DEPOSIT VS DOWNPAYMENT
Many of our first time home buyers clients come to us ready to buy but don’t understand the difference between a deposit and down payment, so don’t feel ashamed if you don’t. Even re-occuring home buyers struggle with real estate terminology. If you struggled or struggle with real estate terminology which one was it, we invite you to add it in the comments. We want to equipped you with all the tools you need when purchasing a home.
At closing, your deposit will form part of your down payment. For example if you are putting $50,000 down as a downpayment. You can choose to give a deposit of $10,000. $10,000 will be held in trust 24 hours after the acceptance of the offer, sometimes at the time of the offer, the remainder of $40,000 will be due upon closing day
How Much Is There Downpayment Is Required?
If you are thinking of buying and are feeling overwhelmed by all the terminology. you are not alone. Contact us and we will help you to make sure you are comfortable in your process.