Your earnest money can count toward your closing costs, or you can opt to apply it to the down payment of the home. Application of Earnest Money Although an earnest money deposit can go towards the closing costs of a home, it can also be credited towards a number of fees associated with home buying, such as the down payment or escrow fees.

The down payment goes toward the purchase price of the house. A strong down payment reduces lender risk because it involves the buyer’s own funds. Buyers who invest a large amount of money to buy a home are less likely to default than buyers who invest nothing or a minimal amount.

We made an offer to buy a house with a $10,000 earnest-money. It's used as a credit toward the buyer's down payment and closing costs.

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A down payment is an amount of money a home buyer pays directly to a seller. Despite a common misconception, it is not paid to a lender. The rest of the home’s purchase price comes from the mortgage.

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One of them is the amount of earnest money the buyer will deposit with an escrow. is "a deposit towards the purchase of real estate or publicly tendered. The earnest money is credited towards your down payment at closing. This means that if your down payment amount is $3,000.00 and you deposited $1,000.00 as earnest money, you only need to.

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If the seller accepts your offer, this money will go toward your down payment and closing costs. Note that earnest money can be either refundable (this is almost always the case) or non-refundable.

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If the deal goes as planned, the earnest money is usually applied towards your down payment. In the event you negate the contract due to one of the contingencies in your offer, such as the results of the home inspection, your earnest money deposit will usually be returned.

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