The Five Easy Steps of the Mortgage Process - Step 2

Purchasing a home can be exciting as well as frightening. Below are the steps it takes to find and get a mortgage. Step by step, we can walk it together, and make it as easy a process as possible.

This information is reprinted from my Supreme Lending website; we will take a look at the five steps of the mortgage process, though to closing. This post will take a look at Step 2, Make The Offer To Purchase.

Now you have found the property you want and you are ready to make an offer. You must consider what sales price to offer, terms, seller concessions, earnest money, option fee, as well as closing and possession dates.

If you are in a sellers market, you will be able to negotiate very little, and should be prepared to pay your own closing costs. If you are in a buyers market, you will be able to get several concessions from the seller.

Keep in mind that a very low initial offer may anger the seller and can lead to no compromise or a refusal to work it out.

This is a process that can be best accomplished with the help of a competent and trusted Realtor. The Realtor is also very important because they should always have your best interests in mind when negotiating with the seller. This allows them to stay objective throughout the process even when you become emotionally involved.

John Lyng is a Mortgage Loan Officer with Supreme Lending. He is experienced with traditional bank programs, as well as alternative programs to help people get into their home. John has a varied background in working with mortgage banks and non-profits, and believes in guiding families to prepare for affordable homeownership.

If you have questions about this or any mortgage-related topic, please contact John Lyng directly at 214-862-3579, or send an email to John.Lyng@SupremeLending.com.