Lady Lake Home Mortgage Expert

Here are a few key considerations to keep in mind as you prepare:

What is Earnest Money Deposit?

Another cost to consider is the earnest money deposit (EMD). Typically ranging from 1% to 2% of the home’s price, the EMD is a way to show the seller that you’re serious about your offer.

Earnest money shows the seller you’re committed. If your offer is accepted, the EMD goes toward your down payment and closing costs, effectively paying part of those costs upfront.

The EMD is not an additional expense—it’s simply part of the money you’ve already saved. However, keep in mind that it’s not required and doesn’t guarantee your offer will be accepted. It’s important to work with a real estate advisor to understand the best approach for your situation and local market conditions.

Here is the Bottom Line from Bruce Monstany Perspective:

A successful homebuying strategy starts with understanding the costs you’ll need to save for. When you know what to expect, you can plan effectively. With the support of an experienced agent and a reliable lender, you’ll have the knowledge you need to move forward with confidence.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.

Lady Lake Home Mortgage Expert – Bruce Monstany in Lake County Florida

Do you want more help financing your new home or getting mortgage funding? Bruce is ready to speak with you. Call Bruce today at 321-460-6251 to get the conversation started! He is local to Central Florida – he works and plays right in Lake County, Florida.

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