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The required cash refers to the total amount of cash a borrower needs to have in possession in order to close the loan transaction or the property transaction as a whole.
Depending on the context where the term required cash is used, it might refer to the former or latter.
When a mortgage concern the purchase of a new home by a home buyer, the transaction closing costs might be very much higher than loan closing costs.
When a mortgage concerns refinancing an existing loan of a homeowner, the transaction closing costs might be markedly lower and the loan settlement costs will take up the bulk of closing costs.
The required cash will make up of:
When a borrower have insufficient cash, it is common to get a second mortgage, a jumbo, a piggyback loan, etc.