Here at Low VA Rates, we get a lot of questions about mortgages. Earnest money is often a point of confusion: what is it and why do I need it? In this video, we will be going over questions surrounding earnest money. If there is anything we didn’t cover, leave a comment below!
Earnest money is an important part of the home buying process. Your earnest money is what makes it clear to the seller that you are serious about buying a property. Sellers will almost never accept an offer that doesn’t have any earnest money. Without earnest money, buyers could just put offers on multiple properties and never make good on the offer.
So, how much money can you expect to hand over in earnest money? Typically, buyers can expect to hand over 1-2% of the total cost of the property in earnest money. This money is usually held by the title company, however, make sure whoever is holding the earnest money is credible and trustworthy. If the deal closes, the earnest money you put down will be looped into the closing costs of the property. If the deal falls through, there is usually a small cancellation fee.
Low VA Rates is committed to helping you find the home loan that is best for you and your financial situation. We are VA mortgage experts and have a strong track record of helping veterans take full advantage of their VA rights and benefits. We can do the same for you. Get started for free today and find out how much you can start saving.
This video is not intended for residents or homeowners in the states of WA, NY or MA.
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What is An Earnest Money Deposit | Low VA Rates rates of duty column 2 | |
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| Education | Upload TimePublished on 17 Dec 2018 |
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