My Mortgage broker asked "Are you under contract"? What does this mean?

My Mortgage broker asked "Are you under contract"? What does this mean?

2 Answers

Hi Tony, if you are purchasing a home it would mean have you signed a Purchase and Sale agreement/Purchase Contract on a specific property yet.

Correct, with the minor addition that "under contract" implies that the buyer has written a sales offer AND the seller has accepted it. Your agent should certainly be able to assist you in these questions, as should your loan officer. Hope that helps, good luck with your purchase.