What happens if my financing falls through?
Answered by Chris Deutsch, Founder & Editor
Licensed Minnesota Realtor #20382264 ·
The short answer
This is why financing contingencies exist. If your loan is denied during the contingency period, you can back out and get your earnest money back. That's why I recommend: 1) Get fully underwritten pre-approval (not just pre-qualification), 2) Don't make big purchases or open credit cards during the process, 3) Stay in touch with your lender weekly. In 25 years, I've had maybe 5 deals fall through from financing—every single one had a red flag we could have caught earlier. Communication prevents catastrophes.
On stage The 60-second answer
Captions on · Transcript below
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