Tag Archive for: earnest money deposit

Earnest Money Deposit Explained: What You Must Know

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As you embark on the journey of home buying, you may encounter the term "earnest money deposit" or EMD. What is its significance? In real estate transactions, an earnest money deposit is a specific amount of money you pay to demonstrate your serious intent to buy a particular property. Consider it a monetary gesture that solidifies the mutual intent between you and the seller to proceed with the transaction.Read More

6 Reasons Why Refis Are SO MUCH EASIER Than Purchases

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We often see borrowers who are reluctant to refinance into a lower rate – even when the new loan will be “no cost” and save them hundreds of dollars every […]Read More

Four Common Earnest Money Questions Answered

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For those planning to take out a mortgage and purchase a home, homebuyers need to make what is called an earnest money deposit. First-time homebuyers typically have lots of questions concerning earnest money deposits: What is earnest money mean? Who is required to pay it? What is the average amount for an earnest money deposit? Who receives the money?Read More

What Are Closing Costs For Homebuyers?

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“Closing costs” is an all encapsulating term that many homebuyers will hear often once their offer has been accepted. Closing costs consist of all the additional costs that homebuyers have to pay as they prepare to close on their home. The typical estimate mortgage lenders provide for closing costs is between 3% and 5% of the home’s value – therefore, the higher the purchase price, the more closing costs buyers will have to pay.Read More