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mortgage broker question

Hey Lender411... I've been working with a mortgage broker and he's telling me i need roughly 12k in liquid assets to close on a house that I am trying to buy for 131k and property taxes of $1353 in NY. His estimate seems relatively outrageous... How can I determine if this estimation is accurate?Any input would be appreciated by futurehomeowner from Hershey, Pennsylvania. Oct 15th 2009 Reply

Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

I would need more information.How much of the $12k is your down payment?Are you escrowing for Taxes & Insurance?What county are you in?

Oct 15th 2009
Cindy MacDonell (Cindy Wright)
#144 ranked lender in California - 21 contributions

You usually need two to three months worth of PITI in liquid assets. So, it depends on your rate as well as how much you are putting down and the purchase price?? If you can tell me the purchase price, % of your down payment, and rate, I can let you know.

Oct 16th 2009
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