Will I get earnest money back ?

Typically, most purchase contracts allow for your earnest money to be refunded if you cannot obtain financing.. But this is a question for your Realtor. Also, if the loan closes, then the earnest money is credited to your purchase and is deducted form the total amount of funds you need to bring to close. The earnest money is used as a good faith deposit and might not be refunded if you back out of the deal for no reason. .. 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

Experienced, knowledgeable mortgage consultants know it is imperative to be as certain as possible that your are truly qualified to buy the home and that the only reasons an underwriter would not grant approval are outside the credit history, income history and all other requirements normally associated with borrowers qualifying. Having said that, there is little of anything that could enter into not being approved after already having received a pre-approval letter.. It is very important to get an appraisal done asap and reviewed by the Underwriter prior to your having to lift your loan contingencies. That allows you to get your earnest money back for various reason if you do not go forward with the loan and the purchase of the home. If they are slow in conducting the appraisal for any reason, you need to have your mortgage consultant request an extension before lifting your loan contingencies.

Let me add to the responses of the other lenders here. Your Realtor is expected to lift loan approval contingencies at some point, and when they do lift contingencies, if you end up NOT buying the home, you are in danger of losing some or all of your earnest money. So it is really important that the Realtor NOT lift contingencies until they have been assured by your mortgage person that it is safe to do so, AND your mortgage person has to be really sure that the underwriter has approved the loan BEFORE they tell the Realtor to lift contingencies!