Most buyers do not have enough cash available to buy a home, so they need to obtain a mortgage to finance the purchase. Since you will probably make your purchase contingent upon obtaining a mortgage, the seller has the right to be informed of your financing plans in order to evaluate them. That is one of the major reasons that financing details are included in your offer.
Down Payment
As part of your offer, you will need to disclose the size of your down payment. Once again, this allows the seller to evaluate your likelihood of obtaining a home loan. It is easier to get approved for a mortgage when you make a larger down payment. The underwriting guidelines are less strict.
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| Benefits of Owning Your Own Home |
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| Important Things To Avoid Before Buying a Home |
| Don't Buy a Car - or Did You Already Buy One? |
| The Business Cycle and Buying a Home |
| Comparable Sales and Your Offer Price |
| Major Factors Influencing your Offer Price |
| Offering to Purchase Real Estate- the Basics |
| Writing an Offer - Safeguards Regarding the Property |
| How Financing Details Affect Your Offer |
| How FHA and VA Financing Affects Your Offer |
| Selecting Service Providers |
