Buying Your Home - Escrow & Closing Costs

How can I save on closing costs?
Studies show that the closing costs, which can average 1 to 2% of a total home purchase price.
* Negotiate with the seller to pay all or part of the closing costs. The seller must agree to this.

*  Great Lender I have used for 22+ years  I refer  to : Tami Hartmann at Stockman Bank Tami will get you pre quailed on line or over the phone. 406-896-4812 thartmann@stockmanbank.com  Tami can help you get to where you need to be when buying or selling a home!  

You can use any lender you wish, we have several in the Billings surrounding area, 

What are closing costs?
Closing costs are the fees for services, taxes or special interest charges that surround the purchase of a home. They include upfront loan points, title insurance, escrow or closing day charges, document fees, prepaid interest and property taxes. Unless, these charges are rolled into the loan, they must be paid when the home is closed.

Where do I get information about closing costs?  Ask your lender! 
Ask your lender for a good faith estimate when you actually find the home you want. It will have detailed information on the close cost , before you put a offer on a home.  Your local lender is always glad to help and can go over each item with detail. The close cost before the close will be shown in a Alta statement before you sign close doc's. 

 For more on closing costs, ask for the "Consumers Guide to Mortgage Settlement Costs," Federal Reserve Bank of San Francisco, Public Information Department, P.O. Box 7702, San Francisco, CA 94120 or call (415) 974-2163.

Why do I need a title report?
A, a clear title report ensures there are no liens placed against the prior owners or any documents that will restrict your use of the property.  Example, child support payments, encroachments, acess to property,  liens, past tax's etc...  A preliminary title report provides you with an opportunity to review any impediment that would prevent clear title from passing to you.  When reading a preliminary report, it is important to check the extent of your ownership rights or interest. The most common form of interest is "fee simple" or "fee," which is the highest type of interest an owner can have in land.  Liens, restrictions and interests of others excluded from title coverage will be listed numerically as exceptions in the report.  You also may have to consider interests of any third parties, such as easements granted by prior owners that limit use of the property. Some buyers attempt to clear these unwanted items prior to purchase.  A list of standard exceptions and exclusions not covered by the title insurance policy may be attached. This section includes items the buyer may want to investigate further, such as any laws governing building and zoning.  I will go over all the items one at a time with you and send you a copy. You just call me and or the title company to get the details needed.