Common use of MORTGAGE CONTINGENCY Clause in Contracts

MORTGAGE CONTINGENCY. The Buyer agrees to make a good faith effort to obtain a first mortgage loan upon the terms listed below. The Buyer has until , 20 , to obtain a commitment from a lender for this mortgage loan or to agree to buy the property without this loan. If this is not done before this deadline, and any agreed upon extensions, either party may cancel this contract. Type of Mortgage: conventional, FHA, VA, other Amount of Loan: $ Interest Rate: Length of Mortgage: years with monthly payments based on a year payment schedule.

MORTGAGE CONTINGENCY. The Buyer agrees to make a good faith effort to obtain a first mortgage loan upon the terms listed below. The Buyer has until , 20 , to obtain a commitment from a lender for this mortgage loan or to agree to buy the property without this loan. If this is not done before this deadline, and any agreed upon extensions, either party may cancel this contract. Type of Mortgage: conventional, FHA, VA, other Amount of Loan: $ Interest Rate: % Length of Mortgage: years with monthly payments based on a year payment schedule.