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Mortgage expert Nikki explains the critical importance of using proper language in purchase agreement addendums and how seemingly innocent terminology can create significant issues for mortgage approval. Proper communication between real estate agents and lenders before drafting addendums can prevent costly mistakes and ensure smoother transactions.

• Market update: Fed meeting expected this week with no anticipated rate cuts but updated economic projections
• Interest rates seeing slight increase due to market uncertainty but trending back down to mid-to-high 6% range
• Reducing purchase price often better than large seller credits that buyers might not fully utilize
• Keep addendum language clean and simple to avoid triggering additional verification requirements
• New trend requiring formal acknowledgment when buyers change lenders mid-transaction
• Partnering with knowledgeable professionals crucial as guidelines constantly change

Reach out to Nikki or Angie with any questions about purchase agreement language or mortgage guidelines.

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