What it is, how it works
With single-family homes in the US selling for a median price of $359,000 in January 2023, according to the National Association of Realtors, it’s no surprise that most people need to borrow money to finance a home purchase.
The tricky thing is, the home buying process usually involves making an offer before you actually get final approval for your home loan. What happens if a seller accepts your offer but your lender does not approve your mortgage application? That’s where a mortgage contingency comes into play.
What is a mortgage contingency?
In a real estate transaction, both
