Mortgage Earnest Money
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I’ve had several questions lately about the process of Earnest Money. after a good faith effort, to obtain a mortgage. When situations arise later in the deal the Buyer may not get their money back.
The mortgage lender considers the funds yours if you can show bank statements that 1) do not show the initial deposit, and; 2) show the amount has been in your account for 60 days. The gift money would then be considered "seasoned," which means they have been in your possession long enough to be considered yours.
Earnest money is a good faith deposit that is part of the down payment but should not to be confused with a down payment. When buyers execute a purchase contract , the contract specifies how much money the buyer is initially putting up to secure the contract, to show "good faith," and how much money all together will be deposited as a down payment.
With an earnest money deposit, the seller can rest assured that the buyer fully intends to purchase the home, and the buyer gets a little extra time to prepare for the mortgage transaction. good faith money, as earnest money is sometimes called, is the home buyer’s promise to the seller that they will be attempting to buy the property for sale.
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The earnest money can be held in escrow during the contract period by a title company, lawyer, bank, or broker – whatever is specified in the contract. Most U.S. jurisdictions require that when a buyer timely and properly drops out of a contract, the money be returned within a brief period of.
Earnest money is an amount, typically one to two percent of the sales price, which is deposited with an escrow agent or title company. If the sales price is $300,000, you can expect to pay up to $6,000 as an earnest money deposit, depending on local custom and strength of the local housing market.