Does Earnest Money Go Toward Down Payment

Earnest money is a good faith gesture that lets the seller know a buyer’s offer is a credible one. It’s like making a deposit when you order a new car, and is applied toward your down payment.

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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.

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An earnest money payment, by contrast, goes into an escrow account. This means you can apply it to closing costs, a down payment, A motivated seller might be amenable to this, but he or she is not required to do so.

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Best Answer: yes, however if you do not close on the transaction earnest money can also be seen as a non refundable deposit, however most purchase agreements allow for refunds depending on the situation. Keep a copy of your method of payment for the earnest money, the underwriter will want proof it was paid to count it towards the down payment of the home.

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Earnest Money – an earnest payment (sometimes called earnest money or simply earnest, or alternatively a good-faith deposit) is a deposit towards the purchase of real estate or publicly tendered government contract made by a buyer or registered contractor to demonstrate that he/she is serious (earnest) about wanting to complete the purchase.

What's the "earnest money deposit" on a home purchase?. to clue the sellers into the fact that you're actually willing to go higher on price.. If the deal goes ahead as planned, the earnest money is normally applied toward your down payment.. in a hot neighborhood in the middle of a cold market (they do exist) — the list.

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