What is a mortgage contingency in a Roswell or Sandy Springs home purchase?

A mortgage contingency lets a Roswell or Sandy Springs buyer cancel the contract and recover earnest money if their loan is not approved by a set deadline. It ties the purchase to actual loan approval rather than the buyer's initial pre-approval letter, which is not a guarantee. The contingency period, spelled out in the contract, gives the lender time to finish underwriting before the buyer is locked in. Ask your agent to explain the exact deadline before you sign.