Buying a Home
Earnest-money deposits
Short answer
Earnest money is a deposit made under the purchase contract. Its amount, deadlines, custody, refundability, and treatment depend on the contract and applicable law.
Detailed explanation
Earnest money is a deposit made under the purchase contract. Its amount, deadlines, custody, refundability, and treatment depend on the contract and applicable law.
A purchase mortgage moves through planning, application, verification, underwriting, required disclosures, and closing. The exact order and documentation can vary by property, program, lender, and jurisdiction.
What this means for you
Follow the contract and settlement instructions, keep proof of the source and transfer, and direct contract-law questions to the appropriate real-estate or legal professional.
Important limitations and exceptions
- Availability, eligibility, pricing, documentation, and state coverage vary. This article is general education and is not an approval, rate quote, Loan Estimate, commitment to lend, or recommendation for a specific consumer.
Primary references
Educational-information disclaimer
This article provides general mortgage education. It is not legal, tax, investment, or financial-planning advice; an approval or credit decision; a commitment to lend; a rate lock; a Loan Estimate; or a recommendation for your specific circumstances. Consult the appropriate licensed or independent professional for transaction-specific guidance.