REQUIRED CASH
The total dollar amount that must be posted up front by the buyer to close a mortgage or to refinance an existing property. The required cash amount can include any of the following amounts if they are requested at closing:
- Any down payment
- Points or other fixed charges to the lender
- Insurance premiums
- Title insurance or per diem interest
The required cash should be expressed on the Good Faith Estimate of Settlement, which is a mandatory step in the lending process.
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Original Cost
It simply refers to the total cost associated in buying an asset.
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