Obtaining Residential Financing

Summary

This practice note explains the process for obtaining financing for the purchase of residential real property intended for use as the borrower's residence or second home. It includes guidance on negotiating and drafting mortgage contingency provisions and advising a client during the loan closing process. This note does not address home equity lines of credit, refinances, or state-specific nuances that can affect residential financing. This note also does not address hard money financing in the context of residential transactions, as this financing is typically used by investor purchasers.