It is standard practice to make a purchase offer contingent upon obtaining a mortgage. Because of this contingency, the seller will want the details of your financing plan to accompany your offer.

Down Payment

676-450-676-246-1--98-17-handshake (1)In the purchase offer will be specified the amount of down payment the buyer will apply toward the purchase. Usually a check for the earnest money will accompany the offer. This will give the seller further evidence of your qualifications and intentions to secure a mortgage.

Interest Rate

Within the purchase offer, we will provide a safeguard against any dramatic change in interest rates between when the offer is made and when the loan is closed. The offer will not only be contingent upon qualifying for a mortgage, it will also be contingent upon the new mortgage interest rate not exceeding a certain amount.

Seller Assistance

If the house selected is at the top-end of the buyer’s budget range, the buyer may want to include a request for seller assistance in paying a portion of the closing costs traditionally paid by the buyer, or to help “buy-down” your interest rate. Other seller assistance may include having the seller “carry back” a second mortgage to cover your down payment or even 100% seller financing, called a purchase money mortgage.

With any of these seller assistance options, you can expect to pay a higher purchase price than if you had handled the financing through a traditional mortgage lender.

 

Contact Us today so we can help you find your perfect home or call the Wilson HomeTeam at (941) 321-8686 now for immediate answers to your questions