Title insurance: Fact or Fiction
When it comes to title insurance, there can be a lot of information out there—and not all of it correct. Like much of the homebuying process, the title insurance process can often seem too technical or complicated to understand. So, to make things easier, we’ve decided to dive into some of the common myths and misconceptions around title insurance, as well as the facts beneath the fiction.
Title insurance is difficult to order
Actually—ordering a title is as easy as ordering take-out. You can use our online order placement system or send an email request to [email protected]. Just be sure to include as many details related to the transaction as possible, such as: transaction type, buyer/borrower’s full names and contact information, seller full names and contact information, full property address, loan amount, lender name and contact information, purchase price, and any other parties to the transaction like attorneys or realtors.
Title insurance costs the same for every home
Like a snowflake, every title insurance policy is different. The amount a borrower pays for title insurance varies according to geography, the cost of the home and the policy itself. For example, a lender’s policy cost varies by the amount of the loan and endorsements that are required by the lender,[1] and the title insurance premium is a one-time fee that’s paid at closing (not an on-going expense).[2]
Title insurance means another trip to another office…
We’re mobile! Our mobile notary can close in a borrower’s home, office, local coffee shop or any other reasonable location at no additional charge. Of course, borrowers are always welcome to close in our office in downtown Chicago if they prefer, but our mobile notaries are there to make things as easy as possible.
Title insurance won’t work with my schedule for closing
We typically execute closings from 8 am to 8 pm, but we are flexible! We can always accommodate an earlier or later time if needed. We are open weekly for closings Monday through Saturday and closed on Sundays.
Title insurance isn’t worth the cost
The decision to buy insurance is ultimately about protecting yourself from risk. Each home’s history contains a complex series of paperwork and transactions, and even if the title has been properly inspected, unforeseen circumstances can occur. When it’s all said and done, title insurance is a small price to pay for knowing your home and your financial future are protected.
Rate, Inc. may choose to recommend Rate Insurance, LLC and/or Advocus Title Agency, LLC to provide insurance and/or title/escrow services. Rate, Inc. has 100% ownership and a direct or indirect financial interest in Rate Insurance, LLC (d/b/a Larchmont Insurance Agency, LLC in California (License 0k09890)) and Advocus Title Agency, LLC. You are not required to use Rate Insurance, LLC and/or Advocus Title Agency, LLC as a condition for, settlement of your loan on, or purchase, sale, or refinance of, the subject property. There are frequently other settlement service providers available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for these services.
[1] https://smartasset.com/mortgage/buying-a-home-do-you-need-title-insurance
[2] https://www.zillow.com/mortgage-learning/title-company/