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Earnest Money | Sandy Erickson Real Estate Team Blog

Friday, January 1, 2021   /   by Client Care Coordinator

Common Buyer Questions in the Beginning

How much earnest money will I need? 
The industry guideline is generally 1% of the sale price.  If the seller is a lender, they may have a minimum requirement that must be adhered to.
 
When does my earnest money check get deposited? 
Within 3 business days after acceptance unless stated differently in the Purchase Agreement.  The money is held the Trust Account by the seller's broker and applied to your down payment at closing.  If the the purchase agreement becomes null and void, the buyer may have to wait at least 10 days to receive the earnest money refund.
How much will my mortgage be? 
This amount will depend on the agreed upon sales price, how much money you put down and whether you are financing your closing costs.  Please refer to a Good Faith Estimate from your lender for details.
 
What kind of financing should I choose? 
There are many different Conventional and FHA mortgages to choose from.  A 15 year or 30-e ...

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  buyer's, buyer questions, earnest deposit, earnest money

Wednesday, August 28, 2019   /   by Client Care Coordinator

What's in a Mortgage? Breaking down the components of a mortgage payment

August 28, 2019 at 1:16pm | Sandy Erickson
In simplest terms, a mortgage is a long-term loan designed to help borrowers purchase a house. It allows
individuals to become homeowners without making a large down payment and thus, fulfilling The American
Dream. Once you become a homeowner, a mortgage represents one of your life’s biggest financial commitments.
So it’s important to understand the structure of your payments — what percentage goes to principal, interest,
and taxes, and what you currently owe on your loan balance



I’m a first-time home buyer. Once I closed on my new home, when will my mortgage payment start?Mortgage payments usually start one full month after the last day of the month in which the home purchased closed. Unlike rent payments, which are usually paid in advance on the first day of the month, mortgage payments are paid in arrears. It means the payment is expected to be made at the end of the month. For an ins ...

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  buyer questions, abc's of real estate, quick guide, real estate terms, earnest deposit, earnest money

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