{"component": "clause", "props": {"groups": [{"size": 12, "snippet": "Completion of this transaction shall be contingent upon the Buyer's ability to obtain a 66 67 Conventional Insured Conventional FHA VA Other: first 68 mortgage loan for % of purchase price, payable in not less than years, with an 69 original rate of interest not to exceed % per annum and not to exceed points. Buyer 70 shall pay all costs of obtaining financing, except", "samples": [{"hash": "eL8kGtm6DLg", "uri": "/contracts/eL8kGtm6DLg#new-mortgage", "label": "Purchase Agreement", "score": 27.5331573486, "published": true}, {"hash": "fK6eTFS210Q", "uri": "/contracts/fK6eTFS210Q#new-mortgage", "label": "Purchase Agreement", "score": 22.6522922516, "published": true}, {"hash": "5JNIZOSMV0h", "uri": "/contracts/5JNIZOSMV0h#new-mortgage", "label": "Purchase Agreement", "score": 21.7857627869, "published": true}], "snippet_links": [{"key": "completion-of", "type": "clause", "offset": [0, 13]}, {"key": "this-transaction", "type": "definition", "offset": [14, 30]}, {"key": "upon-the-buyer", "type": "clause", "offset": [51, 65]}, {"key": "ability-to-obtain", "type": "definition", "offset": [68, 85]}, {"key": "mortgage-loan", "type": "definition", "offset": [151, 164]}, {"key": "purchase-price", "type": "definition", "offset": [174, 188]}, {"key": "rate-of-interest", "type": "definition", "offset": [242, 258]}, {"key": "not-to-exceed", "type": "clause", "offset": [259, 272]}, {"key": "per-annum", "type": "definition", "offset": [275, 284]}, {"key": "costs-of", "type": "definition", "offset": [334, 342]}, {"key": "obtaining-financing", "type": "clause", "offset": [343, 362]}], "hash": "ec1cf072fd1edaf9a627af1ddf3d015f", "id": 3}, {"size": 19, "snippet": "Completion of this transaction shall be contingent upon the Buyer\u2019s ability to obtain a Mortgage.", "samples": [{"hash": "aVm5xazf4dJ", "uri": "/contracts/aVm5xazf4dJ#new-mortgage", "label": "Real Estate Auction Purchase Agreement", "score": 33.3291053772, "published": true}, {"hash": "2rAA8XPBTJB", "uri": "/contracts/2rAA8XPBTJB#new-mortgage", "label": "Real Estate Auction Purchase Agreement", "score": 33.3181533813, "published": true}, {"hash": "dFqtlvoZcZ0", "uri": "/contracts/dFqtlvoZcZ0#new-mortgage", "label": "Real Estate Auction Purchase Agreement", "score": 33.044418335, "published": true}], "snippet_links": [{"key": "completion-of", "type": "clause", "offset": [0, 13]}, {"key": "this-transaction", "type": "definition", "offset": [14, 30]}, {"key": "upon-the-buyer", "type": "clause", "offset": [51, 65]}, {"key": "ability-to-obtain", "type": "definition", "offset": [68, 85]}, {"key": "a-mortgage", "type": "definition", "offset": [86, 96]}], "hash": "b06a135dd12476677e00ce2587bae3c1", "id": 1}, {"size": 17, "snippet": "The full purchase price upon execution and delivery of Warranty Deed, contingent upon \u2587\u2587\u2587\u2587\u2587's ability to obtain a type (year) mortgage in the amount of % of the sale price bearing interest at a rate not to exceed % per annum (rate at time of loan application), on or before the date the sale is to be closed. \u2587\u2587\u2587\u2587\u2587 agrees to apply for a mortgage loan, and pay all fees and costs customarily charged by \u2587\u2587\u2587\u2587\u2587's lender to process the application, within days after the Effective Date, not to impair the Buyers' credit after the date hereof, and to accept such loan if offered. Should any part of the new mortgage be FHA/VA insured, (check one) Seller Buyer, will agree to pay an amount not to exceed $ , representing repairs required as a condition of financing. Exceptions: \ud83d\udf8f SELLER FINANCING (check one). \ud83d\udf8f Land Contract \ud83d\udf8f Purchase Money Mortgage $ upon execution and delivery of form, a copy of which is attached, wherein the balance of $ will be payable in monthly installments of $ or more including interest at % annum, interest to start on date of closing, and first payment to become due thirty (30) days after date of closing. The entire unpaid balance will become due and payable months after closing. 