This answer depends on a number of factors including the cost of the house and the type of mortgage that you get. In general, you need to come up with money to cover three costs:

  • Earnest money, the deposit you make on the home when you submit your offer to the seller to prove that you are serious about buying the house
  • The downpayment, the difference between the sales price and the mortgage amount, if that amounts differs from the earnest money and
  • Closing costs, the costs associated with the processing and closing of the loan.

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