Deposits vs Down Payments - What’s the difference?!💰❓
A deposit is collected after an offer is accepted and is part of the overall downpayment. It is a financial commitment to the homeowner that you are serious about purchasing their home! When you put conditions with your offer such as “subject to financing” your deposit is protected if the case is that you cannot get financing.
A down payment comes much later in the process. The minimum is 5% of the homes purchase price, however if you can put down 20%, you might not be required to pay mortgage default insurance!
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Deposits vs Down Payments - What’s the difference?!
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