Wall, NJ (PRWEB) October 4, 2006
Debuting this week, myClosingSPACE.com breaks the mold of traditional real estate closings by giving consumers control over every aspect of the closing process. myClosingSPACE.com (http://www.myClosingSPACE.com) allows homebuyers and those refinancing a home to go online and obtain real time quotes on title insurance and closing costs. Initially offered in New Jersey and Florida, myClosingSPACE.com will expand to 18 states later this fall, and throughout the U.S. in the next 12 to 18 months.
"Our innovative online system puts the consumer in control of the process," said Samuel Ingram, president of myClosingSPACE.com. "Homebuyers and those who are refinancing are able to take advantage of lower title insurance and closing fees, as well as ensure an on-time closing."
That on time closing can potentially save consumers tens of thousands of dollars. When a homebuyer applies for a mortgage, the interest rate is typically locked in for a certain period of time, usually 30 days. If the real estate transaction doesn't close within that 30-day window, the mortgage interest rate can increase. "Should a lock-in rate of 6.5 percent lapse and rise to 7 percent on a $450,000, 30-year mortgage, the added payments would total nearly $54,000 more over the life of the loan," said Ingram.
myClosingSPACE.com also takes the mystery out of closing costs, which are often inflated by various parties in a real estate transaction. "With myClosingSPACE, homeowners can purchase title services directly from the title company, and know upfront exactly how much their closing costs will be," said Ingram. Because myClosingSPACE.com doesn't engage in revenue sharing arrangements with lenders, attorneys, or Realtors, consumers save an average of 30 percent on closing costs.
While title insurance is a mystery to many homebuyers, it's necessary to protect their interests. A title company researches the history of the property a consumer intends to purchase in order to determine that the seller owns the property and has the legal authority to sell it. After this title search, the company further examines the title for liens, judgments, and property disputes. If the property title is deemed to be clear, the borrower receives a title insurance policy.
myClosingSPACE.com is unique in that it allows the consumer to purchase title services online, as well as receive a quote for closing costs. "A homebuyer or homeowner simply has to enter the property's zip code, the price of the house, and the mortgage amount, and they will receive an online quote instantly," said Ingram. "That gives them the information they need to make an informed decision."
The company currently works with several underwriters and partners, including United General Title Insurance Company, Stewart Information Services Corp., First American Corporation, and Titledge.