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. Have you tried calling a bank on a Saturday night to get a pre-approval letter?

Finance

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. But stretching your finances too thin can lead to years of stress, missed payments, or even having to sell before you’re ready.

Pre-approval

Redfin

JUNE 23, 2025

It’s a crucial period to verify the property’s condition, ensure it meets expectations, and meet any financing requirements set by the lender. In some states, buyers may also pay due diligence money—a non-refundable fee paid directly to the seller in exchange for this inspection window.

Due diligence

Redfin

JULY 9, 2025

Between setting a budget, getting pre-approved, and closing the deal, getting everything squared away can make all the difference. It’s also a good time to check your finances. Keep in mind that pre-approval letters have expiration dates, so take note of yours. Buying a home takes about six months, give or take.

Pre-approval

BAM Media

MARCH 5, 2025

If the seller needs a quick close, line up financing to accommodate. A Strong Earnest Money Deposit A standard deposit is 5%, but serious buyers should consider going higher10%, 15%, or even more. If they need extra time, offer a leaseback or work with their timeline.

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. Even with pre-approval, unexpected financial changes or lender decisions can prevent final approval. What happens if I accidentally miss a deadline in the contract?

Earnest money deposit

Redfin

JULY 14, 2025

Walking away from one could cost you your earnest money deposit (typically 1%–3% of the home price), and in some cases, you could even be sued for breach of contract. For example, a home sale contingency or financing contingency can create legal room to back out without penalty.

Earnest money deposit

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? A pre-approval letter must be included, and proof of funds can also help in a seller’s market. 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

Should I get pre-qualified or pre-approved for a mortgage? If you’re considering buying a home, you’ve likely heard of getting pre-qualified or pre-approved. Pre-qualification: An informal lender evaluation of your finances, estimating affordability.

Pre-approval

Redfin

JUNE 30, 2025

Clean terms, proof of financing, and flexibility can help your offer get noticed—even as a backup. It typically includes: The purchase price Contingencies (like financing or inspections) Requests for the seller (such as covering closing costs or repairs) Other key dates (including response deadline, closing date, etc.

Earnest money deposit

Redfin

JUNE 12, 2025

Fewer contingencies: Too many contingencies (inspection, appraisal, financing) can make a deal feel risky. Strong earnest money deposit: A higher deposit signals you’re serious and financially committed; giving sellers more peace of mind. A long escrow period can be a turn-off.

Earnest money deposit

CT Homes

AUGUST 31, 2020

Financing Issues. There is a huge difference between a pre-qualification and a pre-approval. Most lenders or mortgage companies will issue a pre-qualification letter after reviewing the credit report and taking verbal information on income, assets and employment. There is also the issue of the appraisal.

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. Get final mortgage approval. Review your closing disclosure.

Closing

HomeLight

JUNE 23, 2022

If the appraisal comes in below the purchase price in the contract, the buyer can back out of the contract and receive their earnest money. The Financing Contingency : This contingency, sometimes called a mortgage contingency, is also only applicable to offers requiring a mortgage to purchase the property.

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

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

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. No mortgage pre-approval.

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

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. Buyers with lower credit scores or lower down payments can sometimes get an FHA loan even if they can’t get approved for a conventional loan.

Earnest money deposit

Point2Homes

JANUARY 31, 2023

With a budget in place, your next step should be to get pre-approved for a mortgage. Without being pre-approved, you’ll need to delay your offer while you secure financing. Stick to the essentials— home inspection , financing, etc.—and So, create a watertight budget before you even start searching.

Earnest money deposit

Realty Biz

MAY 24, 2022

Because your buyer is saying it is about not taking out a mortgage at today’s interest rate, I’m thinking the earnest money is what you will primarily get from a failed sale of your house. You did get an earnest money deposit, didn’t you? I ended up keeping the earnest money on the very first house that I sold.

Earnest money deposit

The Close

SEPTEMBER 10, 2020

Make Sure You Have a Proper Approval Letter From a Reputable Lender. For most sellers, the fear of a buyer’s financing falling through and not getting to the closing table. At the first meeting with your buyer, help them understand the differences between a basic pre-approval and a full approval and how it strengthens their offer.

Home sale contingency

Realty Biz

AUGUST 22, 2022

In my eagerness to buy my first home, I made a full-price offer with the only continency being that my mortgage was approved. I’m almost certain that your biggest concern is about what will happen with your earnest money if you back out of the deal. I didn’t even include an inspection contingency. Now I have buyer’s regret.

