Down Payment
In addition to the initial deposit you will provide as a show of good faith, the purchase offer will include the down payment amount you expect to apply toward the purchase. This gives the sellers further evidence of your qualifications to purchase their home.

Interest Rate
Within the purchase offer, we will usually provide a safeguard against any dramatic change in interest rates between when the offer is made and when the loan is closed. Talk to your Elegant Estates Mortgage Services representative about locking in your interest rate early in the transaction. The offer will not only be contingent upon qualifying for a mortgage, it will also be contingent upon an interest rate under a certain maximum.

Shopping for Interest Rates >

Seller Assistance
If the house you select is at the top-end of your budget range, we may want to include a request for seller assistance to pay 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.

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.

Government Assistance for First Time Homebuyers and Others

Don't overlook the NEW Federal First Time Homebuyers tax credit enacted in July 2008 as well as State and Local assistance for which you may qualify.