MRF and Closing

[bayarea415]

Hi All,
I am moving along the process, but I seem pretty confused about my MRF and what to expect for closing.

At first, I had the idea that your MRF included the earnest deposit, inspections, etc once you found a home and your MRF money will decrease towards closing because of being used with these items. Am I right? Or am i wrong?

Am I suppose to have MRF the same amount required all throughout the process until the last day which means I need extra to cover the earnest deposit, inspections, etc?

I believe we just moved towards the Credit Access step in the process and I kind of want to have this question answered so I know how to be prepared.

This will be greatly appreciated.

Thanks!

[Author]

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