Rochester Real Estate

NOVEMBER 5, 2015

Top Mortgage Blogs From 2017 Best Mortgage & Home Financing Blogs From 2017 We’re back! Below you’re going to find some incredible recaps of home financing and mortgage blogs that have been published during 2017. It’s unfortunate, but not every prospective buyer is going to be able to qualify for a home loan.

Finance

Redfin

FEBRUARY 18, 2025

Basically, folding your closing costs into your loan means you’ll need less cash upfront at closing. However, the trade-off is higher monthly payments and more interest paid over the life of the loan. FHA loans An FHA loan is a mortgage loan that’s insured by the Federal Housing Administration (FHA).

Closing costs

Redfin

JUNE 11, 2025

In this article: Home inspection contingency Appraisal contingency Financing contingency Title contingency Home sale contingency Home insurance contingency Kick-out clause FAQs about contingencies in real estate 1. This real estate contingency protects buyers from overpaying and lenders from financing more than the home is worth.

Purchase and sale agreement

Redfin

JUNE 27, 2025

Not getting pre-approved for a home loan before starting your search A common mistake for first-time homebuyers is jumping into the search without first getting pre-approved for a mortgage. Even a small difference in your mortgage rate can really add up over the life of the loan, so it’s worth your time to shop around.

Pre-approval

Redfin

MARCH 18, 2025

If your down payment is already covered, the earnest money can help pay for lender fees, title fees, and other closing expenses. If your earnest money exceeds your total costs due at closing, youll get a refund for the excess amount. This is more common with VA loans or USDA loans, which require no down payment.

Closing

Redfin

JULY 21, 2025

Backing out without cause may result in losing your earnest money deposit. If you’re having doubts, want to reassess your finances, or simply change your mind, doing so before any paperwork is signed allows for a clean exit without risking earnest money or triggering legal consequences.

Earnest money deposit

Redfin

JULY 11, 2025

Buyer is unable to secure financing A financing or mortgage contingency protects buyers if they’re unable to get approved for a home loan. If this happens and they’ve included the right contingency, the buyer can usually walk away with their earnest money deposit.

Earnest money deposit

Redfin

JULY 10, 2025

Whether earnest money is refundable depends on the contingencies in the purchase agreement. If the contract is canceled due to issues like a failed inspection or financing problems, the buyer typically gets the money back. >> Read: What Happens to Earnest Money as Closing? Is it refundable?

Due diligence

Redfin

JULY 9, 2025

It’s also a good time to check your finances. It’s best to shop around to find the best rate and determine the best type of mortgage loan for you. Decide on important terms like earnest money deposits, contingencies (inspection, financing), and closing dates that can make your offer stand out.

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

Are your finances ready to buy a home, or will you be better off renting for a few more years? Saving a Down Payment While many home loan options allow low down payments, this will mean additional costs. If your offer is accepted, you will sign a purchase agreement and pay an earnest money deposit.

Purchase and sale agreement

Redfin

JULY 30, 2025

Most homebuyers will need to think ahead about the following costs when estimating how much money is needed to purchase a home: Down payment: The down payment is a percentage of the home’s purchase price, anywhere from 0% to 20% depending on your loan. Several loan options, such as FHA or VA loans, only require a down payment of 3.5%

Pre-approval

Rochester Real Estate

NOVEMBER 5, 2015

They can be expensive to take care of, putting a huge hit on your finances. They don’t want you to lose your earnest money deposit either. If you still owe quite a bit on the loan though, you may not be able to sell it for enough to cover what you owe. The home of your dreams may have some serious problems.

Inspection

Housing Wire

JULY 21, 2025

The process includes selecting a home, submitting an earnest money deposit and e-signing of a purchase contract. The company said homebuyers can also use Century’s affiliate lender, Inspire Home Loans , to finance their purchase online.

Earnest money deposit

Realtor.com

NOVEMBER 15, 2021

How much earnest money is normal? Here are eight mistakes with earnest money deposits that home buyers often make and how to avoid them. The post How Much Earnest Money Is Normal? Earnest Money Deposit Mistakes appeared first on Real Estate News & Insights | realtor.com®.

Earnest money deposit

HomeLight

DECEMBER 12, 2023

Perhaps the biggest gear that needs to turn in your favor is the mortgage loan. A common worry among homebuyers is to find the perfect house, put down a deposit with an accepted offer, and then learn that your mortgage application is denied — you lose both the house and your earnest money.

Earnest money deposit

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?

Loan contingency

HomeLight

JANUARY 19, 2024

It stipulates that the offer to purchase a home is contingent upon your ability to secure a mortgage loan. This means that if you are unable to obtain the full and proper financing within a specified period, you can back out of the deal without penalty, which in most cases means you can retain your earnest money deposit.

Earnest money deposit

HomeLight

JUNE 9, 2023

Believe it or not, there are actually home sellers who offer to loan buyers the money to purchase their property: it’s called owner financing. Learn More What is owner financing? The buyer has 20%, or $60,000, to put down on the house, but their mortgage company only approves a loan of $200,000.

