With everything that needs to be done when buying a new house or refinancing your mortgage why should consumers add to their stress by shopping for title insurance instead of letting the mortgage broker, attorney, or real estate agent do it for them? After all, they are the experts and it is one less thing that the consumer has to deal with. While it may seem that shopping for title insurance will make the process even more stressful the truth is that by taking a bit of time to find the best price for title insurance consumers can save hundreds or even thousands in closing costs. And in fact shopping for title insurance has been made fairly simple and painless as more title companies have increased their Internet presence. With a few simple searches online consumers can get multiple title insurance quotes from which they can find the title company that suits their needs.

How to Shop for Title Insurance?

In the past shopping for title insurance would have been a difficult and time consuming task. After all, most title companies only want to work with real estate professionals and you had to seek them out in the phone book and call them on the phone. Then, if they would actually work with a consumer they would have to take your information over the phone or meet you in person to get it. From there they could make an estimate. The consumer would have to keep track of the different estimates on their own and compare prices.

With the rise of the Internet and consumer friendly sites it is easy for consumers to do a few quick searches at Google or any other search engine, find a few title companies, and request a quote. Some title companies still do not have any easy way to get an immediate quote but there are others who give consumers an instant and free title insurance quote. Once you get a few quotes (at least 5 for a good comparison) you can review them and choose the best company. Best of all with computers it easy to keep track of all these quotes.

How to Tell Which Quote is the Best?

When consumers get their title insurance quotes they will probably see a variety of different prices. While many states regulate the cost of title insurance there is no regulation on the related fees and charges and that is where most companies differ. On top of that some companies will provide a quote for both Owners and Lenders title insurance while others will only include Lenders title insurance. To be sure the comparisons are valid every quote should use the same criteria.

To get real comparisons consumers need to get the Good Faith Estimate from their lender or at least provide the real price of the home and exactly how much the loan is worth. Once they have that information they can go to each title company and get a real quote. Make sure to ask the title company if their quote is guaranteed and includes both the Owners and Lenders policies as well as all related charges. The last thing anyone wants is to find out they need to pay more when they sit down to close. Once it is verified that every quote is using the exact same criteria and represents exactly what will be charged at closing they can be compared.

How to Compare Quotes?

Now that the quotes are in the consumer’s hands they can compare the quotes. Comparing on price is easy and if that is the only consideration then consumers can simply choose the company with the best price and use them. Other consumers may want to include other factors such as service, availability (do they allow the consumer to choose where and when they want to close?), or any number of factors. Weigh the factors and make a choice based on the most important factors. And remember it is the consumer’s choice. The real estate professionals the consumer is using can offer suggestions and referrals but in the end the consumer has the right to choose their title company. If a consumer is being pressured to use a referred title company they want to ask themselves why? In many cases it is because the real estate professional is being paid by the title company for that business. And guess who pays for that illegal kickback or referral fee?

Take Control and Save Money

While it may seem daunting at first consumers who take control of the process and choose their title insurance will end up saving considerable out of pocket expenses. And the reality is it is not that difficult. A few minutes online can produce multiple quotes that could translate in savings of hundreds and even thousands at the closing table. Take control of the transaction and save money.