06/11/2026
🏡 Mortgage Vocabulary: Earnest Money 💰
Buying a home? Understanding earnest money is essential! Earnest money is a deposit made by a buyer to show they are serious about purchasing a property. It demonstrates good faith and is typically applied toward the down payment or closing costs. Keep in mind—if you back out of the deal without a valid reason outlined in the contract, you could lose this deposit.
Knowledge is power when navigating the home-buying process! 🔑✨