Finance

Dwell Real Estate

JULY 10, 2020

The earnest money deposit—the cash you as a buyer offer to essentially call dibs on real estate—is one of the most important (and often misunderstood) parts of the home-buying process. In the Sarasota area, home buyers will usually put down anywhere from 1 to 5 of the real estate purchase price as earnest money. (If

Earnest money deposit

Dwell Real Estate

JULY 10, 2020

The earnest money deposit—the cash you as a buyer offer to essentially call dibs on real estate—is one of the most important (and often misunderstood) parts of the home-buying process. In the Sarasota area, home buyers will usually put down anywhere from 1% to 5% of the real estate purchase price as earnest money. (If

Earnest money deposit

Realtor.com

OCTOBER 29, 2020

If the appraised value is less than the sale price, the contingency enables you to back out of the deal without forfeiting your earnest money deposit , says Bishoi Nageh , president of the Petra Cephas Team at Mortgage Network Solutions, in Somerset, NJ. Any paperwork the bank required to approve your loan.

Closing

HomeLight

JUNE 29, 2022

Require a sizable earnest money deposit. An earnest money deposit is a way for buyers to show that they’re committed to following through with the home sale. Buyers make this deposit after they’ve made an offer and you’ve both signed the purchase agreement. Repairs to a shed or other outbuilding.

Earnest money deposit

CT Homes

AUGUST 31, 2020

Financing Issues. It is only when the loan is submitted to the bank and underwriting reviews the tax return, W2, bank statement and credit report when you will know exactly what is needed. There are truly several financing items that could be a potential problem, especially if the buyer is self-employed.

Earnest money deposit

HomeLight

SEPTEMBER 30, 2020

You’re finally ready to purchase a home and after doing some research online, you think that exploring your options around how to buy a HUD Home might be a good fit for your lifestyle and finances. The mortgage insurance protects lenders in case the buyer defaults on the loan, allowing those lenders to serve more borrowers.

Earnest money deposit

HomeLight

JANUARY 24, 2024

When buying a house, balancing all the finances and deadlines can feel like walking a tightrope. It gives you, the buyer, a set period to secure a mortgage loan. If you’re unable to obtain financing within this timeframe, the contingency allows you to back out of the deal without losing your earnest money.

Earnest money deposit

HomeLight

SEPTEMBER 1, 2022

With tips on everything from how to save for your down payment, specific loan programs for buyers, and what you should look for in an agent, we’ve got you covered. Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Steps to buying a home in Connecticut.

Earnest money deposit

HomeLight

MARCH 2, 2023

With tips on everything from how to save for your down payment, specific loan programs for buyers, and what you should look for in an agent, we’ve got you covered. Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Loans are between 3%-3.5%

Closing

Realty Biz

APRIL 17, 2023

You must put up an earnest money deposit when you buy a home. The purpose of earnest money is to show you're serious about buying. Many people refer to earnest money as a good-faith deposit. Earnest money deposits can be used as leverage in negotiations.

Earnest money deposit

HomeLight

JANUARY 3, 2024

After you open escrow and the buyer submits a good faith earnest money deposit, some or all of the following contingencies may need to be addressed: The financing contingency will appear in contracts where a buyer needs to finalize a mortgage loan to purchase the home.

Purchase and sale agreement

HomeLight

OCTOBER 1, 2020

You now have skin in the game in the form of your earnest money deposit, plus you have a legal duty to buy the home (barring certain circumstances). So as a buyer, you should have a contingency in your contract to protect you in case you can’t get proper financing for the home. Financing contingency.

Earnest money deposit

HomeLight

MARCH 6, 2023

With tips on everything from how to save for your down payment, specific loan programs for buyers, and what you should look for in an agent, we’ve got you covered. Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Loans are between 3%-3.5%

Earnest money deposit

HomeLight

MARCH 7, 2024

You’ve planned, juggled finances, worried about finding the right house, and then you finally sign a contract. This comprehensive document details everything from the purchase price, down payment, and financing terms to contingencies, closing dates, and any specific conditions both parties must meet before the sale can be finalized.

Purchase and sale agreement

HomeLight

SEPTEMBER 1, 2022

Typically, the higher your credit score, the lower your interest rate will be, which saves you money over the life of the loan. Different loan programs will require different down payment amounts, but you do not always need to put 20% down when buying a home. Saving for your down payment.

Earnest money deposit

HomeLight

NOVEMBER 29, 2021

Research and strategy are involved when deciding on a figure for a down payment, which will depend on your savings and how much you’re willing (and able) to finance. Before diving into loan options, make sure you know how much you can actually afford with the income you currently have. What types of mortgage loans are there?

Earnest money deposit

RIS Media

JANUARY 25, 2021

If you have student loans, you should strive to pay them off as soon as you’re able. – If you have debts, like a car and credit card loan, work at paying them down. – If you are rate shopping (as in checking out different lenders for mortgage pre-approval on a home loan), do it quickly, within a week if possible.

Earnest money deposit

Redfin

MARCH 12, 2021

However, your offer likely won’t receive the seller’s serious consideration without putting a good faith deposit down of some kind. Where does the earnest money go? . In most cases, your earnest money deposit is paid to the escrow or title company , which holds it in an escrow account until the transaction closes.

Earnest money deposit

HomeLight

AUGUST 31, 2021

Sellers can expect to pay between 6%-10% of the final sale price in commissions and closing costs, so it’s nice to see exactly where that money is going. A settlement statement is an itemized list of fees and credits summarizing the finances of an entire real estate transaction. Loan Amount. Excess Deposit. Seller Credit.

Earnest money deposit