HomeLight

APRIL 29, 2021

Loan payoff includes the remaining principal and interest owed up until closing. When a buyer includes a home inspection contingency in their offer, they can leave the deal with their earnest money intact if the seller refuses to address repairs the home inspector deems necessary. Source: (Sebastian Herrmann / Unsplash).

Closing costs 59

Closing costs Closing Seller concession Homeowner’s association 59

HomeLight

SEPTEMBER 25, 2020

The mortgage interest deduction applies on the first $1 million of mortgage debt during that tax year for homes purchased prior to December 15, 2017; homeowners who bought houses after that date can deduct interest on the first $750,000 of the mortgage (but not the principal or insurance payments).

Mortgages 72

Mortgages Inspection contingency Loans Inspection 72

HomeLight

JANUARY 27, 2021

Your mortgage payment is more than just the cost of the principal and interest on your loan. Make sure you budget for the entirety of your monthly mortgage payment, not just your principal and interest! Definitely include an inspection contingency. When you buy a home, you’ll typically want to have it inspected first.

Closing costs 114

Closing costs Loans Inspection Earnest money deposit 114

HomeLight

OCTOBER 29, 2021

In that case, you could get your earnest money back if you have an inspection contingency and make the decision within the period the contract specifies. Monthly principal and interest (P&I). Alternatively, if the issues are bigger than you feel comfortable tackling, you might decide to walk any from the contract.

Closing 79

Closing Inspection Title Due diligence 79

HomeLight

JUNE 30, 2022

Even in a competitive housing market, where buyers are waiving inspection contingencies , it’s always a good idea to get an inspection so you know what exactly is wrong with the house before you take ownership. A property inspector will examine the roof, plumbing system, HVAC system, and more.

Purchase and sale agreement 72

Purchase and sale agreement Inspection Earnest money deposit Closing costs 72

Redfin

FEBRUARY 10, 2021

Money that is not going against the principal of your mortgage. Though you can waive this contingency if you’re trying to make your offer more competitive in a hot market. Just be aware that if you do waive a home inspection contingency, you may be taking on considerable risk.

Debt-to-income ratio 76

Debt-to-income ratio Pre-approval Inspection Purchase and sale agreement 76