Deposit vs Down Payment
May 23, 2018
Deposit:
✅ Submitted with an offer to secure the property
✅ Usually refundable if the deal doesn't go together
✅ Deposit will come off the purchase price
Down Payment:
✅Large sum you bring in close to closing
✅Sum is agreed upon by you and your bank
✅Could be 5% down, 10%, 15%, 20%, 30% and so on
âž¡These are just a few of the differences between a deposit and a down payment
Please watch the video for more information and feel free to reach out with any questions.
