So it still puts a financial burden on me, as a borrower. It makes it harder to qualify for the loan. Why Do Lenders Require Them. Cash-reserve requirements are intended to provide a safety cushion in case the borrower suffers a financial setback (such as the loss of a job). With extra money in the bank, the homeowner would be able to cover his or her mortgage payments for a few months. So its basically a foreclosure-avoidance strategy.
But theres a major flaw with the concept of cash reserves. In theory, the borrower could spend that extra money two days after closing.
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