Mortgage Minute - Waiving Loan Contingencies
Financial Residency · Doug Crouse
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Show Notes
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Today on the podcast cast Doug Crouse clarifies the concept of loan contingency when writing offers. Many people mistakenly think that having a loan commitment means having a clear to close. However, loan contingency is met when you have a contingent conditional loan approval after underwriting.
This means your credit, income, and assets have been reviewed and are satisfactory, but there may still be some outstanding items to address. Typically, it takes about 10 days to meet loan contingency, though it can be faster with pre-approval. Remember, loan contingency is about conditional approval, not clear to close.
If you have questions, Doug is available at DougCrouse.com