Episode 003 – Interview w/ Ron Bruno (pt. 2)

It’s the second part of our interview with Ron Bruno, lender from Guaranteed Rate and, oh yeah — co-host of the Clarified Realty Podcast! In this episode, we look at the life a loan from acceptance of offer, all the way up to the close. We start off by taking a little bit of a step back to discuss A.P.R. (Annual Percentage Rates) and what does A.P.R. actually mean? If used correctly, it can be a very effective tool that helps potential home buyers compare apples-to-apples when choosing their lender. We then move on to discuss certain fees figured through escrow (appraisal fees, pre-paid interest, property taxes, etc.). We then go on to talk about how an interest rate gets locked and how they can get extended should any days need to be added to escrow. We also take a close look at how a loan gets underwritten and ways to make the process run smoother (hint: give the lender everything they ask you for as soon as you can — and nothing more). We finish up by talking about acceptable sources for a down payment that won’t hold up the loan being approved. All-in-all, this episode is chocked full of helpful information to clear up the process — and there’s still a part 3 to go!

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