What is a downpayment and how is it applied in a real estate transaction?
Downpayment: Your total downpayment consists of what you would put down at “contract” and what you would bring to the closing table. So if you were going to put down a total of 5% on a $500,000 home, you would have $25,000 total downpayment that would be divided into: Monies down on contract signing … Continued