How Financing Details Affect Your Offer
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
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.