Professional Realtors in Green Bay, WI

With an 80-10-10 loan, you take out a primary mortgage for 80% of your purchase price and a second mortgage for another 10%, while making a 10% down payment. The result: You get into the home you love without having to pay extra for private mortgage insurance.

While you wait to close on your home, the money is deposited into an escrow account with the seller's broker, title company or escrow company. This account stows your cash until closing day. Then, the earnest money is subtracted from the amount you owe and often put toward the closing costs.

It's there in case the buyer terminates the contract for any reason outside of their contingencies. In instances outside of contingencies, the earnest money will default to the seller and help lessen the blow of a deal falling through. Earnest money can almost be considered a down payment on a buyer's down payment.

The responsibility to pay for septic repairs typically falls to the seller. However, repairs of any kind found at inspection are generally negotiable.

During the closing process, the final documents are signed to pass the home from the buyer to the seller. A lot goes into the preparations for closing. The home needs to be inspected and the mortgage needs to be approved, and certain contingencies in the offer need to be met. However, when everything comes together, the buyer, seller, real estate agents and title representatives come together at the closing to exchange ownership of the house. The agreements signed at closing are between the buyer and seller, but also between the buyer and the lender. Once the documents are signed, the closing costs and escrow items are paid, settling the various fees and costs associated with the buying process. Both the buyer and the seller have documents to sign and fees to pay during the closing, but the burden tends to fall more on the buyer at this time.