VACAVILLE, CA, Apr 20, 2024—Buying a home can be a complicated process. Luckily, if you arm yourself with the right team of people, the process can be streamlined and simplified. While you likely know the value of a competent, reliable real estate agent, have you thought much about working with a mortgage broker? Do you even need a mortgage broker? And what exactly do they do?
Below, Stephen Spencer, Bev Dorsett & Sue and Steve Kappel, Broker/Owners of Coldwell Banker - Kappel Gateway answers these questions for us.
"Much like a stockbroker helps you buy stocks, a mortgage broker can help you purchase a home loan," says Sue and Steve Kappel. Because the broker has access to many lenders, you will be able to select from a wide variety of loan types and terms that fit your specific needs.
Note, however, that brokers are not obligated to find the best deal for you. Of course, if you agree in writing to have one act as your agent, that is an entirely different story. This is why it is important when looking for a broker to contact more than one, just as you would any other lender.
So what should you do when looking for a mortgage broker? According to Sue and Steve Kappel, compare their fees and ask questions, particularly about how they will be paid. "Sometimes their fees appear as points paid at closing or the compensation is factored into the interest rate, or both," says Sue and Steve Kappel.
Real estate agents normally maintain contact with several brokers. Ask your agent for recommendations.
For information on real estate, please contact Coldwell Banker - Kappel Gateway at info@kappelgateway.com, 707-427-5344, or Coldwell Banker - Kappel Gateway.