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What is earnest money?

When you make an offer on a home, your agent will ask for a check to accompany it , usually 1-3 % of the purchase price. Earnest money is made in good faith to demonstrate that the buyer’s offer is genuine, and it provides the incentive for the seller to accept your offer and open escrow with…

What is PMI?

It is very important to consider putting a higher % as a down payment to avoid the lender charging PMI (Private Mortgage Insurance), which the lenders tack on the loan payments to protect themselves from defaulting buyers. Most programs will force borrowers to carry PMI when the down payment is less than 20 % of…

How much do I need for a down payment?

Down payments usually vary between 3.5 % and 20 %. First home buyers usually only put down 3 to 5% on a home, as there are programs for them requiring lower down payments. There are some very restrictive loans (for example VA loans) that can be made with zero down. Most other buyers should expect…

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