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“What is a non-contingent offer?”

You want to know what a non-contingent offer means that your offer to buy a house is not contingent (or conditioned upon) any of the common contingencies such as your ability to obtain financing, your ability to sell your current home or an independent appraisal of your new home. While a non-contingent offer may help you to win a bidding war, here are three of the common risks associated with this strategy:

1 – What if Your Home Doesn’t Sell?
If you waive the contingency of selling your home first, it means that you’re still obligated to purchase the new home even if your old home doesn’t sell.  This only works for homebuyers who don’t currently have a mortgage, or homebuyers who can afford (and get approved for) two mortgage payments – one on the old home, and one on the new home.

2 – What if Your Financing Approval Falls Through?
Even if your financing approval is a “done deal”, it’s never really done until you get the money.  For example, what if you lose your job between the time of the financing approval and the time you purchase your new home?

3 – What if the New House Doesn’t Appraise at or Above the Purchase Price?
In this case, you would likely need to come to closing with the difference in the two values.  That’s because mortgage lenders only lend you money based on the LOWER OF the purchase price or appraised value.

Of course, this is not an exhaustive list of everything you should know about waiving contingencies!  That’s why it’s important for you to check with a real estate attorney before making this type of decision. Contact me for more information about your mortgage options.

Carrero Mortgage Advisors

Source: CMPS Institute

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Fix Rate Loan

The most common way to buy (or refinance) a home. It’s a great choice when rates are low so you keep your payments predictable— principal and interest won’t change from month to month. Predictability is great!.

VA Loan

Offered to veterans and their surviving spouses. A VA loan with a competitive interest rate and no private mortgage insurance (PMI)—gives our service members added flexibility with down payment amounts.

FHA Loan

First-time homebuyers, or income limitations. FHA is for you!  We will help you get into your home with a lower down payment, at Carrero Mortgage Advisors you will find great flexibility with FHA loans.

Let me tell you if you are looking for the most outstanding mortgage broker you need to meet Brandon Carrero. His company and all of his people are outstanding. Brandon will work with you to determine the best direction and his staff will impeccably work on your documents and another staff person will perform on the numbers. They are the best of the best… You would be fortunate to work with them, they have such integrity.

William Hayden

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Meet Our CEO

Brandon Carrero, CEO

specializes in both residential and commercial mortgages, as well as construction finance, and both portfolio and private investor mortgages. The company was voted the 2021 Top Mortgage Company in Hollywood Florida by expertise.com. With conventional and alternative financing options, Carrero Mortgage Advisors have helped buyers, to the tune of around $100 million in closed loans. As Brandon says, they “Run the gamut of lending.”

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Carrero Mortgage Advisors, LLC NMLS# 1734670 is an Equal Housing Opportunity Lender. © Copyright 2022 and is headquartered at 3600 Red Road Suite 310, Miramar, FL 33025. All rights reserved. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.org.

Figure: 7 TAC 80.200(b)

“ANY CONSUMER WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 290, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT-OF-POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.“