Before I became a mortgage advisor, I spent 14 years working in the title and escrow industry — so I’ve seen this process from both sides of the closing table. I’m often asked by my clients if they can select their own title or escrow provider, and the answer is a big YES. Some people assume title and escrow fees are all roughly the same no matter who you use, but that’s not the case. In Washington, every title insurer and escrow provider is required to file their rate schedule with the Office of the Insurance Commissioner in Olympia — so a company can’t make up a one-off price just for your deal. But different companies file different rates, and I’ve seen those filed rates vary by hundreds of dollars between providers for the exact same transaction. That’s where the real opportunity to shop comes in.

Here are some pointers if you’re shopping for your title or escrow provider in Washington: [Read more…]