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Application to be made within working days from acceptance of this Agreement at $ (Loan Amount) with note interest at %. Buyer to pay the balance of the purchase price in cash at closing. If Buyer has not obtained a written commitment on or before , the Seller has the right to declare this offer is null and void.", "samples": [{"hash": "kBK1I6aUyl1", "uri": "/contracts/kBK1I6aUyl1#new-mortgage", "label": "Purchase Agreement", "score": 29.6911296844, "published": true}, {"hash": "bxi4oyCkBug", "uri": "/contracts/bxi4oyCkBug#new-mortgage", "label": "Purchase Agreement", "score": 29.5391330719, "published": true}, {"hash": "c1dW54pJVgx", "uri": "/contracts/c1dW54pJVgx#new-mortgage", "label": "Purchase Agreement", "score": 24.3826141357, "published": true}], "snippet_links": [{"key": "the-buyers", "type": "definition", "offset": [34, 44]}, {"key": "circle-one", "type": "clause", "offset": [90, 100]}, {"key": "working-days", "type": "definition", "offset": [138, 150]}, {"key": "acceptance-of-this-agreement", "type": "clause", "offset": [156, 184]}, {"key": "loan-amount", "type": "definition", "offset": [191, 202]}, {"key": "note-interest", "type": "definition", "offset": [209, 222]}, {"key": "to-pay", "type": "clause", "offset": [235, 241]}, {"key": "balance-of-the-purchase-price", "type": "definition", "offset": [246, 275]}, {"key": "cash-at-closing", "type": "definition", "offset": [279, 294]}, {"key": "written-commitment", "type": "clause", "offset": [324, 342]}, {"key": "the-seller", "type": "clause", "offset": [358, 368]}, {"key": "right-to", "type": "definition", "offset": [377, 385]}, {"key": "null-and-void", "type": "definition", "offset": [408, 421]}], "hash": "ccea198d2105f319155b488cfdd3d13f", "id": 4}, {"size": 6, "snippet": "You are about to make a loan in the principal amount of $ , which will be secured by a mortgage (referred to as the \u201cnew mortgage\u201d) covering the same property as the present mortgage.", "samples": [{"hash": "iyMvsIZZ5pl", "uri": "/contracts/iyMvsIZZ5pl#new-mortgage", "label": "Postponement of Mortgage", "score": 17.448928833, "published": true}, {"hash": "fOLXRcLCGJn", "uri": "/contracts/fOLXRcLCGJn#new-mortgage", "label": "Subordination of Mortgage", "score": 17.448928833, "published": true}, {"hash": "dT4s44RGB3M", "uri": "/contracts/dT4s44RGB3M#new-mortgage", "label": "Subordination of Mortgage", "score": 17.0, "published": true}], "snippet_links": [{"key": "a-loan", "type": "definition", "offset": [22, 28]}, {"key": "the-principal-amount", "type": "definition", "offset": [32, 52]}, {"key": "a-mortgage", "type": "definition", "offset": [85, 95]}, {"key": "present-mortgage", "type": "clause", "offset": [166, 182]}], "hash": "14cad4d2d7b97e96076783a0bfdc39d1", "id": 5}, {"size": 4, "snippet": "\u2751 (CONV) \u2751 (FHA) \u2751 (VA) \u2751 (Other) _. This Purchase Agreement is contingent upon the BUYERS obtaining a written commitment for a first real estate mortgage for % of the purchase price with interest on the promissory note secured thereby of not more than % amortized over a term of not less than _____ years. BUYERS agree to pay all customary loan costs. BUYERS agree upon acceptance of this offer to make application within three (3) business days for such mortgage with a commercial mortgage lender and to exercise good faith efforts to obtain a mortgage commitment as above provided. Upon receiving written loan commitment, (supported by the lender's required appraisal), BUYERS shall release this contingency in writing. If BUYERS have not delivered a written financing contingency release containing the above terms, or terms acceptable to SELLERS on or before , 20 , at (\u2751A.M. \u2751P.M.) either SELLERS or BUYERS may declare this Purchase Agreement null and void and all payments made hereunder shall be returned. BUYERS shall pay the balance of the purchase price at the time of the closing by combination of BUYERS' personal funds and the net mortgage proceeds. \u2751 BUYERS have credit approval from (lender), _ (loan officer) subject to the terms and conditions of the attached approval letter. Copy of Approval is attached.", "samples": [{"hash": "9XowK3kul2j", "uri": "/contracts/9XowK3kul2j#new-mortgage", "label": "Residential Real Estate Purchase Agreement", "score": 21.6453132629, "published": true}, {"hash": "6CJ5YX2HGFK", "uri": "/contracts/6CJ5YX2HGFK#new-mortgage", "label": "Residential Real Estate Purchase Agreement", "score": 21.6453132629, "published": true}, {"hash": "5B636evBisr", "uri": "/contracts/5B636evBisr#new-mortgage", "label": "Residential