Earnest Money -Also known as the Escrow Deposit. This in money paid by the buyer at the time an official offer to purchase is submitted to the seller, inteded to demonstrate the good faith of the buyer to complete the purchase. Earnest money is applied
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Balloon Mortgage: A short-term mortgage, generally at a fixed rate of interest, to be paid back in predetermined, equal monthly payments with a large final payment for the balance of the loan to be paid at the end of the term. Broker: A person licensed
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