Earnest Money1 : Typically 1-2% of the purchase price put down at the time of an accepted offer. Tells the seller you’re qualified and serious. Goes towards your down payment at closing.
Underwriting2 : Process of checks and balances lenders have to go through to approve your loan.
Closing Costs3 : Expenses above and beyond your downpayment associated with your loan [title insurance, appraisal, title company document fee, homeowners insurance, and pre-paid property taxes]