You generally need funds for:
Most buyers focus only on the down payment and underestimate closing costs. Closing costs typically range from 2%–5% of the purchase price. In some cases, seller contributions can offset part of this — but that depends on the loan program and negotiation. One of the biggest mistakes I’ve seen over the years is buyers draining every dollar they have just to close. That creates vulnerability. Liquidity after closing matters. Getting qualified by a Padzilly participating lender will let you see the amount of money you need to buy every home, as well as give you the tools to manipulate the cash to close with seller contribution and more.
Please consult your Mortgage Advisor for guidance specific to your situation before making changes.
Notes & good practices
Down payment
Closing costs
Prepaid taxes and insurance
Moving expenses
Emergency reserves