Washington closing costs estimates and breakdown

Microsoft no-sql
Jun 8 12 Comments

I am in home buying process. Can anyone let me know the closing costs and breakdown in Washington state. I believe loan related costs like origination etc are payed by lender as per my mortgage agent. How much do title and other things cost. Are they still 1% of purchase price? Any experiences, surprises please share

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TOP 12 Comments
  • Deloitte broadway74
    It depends highly on taxes and transfer of title cost, just get an estimate. I can’t break it down as it’s like 10 items
    Jun 8 8
    • Deloitte broadway74
      No that was just recording fees and various taxes required to pay. It goes by the purchase amount.
      Jun 8
    • Microsoft no-sql
      OP
      Oh, so if I am aiming 900 k house, then these costs are deducted from 900k?
      Jun 8
    • Deloitte broadway74
      No the costs I quoted were for a $350k house, for a $900k it would be much more. You pay the closing costs out of pocket. Do you have a realtor and a mortgage company already? They will provide an estimate
      Jun 9
    • Microsoft no-sql
      OP
      Oh, they seem to be very high . Do we get tax benefits/write offs during 2019 tax filing
      Jun 9
    • New / Other
      DuQvV7y

      New Other

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      DuQvV7ymore
      Depends.

      Some of this forms the basis (true cost) of your property.

      If it’s a rent you get to depreciate it.

      The rest is considered local taxes. Your benefits are limited by the new tax law that caps your SALT deductions at 10k.
      Jun 10
  • Deloitte broadway74
    I think less then 1% is doable. Every lender is different and you can ask for an estimated closing sheet to get an idea of fees. When I closed with chase I negotiated $3k off closing buy having a real estate lawyer look it over
    Jun 8 1
    • Microsoft no-sql
      OP
      How much did you pay? What was breakdown?
      Jun 8
  • Microsoft no-sql
    OP
    Bump.. looking for more responses. Seems like closing costs are important and better to minimize and use money if possible for upgrades, furniture etc
    Jun 9 0