The amount of liquid money you will have left after the purchase or refinance transaction is completed. This is your safety net, and most lenders like to see at least three month's earnings in the bank. (This can be in the form of salable securities such as stocks and bonds.)
The amount of cash you will have left after a home purchase or refinance. This your safety net; most lenders like to see at least two month's housing expense in the bank (this can be stocks or bonds).
Refer to amount in cash after purchase is complete (i.e. after down payment, closing costs, etc.).
Once you’ve settled the purchase and paid the down payment and all other expenses, you still have to keep a minimum amount of money in your bank account to ensure that you can pay your mortgage, property taxes, mortgage insurance, and so on. Cash reserves usually amount to two times your first mortgage payment. Liquid assets such as a savings account, 401k, or other retirement account may be counted as cash reserves. You may need to show you have cash reserves in your bank account at the time of settlement.
A cash amount sometimes required to be held in reserve in addition to the down payment and closing costs; the lender determines the amount.
This is a requirement that many lenders ask for to see if buyers have sufficient cash remaining after closing (such as two monthsâ€(tm) mortgage payments).
The amount of cash, cash equivalents and investments, which can be easily converted to cash to pay the company's obligations.
Lenders typically require buyers to have enough cash left over after purchasing a home to make two mortgage payments, to cover a financial emergency.
a cash amount required to be held in reserve in addition to the down payment and closing costs. Cash reserves are determined by individual loan programs.
A cash amount sometimes required to be held in reserve for future payments on the loan.
A cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. Lenders typically require an amount of reserves equal to a predefined number of monthly mortgage payments.
The amount of liquid assets the borrower has remaining after the mortgage loan transaction is completed.
A requirement of some lenders that buyers have sufficient cash remaining after closing to make the first two monthly mortgage payments.
Funds a borrower has remaining after the loan closes. The normal amount required is equal to 2 months of the total mortgage payment(PITI).
money set aside over and above the down payment and closing costs
The amount of the buyer's liquid cash remaining after making the down payment and paying all closing costs.
Requires buyers to have sufficient cash remaining after closing to make two months' payments (principal and interest), plus real estate taxes and homeowners insurance.
Money put aside in case of a financial emergency. Most lenders want to know that you have enough savings, either in a checking or savings account, a security or even a 401K retirement fund, to provide a cushion for unexpected expenses in the future. Lenders aren't expecting you to have Fort Knox, they typically look for an amount that's twice your monthly mortgage payment.
a cash amount sometimes required to be held in reserve in addition to the down payment and closing costs; the amount is determined by the lender.
a cash amount determined by the lender that is sometimes required to be held in reserve in addition to the down payment and closing costs.
A requirement of some lenders that buyers have enough cash remaining after closing to cover a borrower's total monthly expenses for at least 2 months.