Real Estate Terms Glossary
What is a Down Payment?
We can define a down payment as the sum of money that a homebuyer saves to help finance the purchase of a property. It is an initial payment (non-refundable) that you pay upfront for purchasing of a high-priced item, like a house. Note that a situation where a large down payment might be necessary is when you purchase within a co-operative property, and this is common in several cities.
Learn more about what’s included in a mortgage note .
Examples of Down Payment
- Example 1: VA loan down payments
- Example 2: USDA loan down payments
Here’s Investopedia’s definition of a down payment.
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Ayelet G. Faerman knows what influencers mean to brands today. With experience as legal counsel for a beauty brand for over 5 years, and overseeing multiple collaborations, Ayelet has experienced the rise of influencer marketing. As the founder and managing partner of Faerman Law, PA her practice focuses on influencer relations including a specialization in contract negotiations.
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