1. Mortgage Loan Application Date:
   This is the date by which the buyer must officially apply for a mortgage. It’s an important starting point because it triggers the loan approval process and ensures the buyer is working toward securing financing. Typically 5 days.
2. Mortgage Contingency Date:
   This is the deadline by which the buyer must receive mortgage approval. If the buyer doesn’t secure financing by this date, they have the option to cancel the contract and receive their deposit back, as long as the mortgage contingency is still in place. This is often a set number of days after the contract is signed (typically 30 to 45 days).
3. Final Loan Approval Date:
   This is when the lender gives the final approval for the loan, often after completing the appraisal, title review, and other necessary steps. The buyer must secure this approval before the closing date.
4. Closing Date:
   The closing date is the final date by which the buyer must have all necessary funds, including the mortgage, to complete the transaction. Once all the terms are met, the buyer signs the documents, and the property officially changes ownership.

Having these dates clearly outlined in the contract and following them carefully ensures that both parties (buyer and seller) are aligned on the timelines and contingencies related to financing, reducing the risk of delays or cancellations.