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What Does Removing the Loan Contingency Mean for Homebuyers?

HomeLight

JANUARY 12, 2024

If you’ve been shopping for a home, you’ve likely come across the term “loan contingency,” and you may be considering including this clause in your purchase offer. Or perhaps you’ve already made a loan-contingent offer, and you’re wondering about contingency removal. What is a loan contingency?

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What Is a Mortgage Contingency? Purchase Offer Protection

HomeLight

DECEMBER 12, 2023

This is where a mortgage contingency can save the day. A mortgage contingency protects you in such situations, ensuring that you’re not left holding an empty bag if the financing falls through. Setting the terms: When you make an offer on a home and include a mortgage contingency, you specify the terms.

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