Redfin

FEBRUARY 18, 2025

Can you roll closing costs into your mortgage? Your lender can explain their specific policies, the rules around this practice, and which costs are eligible to be rolled into the mortgage. Your lender can explain their specific policies, the rules around this practice, and which costs are eligible to be rolled into the mortgage.

Closing costs

Redfin

JUNE 27, 2025

Key Takeaways: Shopping mortgage rates, reviewing your credit report, and looking into first-time home buyer programs can improve your financial situation and increase your choices. Don’t skip critical steps like the home inspection or negotiating closing costs. For instance, on a $350,000 mortgage, a 3.5%

Pre-approval

Redfin

AUGUST 5, 2025

Contingent offers protect your earnest money deposit In real estate transactions, once an offer is accepted, buyers demonstrate their seriousness by sealing it with a deposit of earnest money. If the sale of the buyer’s current home falls through, they would be forced to give up their earnest money.

Earnest money deposit

Redfin

JULY 30, 2025

Get pre-approved for a mortgage and have cash ready One of the biggest signals to sellers that you’re serious is a mortgage pre-approval letter. In addition to getting pre-approved, having cash reserves prepared for your earnest money deposit and other closing expenses is also one of the top tips for making an offer on a house.

Earnest money deposit

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. Home inspection contingency This is one of the most frequently used contingencies in real estate.

Purchase and sale agreement

Redfin

JULY 9, 2025

Get pre-approved for a mortgage Estimated time: 1-2 weeks A mortgage pre-approva l is a lender’s assessment of how much they’re willing to lend you based on your income, assets, debts, and credit history. It’s best to shop around to find the best rate and determine the best type of mortgage loan for you.

Pre-approval

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. Buyer is unable to secure financing A financing or mortgage contingency protects buyers if they’re unable to get approved for a home loan.

Earnest money deposit

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

Rochester Real Estate

NOVEMBER 5, 2015

Your Credit Score With a better credit score , you will find it easier to get a mortgage and with better terms from the lender. A mortgage lender will check your credit score and financial history to decide how much they can lend to you. Compare what at least 3 lenders offer or go to a mortgage broker to find a lower interest rate.

Purchase and sale agreement

Redfin

JULY 30, 2025

In this article: Understanding if you’re ready to buy a home Budgeting for your first home Finding the right mortgage Navigating the homebuying process What comes next? You haven’t held a mortgage in three years. Job security: Stable employment and income are key indicators for lenders when qualifying for a mortgage.

Pre-approval

Redfin

AUGUST 4, 2025

A professional home inspection will reveal potential issues such as roof damage, plumbing problems, or outdated systems. Never skip the inspection — it’s one of your best tools in determining how to negotiate real estate price with confidence. Do you already have mortgage pre-approval? Are you willing to waive minor repairs?

Earnest money deposit

Redfin

AUGUST 5, 2025

Buyers can benefit from the leg up in a competitive housing market, avoid mortgage fees and interest rates and save money in the long run. Taking out a mortgage is, of course, an option as well. Avoid paying interest: By paying all cash and not taking out a mortgage, you can avoid paying interest.

Earnest money deposit

Housing Wire

APRIL 9, 2025

Buyers are waiving inspections and doing appraisal gap clauses. I have even seen non-refundable earnest money deposits, Joe Tamburo, a Bergen County-based Coldwell Banker Realty broker, said. It may be April 2025, but in Bergen County, New Jersey agents say it might as well be the spring of 2021.

Earnest money deposit

Realty Biz

DECEMBER 5, 2022

One of the most vital phases of buying a house is having it inspected. Home inspections over the last few years were few and far between. The crazy hot seller's market forced many home buyers into forgoing their inspection. It has led to home inspections coming back in vogue again.

Inspection

HomeLight

JUNE 23, 2022

The danger to a seller in this scenario is having to pay an extra mortgage payment and additional marketing fees if, after weeks of being wrapped up in an exclusive agreement with a buyer, the buyer falls through. Earnest money is meant to compensate the seller for the time wasted in the event of a failed contract.

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

Realtor.com

OCTOBER 29, 2020

These are the most common contingencies that are part of your new home closing process: Home inspection contingency: This gives buyers the right to have the home professionally inspected. It’s rarely advisable to waive an inspection contingency. Get final mortgage approval. Clear the title.

Closing

CT Homes

AUGUST 31, 2020

Even when you have a signed contract you still need the inspection, appraisal, insurance and closing to go off without a hitch. 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. Overwhelming Home Inspections.

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.

