How much money do you need to have in the bank before applying for a mortgage?

Depending on the type of loan, you may access a loan with zero down mortgage. There are programs designed to get you a house with ZERO down payment or have the seller kick in 3% to cover the cost. However, we do not recommend such practices.

There are several hidden costs associated with homeownership that many borrowers are not aware of:

  • Inspection cost
  • Appraisal cost paid outside of the loan
  • Possible repairs before moving in

It is always wise to have some amount of money in your account to cushion yourself when applying for a mortgage.

This is why you need an extensive and reliable set of shopping tools. At Parlend, we offer free mortgage shopping tools that will help you in finding a fair rate and cost in real time, while keeping you anonymous.

Check out our free mortgage shopping tools at

This question was initially answered in Quora by our co-founder and mortgage ninja Kevin. View in Quora

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