What is Earnest Money - Mortgage 101 - Kc loan tips - Darren copeland
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Hey Everyone it's Darren Copeland your Local Mortgage Expert. In today's video of our Mortgage
101 Series we're going to cover Earnest Money and where that needs to come from.
In short.....Earnest Money is a good faith deposit that you put down on a house showing
the seller's that your serious about purchasing their home. This money is counted towards
your down payment and/or closing costs.
Typically that amount can be $500 or $1,000......however....we need to make sure it's properly done so let's
cover a few things.
It can never be in cash so put that money back in your mattress. Underwriters don't
like cash at all so let's keep that on the down low.
If writing a check make sure it's coming from your bank account and someone else isn't putting
that down for you.
You can get a Cashier's check...again...just make sure that the money is coming out from
your account so that it can be traced.
These sound like simple rules, however, you'd be amazed with the stories we have.
We look forward to working with you and contact us with any questions!