Real Estate Purchase Agreement", "score": 19.3230667114, "published": true}], "snippet_links": [{"key": "this-purchase-agreement", "type": "clause", "offset": [37, 60]}, {"key": "the-buyers", "type": "definition", "offset": [80, 90]}, {"key": "written-commitment", "type": "clause", "offset": [103, 121]}, {"key": "real-estate-mortgage", "type": "clause", "offset": [134, 154]}, {"key": "note-secured", "type": "clause", "offset": [215, 227]}, {"key": "term-of", "type": "clause", "offset": [272, 279]}, {"key": "to-pay", 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(Attach Financing Addendum) CONDITIONAL SALES CONTRACT: (Attach Financing Addendum) OTHER METHOD OF PAYMENT: (Attach Financing Addendum)", "samples": [{"hash": "jzu4ldvFqWR", "uri": "/contracts/jzu4ldvFqWR#new-mortgage", "label": "Purchase Agreement", "score": 24.2594985962, "published": true}, {"hash": "k6HDxglpRIN", "uri": "/contracts/k6HDxglpRIN#new-mortgage", "label": "Purchase Agreement", "score": 24.1582164764, "published": true}, {"hash": "ei3NXFiWie4", "uri": "/contracts/ei3NXFiWie4#new-mortgage", "label": "Purchase Agreement", "score": 24.1582164764, "published": true}], "snippet_links": [{"key": "completion-of", "type": "clause", "offset": [0, 13]}, {"key": "this-transaction", "type": "definition", "offset": [14, 30]}, {"key": "upon-the-buyer", "type": "clause", "offset": [51, 65]}, {"key": "ability-to-obtain", "type": "definition", "offset": [68, 85]}, {"key": "sales-contract", "type": "definition", "offset": [140, 154]}, {"key": "method-of-payment", "type": "definition", "offset": [190, 207]}], "hash": "feb600a9c9ce5db16fa63950c61c4027", "id": 7}, {"size": 3, "snippet": "The mortgage loan financed in connection with a MCC Certificate is required to be a new mortgage and may not replace a prior mortgage on the home (whether or not previously repaid).", "samples": [{"hash": "5G6UpSPd2xG", "uri": "/contracts/5G6UpSPd2xG#new-mortgage", "label": "Lender Participation Agreement", "score": 28.4357051849, "published": true}, {"hash": "lSlYbLPEw9N", "uri": "/contracts/lSlYbLPEw9N#new-mortgage", "label": "Lender Participation Agreement", "score": 26.4675388336, "published": true}, {"hash": "1SRTTdhJi60", "uri": "/contracts/1SRTTdhJi60#new-mortgage", "label": "Lender Participation Agreement", "score": 25.5505199432, "published": true}], "snippet_links": [{"key": "the-mortgage-loan", "type": "definition", "offset": [0, 17]}, {"key": "in-connection-with", "type": "clause", "offset": [27, 45]}, {"key": "mcc-certificate", "type": "definition", "offset": [48, 63]}, {"key": "prior-mortgage", "type": "clause", "offset": [119, 133]}, {"key": "the-home", "type": "definition", "offset": [137, 145]}], "hash": "e9e0e4c662a23d0443ac8c93e2b0f6fd", "id": 8}, {"size": 2, "snippet": "The full purchase price upon the execution and delivery of a Warranty Deed, contingent upon \u2587\u2587\u2587\u2587\u2587\u2019s ability to obtain a mortgage. Should any part of the new mortgage be FHA/VA insured, Seller Buyer will agree to pay an amount not to exceed $ , representing repairs required as a condition of financing.", "samples": [{"hash": "5OWvRyuDFzY", "uri": "/contracts/5OWvRyuDFzY#new-mortgage", "label": "Buy/Sell Agreement", "score": 23.6735115051, "published": true}, {"hash": "lPpFH3A1VLP", "uri": "/contracts/lPpFH3A1VLP#new-mortgage", "label": "Buy/Sell Agreement", "score": 22.5195064545, "published": true}], "snippet_links": [{"key": "full-purchase-price", "type": "definition", "offset": [4, 23]}, {"key": "delivery-of-a", "type": "clause", "offset": [47, 60]}, {"key": "warranty-deed", "type": "definition", "offset": [61, 74]}, {"key": "ability-to-obtain", "type": "definition", "offset": [100, 117]}, {"key": "a-mortgage", "type": "definition", "offset": [118, 128]}, {"key": "buyer-will", "type": "clause", "offset": [192, 202]}, {"key": "to-pay", "type": "clause", "offset": [209, 215]}, {"key": "amount-not-to-exceed", "type": "clause", "offset": [219, 239]}, {"key": "condition-of", "type": "clause", "offset": [279, 291]}], "hash": "16be119e85425887f5b649c8cd37afb6", "id": 9}, {"size": 2, "snippet": "No part of the Mortgage loan proceeds will be used to refinance or replace an existing mortgage or other owner financing of the Borrower(s), except that all or any part of the Mortgage loan proceeds