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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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