I have just got my pre-approval letter from my bank for $200,000 to purchase a house. but here is one condition in the pre-approval letter that got me confused.
"confirmation by a title company/closing attorney that at least $70,000 in cash (downpayment and closing cost, if any), is deposited into escrow/closing attorney account prior to the close of our loan."
when I applied the loan the bank said I only need to pay 20% down payment. so let's say I buy a house for $250,000, I only need to pay $50,000 as down payment and borrow $200,000, and may be closing cost is another $10,000, so why I have to put AT LEAST $70,000 into the escrow account? can someone help?
Pre-approved for $200,000 but need to put $70,000 in Escrow account?
2009-07-09 3:12 am
回答 (2)
2009-07-09 4:28 am
The amount being asked for is 20% including closing costs.
Give or take. You can get an estimate of closing costs from the escrow.
After the close of escrow any money left over the escrow office will send you a check for the difference.
Remember you can negotiate all closing fee`s too.
Also have Your Attorney look over the loan documents before you sign a thing.
Give or take. You can get an estimate of closing costs from the escrow.
After the close of escrow any money left over the escrow office will send you a check for the difference.
Remember you can negotiate all closing fee`s too.
Also have Your Attorney look over the loan documents before you sign a thing.
2009-07-09 3:20 am
Your calculations are fine.
$50,000 for downpayment
$10,000 for closing costs
$10,000 for proof of 4-to-6 months CASH reserves
At close of escrow, you will receive the $10,000 back.
$50,000 for downpayment
$10,000 for closing costs
$10,000 for proof of 4-to-6 months CASH reserves
At close of escrow, you will receive the $10,000 back.
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