may be used to pay, replace either (a) a construction loan which I received or (b) a bridge or similar temporary initial financing which had a term of twenty-four months or less. I understand that conditional land sale contracts or a lease with an option to purchase or any other form of owner financing are considered existing loans or mortgages for the purpose of this section, and such instruments are not eligible for financing.", "samples": [{"hash": "hRIVPnA4SKD", "uri": "/contracts/hRIVPnA4SKD#new-mortgage", "label": "Mortgage Revenue Bond Mortgage Origination Agreement", "score": 30.8271503448, "published": true}, {"hash": "ftLQBJSkRYG", "uri": "/contracts/ftLQBJSkRYG#new-mortgage", "label": "Mortgage Revenue Bond Mortgage Origination Agreement", "score": 24.6344966888, "published": true}], "snippet_links": [{"key": "mortgage-loan-proceeds", "type": "clause", "offset": [15, 37]}, {"key": "existing-mortgage", "type": "clause", "offset": [78, 95]}, {"key": "financing-of-the", "type": "clause", "offset": [111, 127]}, {"key": "to-pay", "type": "clause", "offset": [211, 217]}, {"key": "construction-loan", "type": "definition", "offset": [240, 257]}, {"key": "initial-financing", "type": "definition", "offset": [312, 329]}, {"key": "term-of", "type": "clause", "offset": [342, 349]}, {"key": "four-months", "type": "definition", "offset": [357, 368]}, {"key": "i-understand", "type": "definition", "offset": [378, 390]}, {"key": "sale-contracts", "type": "definition", "offset": [413, 427]}, {"key": "option-to-purchase", "type": "clause", "offset": [447, 465]}, {"key": "form-of-owner", "type": "clause", "offset": [479, 492]}, {"key": "existing-loans", "type": "definition", "offset": [518, 532]}, {"key": "for-the-purpose-of-this", "type": "clause", "offset": [546, 569]}, {"key": "not-eligible", "type": "definition", "offset": [604, 616]}], "hash": "0bd7e1945ddffcc388844d9a8902189f", "id": 10}], "next_curs": "ClUST2oVc35sYXdpbnNpZGVyY29udHJhY3RzcjELEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhVuZXctbW9ydGdhZ2UjMDAwMDAwMGEMogECZW4YACAA", "clause": {"parents": [["method-of-payment", "METHOD OF PAYMENT"], ["purchase-price", "PURCHASE PRICE"], ["legal-remedies-default", "Legal Remedies/Default"], ["price", "PRICE"], ["documents-to-be-delivered", "Documents to be Delivered"]], "size": 93, "children": [["approval", "Approval"], ["fee", "FEE"], ["application", "Application"], ["maintenance-of-property", "Maintenance of Property"]], "title": "NEW MORTGAGE", "id": "new-mortgage", "related": [["mortgage", "Mortgage", "Mortgage"], ["the-mortgage-pool", "The Mortgage Pool", "The Mortgage Pool"], ["property-mortgaged", "Property Mortgaged", "Property Mortgaged"], ["other-mortgage-liens", "Other Mortgage Liens", "Other Mortgage Liens"], ["mortgages-deeds-of-trust", "Mortgages; Deeds of Trust", "Mortgages; Deeds of Trust"]], "related_snippets": [], "updated": "2025-07-23T06:00:56+00:00", "also_ask": ["What key protections should be included to safeguard the lender\u2019s interests in a new mortgage clause?", "How can the clause be negotiated to minimize borrower risk while ensuring enforceability?", "What are the most common legal pitfalls or fatal flaws in new mortgage provisions?", "How does this clause compare to standard mortgage terms in similar jurisdictions?", "What factors do courts consider when determining the enforceability of a new mortgage clause?"], "drafting_tip": "Specify the conditions for granting a new mortgage to prevent disputes; require lender consent to protect lender interests; define borrower obligations to ensure enforceability.", "explanation": "The \"New Mortgage\" clause outlines the requirements and conditions under which a buyer must obtain a new mortgage loan as part of a real estate transaction. Typically, it specifies the type of loan, the maximum interest rate, and the timeframe within which the buyer must secure mortgage approval. For example, it may state that the purchase is contingent upon the buyer obtaining a 30-year fixed-rate mortgage at or below a certain interest rate within a set number of days. This clause primarily protects the buyer by ensuring they are not obligated to complete the purchase if they are unable to secure suitable financing, thereby reducing financial risk and uncertainty in the transaction."}, "json": true, "cursor": ""}}