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Certificate of Deposit (CD)

An insured financial product similar to a savings account, which means it has little to no risk. Unlike a savings account, a CD has a specific, fixed term (which is why they are sometimes called "time accounts"), and generally earns interest at a fixed interest rate.

You may be asked to verify that CD funds are available if they will be used for down payment, closing costs, and any required cash reserves.

Tips for a smoother application process

  • Make sure documents are clear and legible.
  • Send all pages, even the blank ones.