Earnest money deposit

HomeLight

JULY 12, 2024

Home inspections: Conduct a thorough inspection of the property to identify any issues that need addressing. Required repairs: Making necessary fixes based on inspection results. Buyer financing and insurance: Securing a mortgage and obtaining homeowner’s insurance.

Purchase and sale agreement

HomeLight

SEPTEMBER 11, 2020

Get preapproved for a mortgage. The importance of getting preapproved for a mortgage can’t be overstated if you want your offer to be taken seriously. Determine how much earnest money to offer. The customary amount to put down as an earnest money deposit will vary based on your market.

Earnest money deposit

HomeLight

JANUARY 12, 2024

They are essentially clauses in your purchase agreement that are designed to protect you from unforeseen issues, like problems unearthed during a home inspection or difficulties securing financing. ” It’s a buyer’s tool for balancing the commitment to purchase with the practicalities of securing a mortgage.

Loan contingency

Point2Homes

NOVEMBER 29, 2022

The earnest money deposit. Generally, these are detailed in the conditional offer and may relate to a favorable home inspection , the go-ahead for taking out a mortgage and clear title checks. This will generally come into action once mortgage payments start for a homebuyer. Property deeds. Title checks.

Earnest money deposit

HomeLight

MARCH 2, 2023

It’s important, especially for first-time buyers, to have someone in both the real estate side and in the mortgage side of things who will represent you and help you navigate.” There are affordable housing programs, silent second mortgages that help cover the down payment, as well as others,” he says.

Closing

HomeLight

JULY 26, 2022

In a best case scenario, negotiations go smoothly, the inspection doesn’t reveal any major issues, the appraisal comes in right where it should, and the whole process is very efficient (we’ll get into what could create some hiccups later on). Get preapproved for a mortgage. Send your earnest money deposit.

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). For example, if you can’t get a mortgage for the home, it’s unlikely you’ll be able to fulfill your end of the contract; without a mortgage, you can’t pay for the house.

Earnest money deposit

Realty Biz

FEBRUARY 20, 2021

Home inspection: often called a due diligence contingency, will give the buyer rights to have the house inspected. Most buyers will have a home inspection contingency in their contract. In extreme seller’s real estate markets, it is not uncommon for buyers to waive a home inspection as a way of sweetening their offer.

Purchase and sale agreement

Realty Biz

MAY 24, 2022

That was six weeks ago and now the buyer says he isn’t going to buy the house because he doesn’t have enough money and he doesn’t want to take out a mortgage at an interest rate that is higher than it was when he signed the purchase agreement. You did get an earnest money deposit, didn’t you? Answer: Hello Shelly.

Earnest money deposit

HomeLight

SEPTEMBER 1, 2022

These programs include: Connecticut Housing Finance Authority (CHFA) : The Connecticut Housing Finance Authority offers down payment assistance to first-time buyers in the form of a second mortgage called a DAP loan. down, by way of a low interest (3.0%) second mortgage for up to 25% of the home’s purchase price.

Earnest money deposit

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

SEPTEMBER 1, 2022

Consider the following down payment assistance programs in Florida: Florida Assist (FL Assist) : The Florida Assist program will loan up to $10,000 in closing costs on approved FHA, VA, USDA, and conventional mortgage loans. The second mortgage is forgiven at 20% per year, over a 5-year term. Get preapproved for a mortgage.

Earnest money deposit

HomeLight

MARCH 6, 2023

The amount of financial assistance available depends on the type of mortgage loan you use. This is a second mortgage on the home, with no interest and no monthly payment, deferred until such time the property is sold, rented, or the title is transferred.

Earnest money deposit

Point2Homes

JANUARY 31, 2023

With a budget in place, your next step should be to get pre-approved for a mortgage. For example, it’s common for real estate offers to be contingent on the results of the home inspection and appraisal , as well as whether the buyer is able to secure financing or not. Stick to the essentials— home inspection , financing, etc.—and

Earnest money deposit

HomeLight

SEPTEMBER 30, 2020

The Federal Housing Administration (FHA) is part of HUD’s Office of Housing, and it guarantees certain mortgage loans for lenders by providing mortgage insurance on loans for borrowers who may not qualify for a conventional mortgage ; the lenders in turn provide those mortgages to homebuyers. Pretty big perks!

Earnest money deposit

HomeLight

NOVEMBER 29, 2021

What types of mortgage loans are there? The most common type of nonconforming loan is a jumbo mortgage , which exceeds the limit for conforming loans. Some jumbo down payments can start at 5%, depending on the mortgage company you work with. A Federal Housing Administration (FHA) loan is a government-backed mortgage loan.

Earnest money deposit