Mortgage lender Todd Pianin answers three common questions about lending.
Are you in the process of securing a mortgage and have some questions for your lender? As a prospective homeowner, it’s important to be well-informed about the ins and outs of the lending process to ensure a smooth and successful transaction. To answer some of the common questions for lenders, mortgage lender Todd Pianin joined me for an interview and shared his insights. Here are the three common questions he answered:
1. Is the lender or the agent more important in a real estate transaction? The lender is more important in a real estate transaction because they are responsible for ensuring that the client can comfortably afford the payments and secure a loan they can close on. While the real estate agent plays an important role in helping the client find the right property, it is ultimately the lender who ensures that the transaction can be completed.
“It is ultimately the lender who ensures that the transaction can be completed.”
2. Does a buyer’s financial information get shared with the real estate agents or seller in a transaction? A lender does not share their client’s financial information with anyone else, including the seller and real estate agent. A buyer’s financial information is confidential.
3. Can a client borrow more money if the property appraises for more? The short answer is no. The client must go off the purchase price, not the appraised value, when it comes to borrowing money. Even if the property appraises for more, the client cannot borrow more money based on the appraised value.
If you have more real estate questions or you’re looking for tips and tricks on how to win in today’s market, call or email me. I’m always happy to help!
