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Mortgage Professor about purchase money: | |||||||||||||||||||||||
Why Must Gifts Be Documented?
May 7, 2001 "We don't think we will have the 20% down payment necessary to avoid mortgage insurance, but we can get money from various family members. Are there any restrictions on getting cash from family members?" ... more... Tutorial on Selecting Mortgage Features Planning to shop for a mortgage on-line? You need to answer the following questions first, so you know exactly what you are shopping for. 1. What Type of Mortgage Should I Select? 2. Which Mortgage Options Should I Select? 3. How Long a Term Should I Take? 4. ... more... |
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purchase money related definitions |
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Down Payment
Down Payment Money paid to make up the difference between the purchase price and the mortgage amount. Example : John buys a house for $100,000 and obtains a loan for $80,000. His downpayment is $20,000. Closing Costs Locating Downpayment ... more... Earnest Money Earnest Money Money given by a buyer to a seller as part of the purchase price to bind a transaction or assure payment. This deposit made by a buyer of real estate towards the down paymen is typically held by the real estate brokers or the escrow company. ... more... |
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