Jan 08 , 2016

Tampa School of Real Estate

Down Payment

Definition: A portion of the purchase price paid prior to closing the transaction.  Earnest money may be either part of or the entire down payment.

Pronunciation: \ˈdau̇n\  \ˈpā-mənt\

Used in a Sentence:   By making a larger down payment, we were able to get a lower payment on our loan.

D