| HOME
> INVESTORS / BUYERS
> HOME BUYING ARTICLES > ARTICLE
9.1
HOW
FINANCING DETAILS AFFECT YOUR OFFER
Down
payment
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.
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.
|
