When you’re financing a home along 30A, you’ll have extensive talks with your lender – and most real estate professionals will tell you that you can’t count on the lender until you’re at the closing table, signing the dotted line.
Borrowing money to buy a home can be complicated, and your approval hinges on a variety of factors.
So what happens if your mortgage falls through after you’ve signed a purchase contract with a seller?
That’s where the financing contingency comes in.
What is a Financing Contingency in Real Estate?
A financing contingency is a condition that your real estate agent will write into your purchase contract. It allows you time to apply for and get a loan to buy the house you want. If you’re unable to secure financing within the time frame listed in your contract, you’re allowed to look for alternative sources of financing or back out of the transaction.
At any time, a mortgage lender has the right to deny you a loan – even if you’ve been preapproved. The financing contingency can save you from being on the hook to buy a home that you can’t afford without financing.
Are You Buying a Home Along 30A?
If you’re thinking about buying a home for sale on 30A, we can help you. Sign up for exclusive access to the hottest listings – we’ll notify you as soon as homes that meet your needs hit the market!
You can also check out all our 30A real estate listings or get specific with these links:
- Alys Beach homes for sale
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- Grayton Beach homes for sale
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- Santa Rosa Beach homes for sale
- WaterColor homes for sale
