with your Loan Estimate and discuss any differences with your lender.

Ready to run your numbers?

You deserve clear, local guidance tailored to Bellevue and the greater Eastside. If you are comparing neighborhoods, sorting through loan options, or planning a clean offer strategy with the right concessions, reach out for a simple, step-by-step plan and a personalized cash-to-close estimate. When you are ready, connect with Unknown Company to get started.

FAQs

Do Bellevue buyers pay Washington’s REET?

• No. In standard transactions, Washington’s real estate excise tax is usually paid by the seller, per the Washington Department of Revenue.

How much should a Bellevue buyer budget for closing costs?

• A practical starting point is 2% to 5% of the purchase price for closing costs, plus roughly 1% to 2% for prepaids and escrow deposits, as noted by Bankrate.

Which loan programs allow seller-paid closing costs?

• Conventional, FHA, VA, and USDA allow seller concessions, but each has a cap; see guidance from Fannie Mae, HUD, and the VA, and confirm specifics with your lender.

What are prepaids and escrow deposits at closing?

• They are funds to start insurance, cover prepaid interest, and seed the escrow account for future taxes and insurance; amounts vary by closing date and lender requirements.

When will I know my exact cash to close?

• You will receive a Loan Estimate within three business days of applying and a final Closing Disclosure before signing; both outline your cash to close per CFPB standards.