What Exactly is the Difference Between Earnest Money and Down Payment
You've researched mortgages, cleaned up your credit report, and meticulously saved for a down payment. Now it seems there is something else you overlooked, and that is the need for earnest money. What is this earnest money, what is its purpose, and how is it different from your down payment? Read on to find out more. Visit: http://www.ratewinner.com/
You've researched mortgages, cleaned up your credit report, and meticulously saved for a down payment. Now it seems there is something else you overlooked, and that is the need for earnest money. What is this earnest money, what is its purpose, and how is it different from your down payment? Read on to find out more. Visit: http://www.ratewinner.com/
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<strong>Down</strong> <strong>Payment</strong> <strong>Money</strong> <strong>is</strong> not Refundable<br />
The amount of your down payment <strong>is</strong> determined when you apply for a loan, <strong>and</strong> no part of it <strong>is</strong><br />
refundable-even if you later decide you would like to put less money down. It <strong>is</strong> also not payable<br />
until closing, although some lenders may put a freeze on your account to prevent you from<br />
making withdrawals.<br />
Although earnest money differs from a down payment, both are necessary if you are to obtain a<br />
home loan. Once you underst<strong>and</strong> <strong>the</strong> difference between <strong>the</strong> two, <strong>the</strong> idea of coming up with<br />
earnest money will seem a lot less stressful.
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