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Savings on title, closing costs offered online

In Hernando County the real estate market is suffering. Market values are dipping, Realtor’s Association numbers are slipping, and people on the move are looking for the best deal they can get.

And getting the best deal is what myClosingSPACE.com is all about. The online company offers discounted title insurance and closing services that company president Samuel Ingram says can save people thousands.

Helping people save money seems like a great idea. But most people don’t know what title insurance is, or even the name of their title insurance company, much less that they can shop around for it, Ingram said. Most of the time, it’s something a broker or title company takes care of. And when it comes to closing costs, most people know they pay for it, they just don’t know what they’re paying for, he said.

"The overall goal I think at the end of the day is to help people understand that they can shop around for title insurance,” Ingram said. “…We want to help educate the consumers about the closing process so they understand what they’re paying for.”

So myClosingSPACE.com offers information that explains what title insurance is – an insurance policy to guarantee your ownership against claims, liens, or judgments that might arise after your purchase or loan has been completed – as well as other information about the closing process and costs.

Once a customer has a firm grip on all that title insurance and the closing process entail, he can get an instant quote on title insurance for his home. When the quote pops up, it’s locked. In other words, not surprises at the closing table, unlike some companies that won’t guarantee quotes.

“What you see on the screen is exactly what you’re going to pay. No more; no less,” Ingram said.

Depending on the size of the home, you could save several hundred dollars or several thousand, Ingram said.

myClosingSPACE.com also offers closing and settlement services as a representative to the lender. The company represents the lender and the title company to conduct closing and notarizing documents, clearing the loan, confirming payoff and recording the new deed, among other things. Essentially, they’re ready to close anytime, anywhere.

To put it in dollars and cents, myClosingSPACE.com has the ability to save people cash – as much as $30,000 to $60,000 over the life of the loan – by simply closing on a property while the mortgage rate is still locked in. It seems like a no-brainer, but often the mortgage broker or real estate agent handling a closing doesn’t have a real incentive to close in a timely fashion, Ingram said.

Ingram explains “A lot of times you get a mortgage commitment and a rate lock. If you miss the rate lock, the mortgage could go up a quarter of a point or half a point.” That in turn, affects the money you spend during the life of the loan. By making sure your property closes with the rate lock deadline, myClosingSPACE.com has the potential to save thousands.

myClosingSPACE.com streamlines fees and knocks out so-called “junk fees” that are often tacked on to closing costs. The online company offers their services for a flat fee of $299.

While myClosingSPACE.com execs are obviously hoping to grow the eight-month old company, their primary goal is to let consumers know they have options, Ingram said.

“I think the biggest thing is really just getting people to know they can shop around,” Ingram said. “Part of what we’re changing in the way we’re marketing ourselves is we don’t care who you use as long as you’re shopping around for title insurance. For us, that’s a win because I want to have an educated consumer walking in our front door.”