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What Is An Earnest Money Deposit?

What Is An Earnest Money Deposit? An earnest money deposit, also known as a good faith deposit, is a specific dollar amount that a potential buyer pays to the seller in an effort to display their serious interest in a property.  It’s important to note that an earnest money deposit is not the same as a down payment. The Purpose Of An Earnest Money Deposit An earnest money deposit is used to secure a purchase contract, which means the buyer doesn’t have to worry about the property being sold out from underneath them.  Without an agreement, the seller would be […]

Calculating Your Monthly Mortgage Payments

One of the most important factors to consider when buying a new home is affordability.  As a general rule, mortgage payments should not exceed 25-30 percent of your monthly take-home pay.  The best way to know what you can afford is to determine the possible payment range by comparing the price of the home with other essential ingredients. Figure Out How Much You Want To Borrow Your first step to calculating your monthly mortgage payment is knowing how much you want to borrow.  This can be determined by subtracting your down payment amount from the purchase price of the home, […]

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