I'm buying a home in New York. Assume I get a mortgage approval. Resolves YES if the mortgage falls through less than 15 days before the closing date. Resolves NO if we close without that happening. Resolves N/A if we don't end up buying the house for some other reason.

Background: I don't anticipate this being particularly likely, but it's happened to several of my friends and this is apparently a not-uncommon scenario which can happen for various reasons ranging from reasonable to very dumb, see e.g. https://www.quickenloans.com/learn/mortgage-fell-through-on-closing-day for a description of common issues. According to https://www.rocketmortgage.com/learn/mortgage-fell-through-on-closing-day

73% of home purchase contracts settle on time. When home purchase contracts don't settle on time, a total of 22% are delayed but go eventually go on to close. Only 5% of contracts are terminated, and buyers unable to obtain financing is the most common reason.

Note that it still resolves YES if after the mortgage falls through we ultimately succeed in closing by getting a different mortgage - the question is about whether we have to scramble to get financing at the last minute because of some issue.

Close date updated to 2023-02-28 11:59 pm