Posts Tagged ‘closing costs’
So you have the down payment – sourced and seasoned just like it needs to be. All saved up, stored away nicely in the bank for the last 60 days, and ready to be invested into a home. The closing costs are there, too, and all perfectly documented for the last two months. Great job! Your down payment and closing costs are in order. This is something to be proud of!
It’s always something that needs to be covered right up front. When the loan officer is taking the application and they know what it requires for down payment and the approximate closing costs they also need to calculate in the specified amount of reserves. What are reserves? Straightforward it is enough to cover the principal, interest, taxes, and insurance (at a minimum). Read the rest of this entry »
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