TD Explains: The difference between a deposit and a down ...
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A deposit is a sum of money that is paid upfront after your offer to purchase a home is accepted, and is part of the overall down payment. It is ... Skiptomaincontent YOURMONEY TDExplains:Thedifferencebetweenadepositandadownpayment 1minuteread •Oct16,2019 Buyingahomeisoneofthebiggestfinancialdecisionsinaperson'slife.Purchasersaretypicallyrequiredtopaybothadepositandadownpayment–butwhat'sthedifferencebetweenthetwo? Adepositisasumofmoneythatispaidupfrontafteryouroffertopurchaseahomeisaccepted,andispartoftheoveralldownpayment.Itisafinancialcommitmenttothehome'ssellerindicatingthatyouareseriousaboutthepurchaseandintendtofollowthroughonthedeal.Includinga"SubjecttoFinancing"conditioninyourPurchaseandSalesAgreementwillprotectyourdepositintheeventthatyourmortgageisnotapprovedwithinthegiventimeperiod–ifyoutellthevendorthatthisconditionwasnotfulfilled,youwillgetyourdepositback. READ:TDExplains-Whatisamortgagebroker? Adownpaymentcomeslaterintheprocessaftertheofferhasbeenaccepted.Thepurchaseamountofthehome,minusthedepositandadownpayment,isusuallyprovidedasasecuredloanfromalenderandmustberepaidoverthelifeofthemortgage.Forpurposesofthesecuredloan,downpaymentsareexpressedasapercentageofthepurchaseamountofthehome.InCanada,toobtainamortgageloanfromcertainlendersandtobeeligibleformortgagedefaultinsurance,youmusthaveaminimumdownpaymentof5%.However,ifyoucanputdownasmuchas20%,youmightnotberequiredtopaymortgagedefaultinsurance. Buyingahomeisoneofthelargestpurchasesyouwillevermakeandit’simportanttoworkwithalenderthatyouknowandtrust,soyoucangettherightadvice,inadditiontoacompetitiverate.Tolearnmoreaboutmortgagesandhowyoucanfeelmoreconfidentwhenitcomestobuyingahome,visitTD.com. Wanttolearnmoreaboutyourmoney? Howtohelpavoidpost-pandemicrevengespending DIYinvestorsentimentforOctober:Agenerationaldivide Threewaystobudgetbetterfortheholidayseason Seeyouinabit Youarenowleavingourwebsiteandenteringathird-partywebsiteoverwhichwehavenocontrol. Continuetosite ReturntoTDStories NeitherTDBankUSHoldingCompany,noritssubsidiariesoraffiliates,isresponsibleforthecontentofthethird-partysiteshyperlinkedfromthispage,nordotheyguaranteeorendorsetheinformation,recommendations,productsorservicesofferedonthirdpartysites. Third-partysitesmayhavedifferentPrivacyandSecuritypoliciesthanTDBankUSHoldingCompany.YoushouldreviewthePrivacyandSecuritypoliciesofanythird-partywebsitebeforeyouprovidepersonalorconfidentialinformation.
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