A lender's requirement that the borrower have, after settlement, at least two month's mortgage payment saved.
Remaining cash a borrower has at their disposal after the closing of a real estate transaction. A requirement on most real estate mortgages.
A requirement by some lenders that buyers have sufficient cash remaining after closing to make subsequent mortgage payments.
The equivalent of mortgage payments that a lender requires a borrower to have available after closing
a cash amount sometimes required by the lender to be held in reserve in addition to the down payment and closing costs
Requirement by some lenders that buyers have at least two months' mortgage payments in cash remaining after closing.
In the mortgage commitment, some lenders require that the borrower have on deposit in their bank accounts at the time of the closing an amount equal to a predetermined number of months of the cost of principal, interest, taxes, and insurance. This is called a cash reserve.
An amount of money, usually equal to two or more monthly payments of a mortgage, which a lender requires a borrower to have after the closing of the mortgage.
Amount of money a buyer has left over after closing. Some lenders may require borrowers to have cash reserve equal to two mortgage payments.
Money that is available to meet expenses that were not planned for in a budget. Commonly, the suggested level of cash reserve equals three to six months of cash expenses, but the size of a cash reserve can vary based on family income, job stability, current debts, amount of insurance deductibles and risk tolerance.
A requirement of some lenders that buyers have sufficient cash remaining after closing to make the first two mortgage payments. Source: The Massachusetts Homeownership Collaborative
A requirement of some lenders that buyers have a certain amount of cash remaining after closing (such as enough to make the first two mortgage payments).
A requirement by some lenders that buyers have sufficient cash remaining after the closing to make the first mortgage payment.
A sufficient amount of cash left over after closing to cover two months of mortgage payments. Required by most lenders for conventional loans.
There is sometimes a requirement by lenders that you have sufficient cash available after closing to make the first two mortgage payments.
Liquid assets in excess of down payment and closing costs.
A requirement of some lenders that buyers have sufficient cash remaining after closing to make a set amount of mortgage payments.
Most mortgage lenders require that homebuyers have sufficient cash left over after closing on their home purchase in order to make the first two mortgage payments or to cover a financial emergency.
A requirement of some lenders that buyers have sufficient cash remaining after closing, equivalent to two months' mortgage payments.
A requirement of some lenders that the buyer have enough cash left after closing to make the first two mortgage payments.
A requirement of some lenders that buyers have sufficient cash remaining after closing to make the first two monthly mortgage payments. Clear Title: A title that is free of liens or legal questions as to ownership of property.
Account Days The number of days as indicated in the Merchant Bankcard Services Agreement that funds will be set aside in the Reserve Account.
Funds that the borrower will have remaining after all expenses (down payment, closing costs & prepaids) of the transaction have been paid. These reserve funds will be available in the event of any unexpected house-related or other expenses.
Money set aside for unexpected or unbudgeted expenses. Usually the equivalent of 3 to 6 months net income. Also called contingency.
A requirement of some lenders that borrowers have enough funds at closing to make their first several mortgage payments.
Cash that is sometimes required to be held in reserve in addition to the down payment and closing costs. The amount is determined by the lender.
A requirement of some lenders that buyers have cash remaining after closing. Traditionally lenders have required borrowers to have reserves equal to two mortgage payments.