Buying a home is like deciding to ride Six Flag’s Kingda Ka. Even though it looks scary, you see everyone is riding it, and hear the excited chatter as they get off.
Similarly, lots of our friends and family own homes. You see them hosting parties and doing DIY projects, so you think,“That doesn’t look so scary after all, I should do this too!”
It’s not exactly what you were prepared for, but it’s worth it — just like Kingda Ka.
The nerves and thrills of riding that roller coaster parallels the ups and downs of home buying- holding your breath when you submit your first offer, the rush of excitement once they accept, and the dreaded drop in your stomach when challenges arise during the inspection. As the ride comes to slow, finally you have all of the boxes checked: home found, contract accepted, attorney review completed, home inspection checklist accepted.
On to moving boxes right? — well not just yet!
Let’s Talk Title Insurance and Closing Costs
Yeah, I didn’t know what this was either and I have purchased 6 homes! But this “hidden” process can save you hundreds of dollars if you pay attention.
It’s no secret that the closing costs associated with buying a home are substantial. Fee after fee is piled on that you are expected to pay before getting the keys to your new home. Listed in this pile is the cost of title insurance and settlement.
What they don’t tell you is, you can shop around to find the best price for you—after all, it’s coming out of your checking account.
Here’s What You Need To Know
Accuracy and Transparency are key!
The biggest factor impacting the calculation of title fees for a purchase is the price of the home. Making sure that you are getting a quote based on accurate information will help ensure you are ready to compare estimates.
Settlement fees are where you will see the greatest discrepancy across title agencies. Some title agencies have been known to take advantage of their clients by hiding standard fees only to add them at the closing table. Comparing estimates will ensure this doesn’t happen to you.
Ask questions!
As you collect estimates, ask questions. Compare Google, Facebook and Yelp reviews. Nothing is more honest than a review- and pay attention to how the agency responds! The number of reviews, ratings and responses should all be taken into consideration.
Give them a call!
Call the title agency. At closing you will be spending thousands of dollars. This could be the largest purchase you will ever make. You should feel confident that they will have your back and answer all of your questions along the way.
Once you have decided on your title agency, you can let out that sigh of relief knowing the roller coaster is over. Your real estate team of realtors, attorneys, lenders and title agency will do the rest.
Relax, pack and plan on how to decorate your new home!