Do we need extra cash to get a mortgage?
My husband and I have been pre-approved for a mortgage for a co-op apt in Brooklyn which we have an accepted offer for. We have the %20 downpayment and would have a little left over to cover the closing costs. But we have yet to get an actual mortgage as it is still to early in the process. What I would like to know is: Do we need to have a 6 months or a years' worth of mortgage payments in the bank in order to actually get the mortgage we were pre-approved for?Thanks
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