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A minimum deposit is the smallest amount of money you need to open an account with a bank, credit union, or other financial institution. It can also refer to the minimum amount you must keep in your account each month to lock in certain account benefits.

Usually, 20% of the full value of the house is a good amount to aim for as a deposit. You can still get a loan if you have a smaller deposit, but you may need to take out Lenders Mortgage Insurance (LMI) which adds an additional cost to your loan.

A minimum deposit or initial deposit is the minimum amount of money required to open an account with a financial institution, such as a bank or brokerage firm.

In conclusion, the down payment represents the portion of the purchase price which is paid in cash. The term contract deposit refers to the specific amount which is paid at the time of contract signing.

It's typically around 1 ? 3% of the sale price and is held in an escrow account until the deal is complete. The exact amount depends on what's customary in your market. If all goes smoothly, the earnest money is applied to the buyer's down payment or closing costs.

Deposit means bailment of goods or property to another who promises to keep it or use it and return it in kind. For example, the act of placing money in a bank for security purpose and convenience. The money or property so given is also known as the deposit.

A deposit is a sum of money which is part of the full price of something, and which you pay when you agree to buy it. The initial deposit required to open an account is a minimum 100 dollars.