Your Loan Commitment Deadline Date is Crucial and Vital

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One of the most important deadline dates in your contract is the Loan Objection Deadline. You will find it in Section 2 of your purchase agreement. On or before this date, you can terminate the contract and get your earnest money back if you have not been able to obtain a firm loan commitment that is satisfactory to you. After this date, you forfeit your earnest money if you can’t close due to some loan approval problem.

You want to be in touch with your lender regularly and make sure that the lender gets EVERYTHING done on your loan prior to the Loan Objection Deadline. It’s wise to get a written commitment from the lender prior to this deadline.