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In pa, if i don't get approved for a mortgage, do i lose my deposit?

by georgepolli744 from Rebersburg, Pennsylvania. Oct 22nd 2014 Reply


Brian Allen (ballen)
#43 ranked lender in Maryland - 193 contributions

No you should not loose your deposit provided there is a financing contingency in the contract, which means the contract is not ratified until you receive loan approval. If this a concern it is always best to be pre-approved for your loan before you sign a contract. If you need assistance I can be reached toll free 800-485-1387 Ext 166 or email ballen@bankofengland1.com.

Oct 22nd 2014
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

No.. typically real estate contracts state that your purchase is subject to financial approval. If you don't get the financing, they have to refund you your earnest money deposit.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 22nd 2014
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Jericho Cherry (Jerichocherry)
#54 ranked lender in Virginia - 1,107 contributions

You should get your earnest money back if your loan is not approved.

Oct 22nd 2014
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