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Mortgage glossary
Earnest Money
Money a buyer deposits after a seller accepts an offer, as required by the purchase contract. It is usually credited at closing. Whether it is refundable or may be lost depends on the contract, deadlines, contingencies, and applicable law.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.