Cash on Hand

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Cash on hand

The cash money you will need to have prior to the mortgage loan is given to you. This funds are needed for all the payments you will have on the process of the loan. Paying for the credit score, the  loan origination fees ,  mortagage points, Appraisal Fees, Mortgage Insurance Application Fees and more..

This money is needed for all the down payments and closing costs. The percentage of this sum from the over all mortgage loan will have a great effect on the private mortgage insurance and on the mortgage interest quotes you will get from the bank or from the lender.

It is usually 20% cash on hand needed for getting a good mortgage rate deal. If you have less cash on hands, then you will be asked to get PMI – a private mortgage insurance, and the mortgage interest rate might be a little higher.

Click here to return to the mortgage terms glossary.

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