HomeLight
JANUARY 31, 2024
Mortgage or financing contingency: This loan contingency stipulates that the buyer must secure financing from a bank or other financial institution. If the buyer cannot obtain a mortgage within the agreed timeframe, they can opt out of the purchase. How long can a house be contingent?
Redfin
SEPTEMBER 2, 2020
If that’s the case, the bank could reject your mortgage. 1) For real ammunition, get pre-approved for a mortgage. Smart homebuyers do their research and get pre-approved for a mortgage before beginning their house search. 5) Eliminate contingencies. Hold firm to your budget and walk away if necessary.
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HomeLight
AUGUST 31, 2021
A cash offer simply means that a buyer already has the funds available to buy the house and can pay for it without securing a mortgage loan. From the seller’s point of view, it doesn’t make much difference whether the cash comes from the buyer’s personal bank account or from a mortgage loan. The inspection.
HomeLight
JANUARY 13, 2022
An appraisal contingency allows a buyer to walk away from a sale if after an appraisal is completed if the value of the home is found to be less than the purchase price. This is the most commonly waived contingency, with 21% of buyers going without an appraisal, according to NAR data. Title contingencies.
HomeLight
MARCH 23, 2022
The process of qualifying for a mortgage includes a few different tiers. When you want to decide how much you will be able to borrow for your mortgage, prequalification is often the first step. To get prequalified for a mortgage, you’ll submit some basic financial information to your lender. Prequalification. Preapproval.
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