down payment
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.
down payment is in the Accounting & Auditing, Banking, Commerce & Finance and Purchasing & Procurement subjects.
down payment appears in the definitions of the following terms: downpayment, binder, buydown, deposit, earnest money, buying on margin and Veterans Administration (VA)
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