Inspection contingency Loans New Construction 
HomeLight
JULY 6, 2023
So what are the contract stipulations that put a listing into that “Contingent” stage, and how common is it for a property to hang in closing limbo? Here are 5 common contingencies in real estate contracts: Inspection contingency A buyer and their lender understandably want a home inspection to make sure they’re not investing in a lemon.
HomeLight
OCTOBER 13, 2021
You need to prove your identity because you will be signing several documents (namely the title and loan documents), which will need to be notarized. Lenders will need to see proof of homeowner’s insurance that’s current (many lenders require that you pay for a year-long policy upfront) and is in good standing before they grant you the loan.
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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. There are two types of conventional loans — conforming and non-conforming.
HomeLight
JANUARY 6, 2021
What is a home inspection? When you make an offer on a home, your agent will probably advise you to include an inspection contingency. Specialized inspections will add to the overall cost. Even a new construction home could have issues if the contractor cuts corners. Do you have to get an inspection?
Redfin
MARCH 30, 2021
The lender will draw up paperwork that’s specific to the house and loan amount. Practically speaking, you’re committed to your lender from this point forward, since there won’t be time to restart the mortgage process with a new lender and still meet the closing date shown in your purchase agreement. Average time: 7-14 days.
Housing Wire
DECEMBER 8, 2023
Educate your clients about financing While many homebuyers can benefit from a 30-year, fixed-rate conventional mortgage , other borrowers might need access to other loan programs with more lenient guidelines. Make sure your buyers understand the difference between being prequalified, preapproved and loan-committed.
Housing Wire
OCTOBER 2, 2024
Educate your buyer clients about financing While many homebuyers can benefit from a 30-year, fixed-rate conventional mortgage , other borrowers might need access to other loan programs with more lenient guidelines. Know the basics about each major home loan program and financing terms and options. Should they consider new construction?
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