[Joomla] Execute Modules Manually

Modules are easy to execute given that it can be place anywhere as long you assign it to a specific position but what if you want to display a module within a component?

Here's the code on how to load a single module:

jimport('joomla.application.module.helper');
$module = JModuleHelper::getModule('mod_module','modtitle'); 
echo JModuleHelper::renderModule($module);

The downside with this is it won't apply its parameters. I think there's a way on how to do this but I haven't figure it out yet.