Skip to main content

What is an Earnest Money Deposit?

When buying a home it is important to understand each part of the process. One thing that can confuse some people is the need to pay an earnest money deposit and how that works with their downpayment.

What is an earnest money deposit? Why are you writing that check?

Simply put, earnest money is money you put out to show you're serious about making an offer. If your offer is accepted, it becomes part of your down payment. If your offer isn't accepted, it is returned to you.

This short video put out by loanDepot (a company I am not endorsing in any way, just sharing the information from) is a great, quick explanation to help you out!

Again, my sharing this video is not a suggestion to use this company, or an endorsement. When buying, do your research looking for a lender.

I do think the info in this video is very well stated and informative, however!



Comments

Post a Comment

Popular posts from this blog

Don't Be A Dead Sea

Here's a post from the archives. This was from an early morning prayer time back when I was a Children's Pastor in Kansas. It was a powerful concept then, and I believe just a applicable now!

Enjoy (again!),
-DK


This morning I managed to drag myself out of bed early and make it in to church for our Thursday morning men's Bible Study. Noting the next youngest person in the room was a good 10 years older, I'm going to consider that an accomplishment for today. However, that's not what's significant about the time I shared from 6:30 a.m. to 7:30 a.m. this morning.

Our Pastor was talking our of the gospels, using the stories of Jesus feeding the 5,000 and then the 4,000. Then, shortly after he is done with the second miracle, Christ and the disciples get into their boat, which as an aside may very well have been from Peter's former fishing fleet. As they're traveling, Jesus says in Matthew 16:6:

Be careful," Jesus said to them. "Be on your guard a…
Post a Comment
Read more

Invest in others

I believe that as a pastor one of the most important things I do is to invest into others. Even in the context of promoting Christ, if I make someone feel important and valued, then they are going to see Christ in a much different light than if I make them feel unimportant or devalue them.

I'm certainly not a master at this, but it is something I strive for. Be it the checkout line at Wal-Mart talking to the cashier, thanking the hostess as I leave after a meal, or speaking to a kid who doesn't seem to be connecting with others, I look for opportunities to 'touch' others with a word of encouragement. While I don't do it to gain anything for myself, the results are often amazing.

Just yesterday I went through a drive through and got a drink. When the lady at the window opened the window to take my money, I smiled at her and said "Hi. how are you doing today?" Simple right? She looked at me for a brief moment then said "Actually, it's a good day. …
Post a Comment
Read more

Get Your Debt Under Control

Today's post is one that was sent to me from a Christian website I regularly get things from. Debt is such a huge issue and it cripples so many from being able to like the way God intends, so I wanted to share it with you. Maybe today you could use the inspiration!

At the end, be sure to check out the author info and, if you'd like to know more, see her website!

DK

By Jill Cooper
I had a dog once who, when I scolded him, would run and hide under the bed. He knew he'd done something wrong, and he thought that by hiding he wouldn't get into as much trouble. I think he figured if he couldn't see me then I couldn't see him, and he wouldn't get scolded any more.

There was just one slight problem. He couldn't fit under the bed. Only his head and front paws were hidden but his back half was in full view. He had put himself in the worst possible position but since he had buried himself under the bed he didn't know that.

It's human (and critter) nature …
Post a Comment
Read more