1. #1
    Join Date
    Jul 2007
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    16

    Default At what point do you pay the down payment?

    Being that I have never purchased a home before I was curious as to when It Is exactly that you pay your down payment on the mortgage? Excuse my ingnorance and thank you for any help. Have a great day!

  2. #2
    Join Date
    Mar 2007
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    Tucson, AZ
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    Default Re: At what point do you pay the down payment?

    The down payment would be paid at the closing table after the purchase offer is accepted and inspections/contingencies have been straightened out.

    If you are talking about an earnest deposit, that would accompany your purchase offer and, if the offer is accepted, goes into a 'trust' account for the duration of the transaction.
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  3. #3
    Join Date
    Nov 2006
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    321

    Default Re: At what point do you pay the down payment?

    Quote Originally Posted by Basikboy View Post
    Being that I have never purchased a home before I was curious as to when It Is exactly that you pay your down payment on the mortgage? Excuse my ingnorance and thank you for any help. Have a great day!
    did you mean deposit on the mortgage? if so, your lender will let you know, usually after an agreement has been reached.
    Bad Credit history not such a problem with mortgages:
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  4. #4
    Join Date
    May 2004
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    Portland, OR
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    797

    Default Re: At what point do you pay the down payment?

    In Plain English....

    When you make an offer, you include a deposit. That is called "earnest money." If the seller accepts your offer, the check is cashed and those funds are held in trust. That's in the very beginning.

    At the end, when you sign the myriads of documents just before you close, that is when you bring in the rest of the money -- the bulk of the money -- everything that it takes to close (down payment, closing costs, fees, etc. -- less the initial earnest money depost (because that is your money already held by the closing agent for you, in trust.
    Last edited by Homesurfer; 07-17-2007 at 11:09 PM.
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  5. #5
    Join Date
    Jul 2007
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    Kentucky - in a barn!
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    Default Re: At what point do you pay the down payment?

    If you have more questions about the process, I'd recommend speaking to your Realtor for clarification.

    A 5 minute talk with them can clear up dozens of questions you may have.
    Jon Karlen
    Louisville Real Estate - Lake Forest Louisville KY Homes for Sale - Lexington Kentucky Real Estate
    Serving the Louisville KY metropolitan area including Jefferson County - Prospect Shelby County - Shelbyville Oldham County - Goshen, La Grange and the Lexington KY metropolitan area including Fayette County - Lexington Woodford County - Versailles Scott County - Georgetown Jessamine County - Nicholasville

  6. #6
    Join Date
    Jul 2007
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    16

    Default Re: At what point do you pay the down payment?

    Thank you. I actually met with a lender yesterday and I am In the process of getting pre approved. Thank you all for your help thus far. Have a great day!

  7. #7
    Join Date
    Jun 2007
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    Bellingham
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    Default Re: At what point do you pay the down payment?

    At closing, but the mortgage broker or bank may ask for a 500 rate lock to pay for the appraisal
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