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!

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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Michael Krotchie - REALTOR® - Coldwell Banker Residential Brokerage, NRT LLC
6970 N. Oracle Road, Suite 100
Tucson, AZ 85704
520.404.4996 -- Mobile
520.544.4545 -- Office

Tucson Real Estate | Tucson Real Estate Blog

did you mean deposit on the mortgage? if so, your lender will let you know, usually after an agreement has been reached.

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Bad Credit history not such a problem with mortgages:
mortgages for people with bad credit, bad credit mortgage and IVA mortgage

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.

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Terry Light - Professional Contrarian
Office Phone - (949) 305-7995
RealEstateBytes.com
Real Estate Encyclopedia
Author for RealEstate ABC (Creator, too)

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.

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Jennifer Karlen & Jon Karlen
Kentucky Horse Farms - Louisville Kentucky Real Estate - 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

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!

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

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Bellingham Real Estate
Bellingham Condos
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