Purchase and sale agreement

CT Homes

SEPTEMBER 29, 2020

If you are using lender financing, the more money down the more likely your loan will be accepted. In addition to down payment on your loan you should consider increasing your Earnest Money Deposit (EMD). This is money that you potentially stand to lose if you back out of the deal without justification.

Earnest money deposit

RIS Media

JANUARY 25, 2021

– 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. – Try to save money as a fiscal emergency fund, even if it is only $1,000. . – If you have debts, like a car and credit card loan, work at paying them down.

Earnest money deposit

HomeLight

MARCH 2, 2023

Consider factors such as how long you plan to be in the area, if you have steady employment, and if you have enough money saved for not just the down payment, but for closing costs , maintenance, property taxes, and more. CalHFA works through approved lenders, and buyers apply for the program through their loan officer.

Closing

Realty Biz

NOVEMBER 11, 2020

They will also get their earnest money deposit back , and the home will go back on the market. The Mortgage Financing Contingency. Even if the buyer has pre-approval for a mortgage, things can still go wrong when they apply for the loan. Maybe they have an unsubstantiated cash deposit ?

Backup offer

HomeLight

MARCH 6, 2023

Consider factors such as how long you plan to be in the area, if you have steady employment, and if you have enough money saved for not just the down payment, but for closing costs , maintenance, property taxes, and more. CalHFA works through approved lenders, and buyers apply for the program through their loan officer.

Earnest money deposit

Redfin

AUGUST 29, 2024

Debt-to-income ratio (DTI) Another major factor that a lender will consider when approving your mortgage loan is your debt-to-income ratio (DTI). See how much you can afford After you’ve assessed your goals and finances, the next step in the homebuying process is to determine your budget. What’s an earnest money deposit?

Earnest money deposit

Redfin

JULY 16, 2024

This guide will walk you through each phase of the mortgage loan process, from pre-approval to post-closing, with examples to illustrate key points. Step 4: Get pre-approved Submit pre-approval applications: Apply to multiple lenders to get pre-approved. Be prepared for negotiations.

Loans

CT Homes

AUGUST 31, 2020

Financing Issues. There is a huge difference between a pre-qualification and a pre-approval. Most lenders or mortgage companies will issue a pre-qualification letter after reviewing the credit report and taking verbal information on income, assets and employment. There is also the issue of the appraisal.

Earnest money deposit

CT Homes

AUGUST 31, 2020

Financing Issues. There is a huge difference between a pre-qualification and a pre-approval. Most lenders or mortgage companies will issue a pre-qualification letter after reviewing the credit report and taking verbal information on income, assets and employment. There is also the issue of the appraisal.

Earnest money deposit

Realty Biz

JULY 1, 2023

Depending on how far along in the escrow process you are, this can be done in a variety of ways: Providing a deposit - If you have not yet made an offer on a home, consider providing an earnest money deposit as your first step. These may include appraisal contingencies, financing contingencies, or home sale contingencies.

Purchase and sale agreement

The Close

FEBRUARY 14, 2024

Navigating the Selling Process Myth #8: Getting Pre-approved Should Happen After Finding Your Perfect Home House hunting can be exhausting. If a buyer loves the home but has no way financially to prove that they 1) are serious about a purchase and 2) can finance it, then you’ll need to send them to a lender.

Pre-approval

Windemere Buying

OCTOBER 4, 2021

Once the buyer has shown they have enough cash to make the purchase, they will put down an earnest money deposit. Whereas financed offers are tied to an approval process with a lender, all-cash offers are not because the buyer has already proven they have the amount required to purchase the property on-hand.

Earnest money deposit

HomeLight

MARCH 16, 2023

More certainty: With a pre-offer walk-through, a cash home buyer can typically provide a firm cash offer that comes with few contingencies, or no contingencies at all. You don’t need the added stress that comes with the risk of the buyer’s financing falling through or a home inspection turning up unpleasant surprises.

Sales

The Close

FEBRUARY 6, 2024

The less your buyers need to finance, the less likely the deal will fall through. They only had to finance a small part of the home loan (less than $100,000) after they offered to pay 80% of the list price in cash. Also, understand the difference between a prequalifying and a pre-approval letter.

Pre-approval