Can a mortgage broker give an unfavorable rate and/or higher closing costs because I have excess cash? I provided statements that can cover 20% down-payment and approximately 10% excess for closing and potentially increasing my down payment.

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That sounds insane OP. To whom is this broker lending? Did that broker just wake up from a coma induced in 2004?

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Ha. No. Providing proof of additional funds is actually required. Must show at least 2 months reserves for primary purchase. Additional reserves can sometimes be used to help support a mortgage if your DTI is otherwise a touch high or there is something else in your file giving them pause.

Rates are really high, but if this is a concern perhaps get rates from another lender to compare.

This is why Im torn on using a broker. Yes, they can probably get you a lower interest rate but it will cost more upfront because he/she needs to collect their commission. 😕

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