Thomas and his family enjoy dining at a local
restaurantGrowing up in Rockville, Maryland has given Thomas exclusive knowledge about many of Montgomery County's highlights. Upon graduating from a local high school, Thomas continued his education with an economics degree at the University of Maryland at College Park. While in school, he served as a swim team coach, sold advertising in newspapers, and began his career in Real Estate. After 10 years of experience in the real estate business, Thomas holds an Associate Real Estate Broker's license. Thomas also specializes in investment property and updating homes for greater resale value.
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Financing Your Home >Financing Clauses
Residential sales agreements usually have clauses referred to as financing contingencies which allow the buyers to declare the contract null and void if they are unable to obtain financing. This may be the most important condition in your contract if you are buying a home, so read the contract carefully before you sign it.
Most financing clauses set a time limit of from 30 to 45 days for obtaining a firm commitment from a lender. They may set deadlines for applying for a loan, and require the buyer's full cooperation in obtaining all the information needed to process your loan. If the loan is not approved by the deadline, it may be necessary to request an extension from the sellers or take specific steps to void the contract and get your deposit money back. Be sure to note all of the financing deadlines in the contract, apply for your loan as soon as possible, and be diligent about providing the lender with any documents that are requested.
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| Q |
What document must lenders provide within three days of receiving your application for financing?
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| A |
The "Truth In Lending Disclosure Statement" will give you complete financial information about the loan. |
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