Redfin

JULY 30, 2025

A shorter mortgage term will result in a higher monthly payment since you’ll be paying off the principal balance faster. With a longer mortgage term, you’ll have a lower monthly payment because the principal is stretched over more years. On closing day, bring your ID, proof of funds, and the closing disclosure.

Pre-approval

Redfin

AUGUST 29, 2024

A mortgage calculator will estimate your mortgage payment, including the principal and interest, taxes, insurance, HOA, and PMI. The offer letter will include details like your name, address, the price you want to pay, contingencies, and possibly, your earnest money deposit. What’s an earnest money deposit?

Earnest money deposit

The Close

DECEMBER 29, 2022

How else would you and your clients understand how much is being paid in principal and interest over the years? Earnest money deposit. Also known as a “good faith deposit,” it’s the amount of money a buyer puts in escrow to show their commitment to purchase a property. Original principal balance.

Purchase and sale agreement