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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Funds available after closing?
I know this answer will be different for everyone...but what would you say would be a sufficient amount of cash left available after all closing costs?
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Posted 12/15/07 10:16 AM  |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Funds available after closing?
enough for six months worth of all your expenses...just in case. we had enough for a year about at least.
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| Posted 12/15/07 6:37 PM |
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BabylonBabe
LIF Zygote
Member since 11/07 4 total posts
Name:
Deb
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Re: Funds available after closing?
I read in several finance books that you should aim for three months worth of essential expenses. Anything over six months is overkill and would be better off being invested in a mutual fund or a higher interest account.
That being said, the truth of the matter is that most people I know had about $2.00 in their savings account after the closing.
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| Posted 12/17/07 6:58 AM |
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SweetCin
My green-eyed boy
Member since 5/05 13499 total posts
Name:
Cin
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Re: Funds available after closing?
At least 3-6 months "just in case" money...something is bound to go wrong (unfortunately) & its nice to have a little cushion
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| Posted 12/17/07 7:37 AM |
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Mrs-D-Girl
Love my fur baby
Member since 8/07 5183 total posts
Name:
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Re: Funds available after closing?
Posted by MrsFlatbread
enough for six months worth of all your expenses...just in case. we had enough for a year about at least.
Same here
We only put down 10% and took a HELOC for the other 10%. We wanted to have the cushion in the bank.
Message edited 12/17/2007 8:43:29 AM.
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| Posted 12/17/07 8:11 AM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Funds available after closing?
I'll be the "odd-ball" and say we had about a month's worth of expenses left after closing. If we had to wait to have 6 months worth of expenses, we wouldn't have bought a house this year.
Personally, I don't know anyone who had 3 months worth of expenses after closing, let alone 6 months.
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| Posted 12/17/07 8:40 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Funds available after closing?
We put down 20%, and we had enough left over to survive 2 months of rent plus 1 month mortgage overlap, and another month worth of bills. We made do during the first couple months cutting back until life was comfortable again.
We did have money in a CD acct, but that was no touch money.
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| Posted 12/17/07 9:41 AM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Funds available after closing?
Posted by Mrs-D-Girl
Posted by MrsFlatbread
enough for six months worth of all your expenses...just in case. we had enough for a year about at least.
Same here
We only put down 10% and took a HELOC for the other 10%. We wanted to have the cushion in the bank.
we did the same type of mortgages. I'd rather put less down, with the interest rates this low and have more money in the bank, then vice versa....although we put a bit more down than 10%.
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| Posted 12/17/07 11:34 AM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Funds available after closing?
about 3 months
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| Posted 12/17/07 12:38 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: Funds available after closing?
We're putting down quite a bit, well over 20%, because we really want our monthly payments to be low. We'll probably have a 3-6 month cushion after closing, but we'd also like to get a few things done before we move in like paint, refinish floors, carpeting. We'll save the bigger ticket items like kitchen/bath for later.
Thanks for all your replies!
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| Posted 12/17/07 12:57 PM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: Funds available after closing?
I would have to say that we had three months of mortgage payments available.
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| Posted 12/18/07 10:10 PM |
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lisad117
LIF Toddler
Member since 9/07 433 total posts
Name:
Lisa
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Re: Funds available after closing?
We just closed and we have 3 months of mortgage payments put away and we also have a little bit left that we are spending on furniture and stuff. I think that most people don't have much left after the closing these days!
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| Posted 12/18/07 11:30 PM |
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