Our third and final part of our interview with Ron Bruno (Lender at Guaranteed Rate and co-host) starts off bang! Tom’s starts off with a rant about how Real Estate Agents bend facts to fit whatever narrative they want to tell. He warns everyone that there is a big difference between being guided by a Protector Agent, who is looking out for your best interest, instead of being led by Salesperson Agents (S.A.’s) and Weak Agents (W.A.’s). We go on to talk about why PMI needs to be added to a loan and the potential tax advantages of rolling it into the balance mortgage. We also go over the loan contingency in the California purchase contract — and when it needs to be released. We go over the “know before you owe” guideline — or TRID — and then wrap up by discussing the high likelihood that your loan will be sold to another financial institution. It’s a great way to wrap up our “deep dive” into home lending and mortgages. 

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! 

For our second podcast, we’re staying close to home (so to speak) with an interview with our incredibly knowledgable co-host, Ron Bruno, and the first of three episodes where we take a deep dive into the  process of lending and mortgages. We start off the conversation by talking about how the biggest mistake buyers usually make is to get ahead of themselves by shopping and falling in love with a home before they even talk to a lender. If they have found a place that they think is their dream home, it’s usually too late at that point to start the process. The first step is actually to start looking for a lender they can trust, be it a direct lender (the big banks), a mortgage broker, or a third option — a mortgage bank. We go over the benefits (and cons) of each of the options and then talk about the first steps potential buyers need to take in order to get approved prior to shopping. We then wrap up by asking how lenders like Ron should help his clients — and their agents — “tell the story” of their clients and get their offers accepted. Ron provides a lot of great information and a whole lot of clarity to the topic and helps illuminate the first steps of what can be an incredibly exciting journey.