The process of buying a new home or refinancing is exciting and can be time consuming. You are not only worried about finding the right home, but you are also trying to lock-in your rate at the “perfect” time. The process can be exhausting.

Choosing the Right Title Agent is Important

The person that orchestrates your closing and provides vital safeguards against fraud and wrongdoing is your title insurance agent. Choosing the right title insurance agent can make the difference between a good experience and a disaster. Unfortunately, by the time consumers are ready to select a settlement agent, most are worn out and feel pressured to choose and therefore, their “right” to choose is given to their real estate agent or their mortgage lender. Many real estate agents and lenders have your best interest in mind and will refer you to a title agent who is knowledgeable and who they know will provide you, the consumer, with exceptional service.

Not Everyone has Your Best Interest at Heart

Unfortunately, there has been a proliferation of real estate agents and lenders owning or having a financial interest in a title insurance agency. In these instances, the real estate agent or lender might be receiving a reward for steering you to the affiliated title agency. Your best interest is not their priority.

Protect yourself by shopping for title insurance early

Shopping is the best way to protect yourself from inappropriate charges and junk fees. The best time to shop for title insurance is before you have found the perfect home or have chosen a lender for your refinance. The flurry of forms and the apparent urgency of the process might stop you from spending time carefully considering your options for a key part of your transaction. Don’t allow yourself to be rushed through an important decision.

You have a right to select your title insurance provider. Protect your rights and avoid conflicts by telling your lender, real estate agent or builder “I want to pick my own title agent.”

Coming next: How to shop for a title insurance agent.

If you haven’t heard it by now, mortgage rates are at their lowest in years.  No doubt you want the best rate and terms from your mortgage lender.

Just as important is the reputation and proven performance of your settlement services provider.  Not only will your title insurance agent insure the mortgage lien position of your new loan, the title agent will also conduct your real estate closing.   A good agent will communicate with you and your lender and make sure your mortgage documents arrive on time for your signature, take care of all the little details that do crop up, and most importantly, make sure the loan funds when it should!

The Pennsylvania title insurance premium is a filed rate – meaning every provider licensed in PA who follows the rates set by the Title Insurance Rating Bureau of Pennsylvania must charge the same rate.  It is important for you to question your provider up front regarding the rate you qualify for.  There are three levels of discounts available to qualified homeowners.  Don’t miss out on significant savings.  For a complete explanation of the available discounts, see an title insurance rates explained.

To help manage your requests for quotes, visit North American Land Transfer for a free title insurance price shopping worksheet.