Definition of "Required Cash"

Jim Plotkin real estate agent
Jim Plotkin, Real Estate Agent Century 21 Wieder Realty

The total cash required of the home buyer/borrower to close the purchase plus loan transaction or the loan transaction on a refinance. Required cash includes the down payment, points and fixed dollar charges paid to the lender, any portion of the mortgage insurance premium that is paid upfront, and other settlement charges associated with the transaction such as title insurance and per diem interest.

 

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