Boston Real Estate FAQs / Buying /
What happens if my loan is denied?
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If your loan is denied, you must notify the seller in writing before the deadline in your contract in order to keep from forfeiting your deposit. In some cases, the seller may be willing to sign an extension for the time for commitment
if you feel you will be able to get a loan approved through another lender.
Others in this Category
- Could you give me a rundown of the entire buying process?
- How should I prepare for buying a home?
- What is the first step in the home-buying process?
- How do I find out how much house I can afford?
- What is the difference between a pre-qualification and a pre-approval?
- Can I buy a home below market value?
- How can I find bank-foreclosures or government-owned homes?
- What about HUD homes?
- How is an asking price determined?
- How do you determine the value of a distressed property?
- What is the difference between sales price and assessed value?
- What is the difference between an appraisal and a CMA?
- Explain the difference between a "Buyer's market" and a "Seller's market."
- Whose obligation is it to disclose information about a property?
- Do I need an attorney when I buy a house?
- Can I make a verbal offer on a property?
- What contingencies are usually put in an offer?
- What is a mortgage contingency?
- What is an "earnest money" deposit?
- Do I have to put down a deposit with my offer?
- How can I make my offer stand out against competing buyers?
- What happens after I present my offer?
- What happens to my deposit if my offer is accepted?
- What happens to my deposit if my offer is rejected?
- Should I have a home inspection?
- What if I don't like the results of my inspection?
- Under what circumstances could I lose my deposit?
- Do the appliances stay when a home is sold?
- What is a Purchase and Sale Agreement?
- What if I decide I want to change something in the contract?
- Do I have to put down a second deposit?
- How much should my deposit be?
- What happens to my deposits after the sale?
- When should I submit a loan application to the bank?
- What happens if my loan is not approved by the deadline in the contract?
- How can I be sure I'm getting what I pay for?
- What happens after I get my mortgage commitment?
- What is a final walk-through?
- What does my mortgage payment include?
- How do I find out how much my closing costs will be?
- What does the closing attorney do?
- Who does the closing attorney represent?
- Can the closing date be changed once it has been set?
- What happens at the closing?
- What do I need to bring to the closing?
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