Posted on: 14th Apr, 2009 07:47 pm
Hello all, i have a Q about closing costs. Im closing on a home tomorrow morning and the info Quicken sent to me tonight doesnt look right. The amount it says to bring looks really low. I cant seem to see where my downpayment falls into their figures. I gave 5000 in ernest but it still seems low.
Hi tuckfranklin,
Earnest money is the deposit money that the borrower pays to show that he seriously intends to purchase a certain piece of real estate property. The amount is held in escrow till closing and then is applied to your down payment and closing costs.
But what exactly is your question? Do you mean to say that the amount you paid in escrow is not showing on the info sent to you?
Earnest money is the deposit money that the borrower pays to show that he seriously intends to purchase a certain piece of real estate property. The amount is held in escrow till closing and then is applied to your down payment and closing costs.
But what exactly is your question? Do you mean to say that the amount you paid in escrow is not showing on the info sent to you?