Definition
Good faith deposit made by a buyer to underline his or her commitment to complete the deal. In mortgage agreements, down payment is the difference between the purchase price of a property and the mortgage loan amount. Also called earnest money or front money.
Business Tips
4 Tips for Paying Off Your Biweekly Mortgage Even Faster
1. Have a larger down payment: The larger your down payment, obviously the less you have to repay in a loan. 2. Get a shorter-term loan: you can have a biweekly mortgage that pays off a loan in 30 yea ... Read more
Related Videos
http://www.businessdictionary.com/definition/down-payment.html
