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bqtchef



Joined: 09 Dec 2007
Posts: 4
Posted: Mon Mar 10, 2008 1:46 am    Post subject: money cushion  
One of my Mortgage Co. told me that they need about $2000.00 of extra cash set aside for our loan. is this a standard in the mortgage industry.
Has anyone heard of this?
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liverichly



Joined: 10 Feb 2005
Posts: 199
Location: Orange County, CA
Posted: Mon Mar 10, 2008 10:19 am    Post subject:  
If you are establishing an escrow/impound account on the new mortgage, lenders can require a 2 month cushion in addition to any months of property taxes/insurance they'd be short of having when those items come due.
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