Definition of Cash Reserves, in a Mortgage Context. Zero percent personal loans mortgage lenders mention cash reserves, they are talking about extra money the borrower has in the bank at the time of underwriting and closing. The amount is typically expressed idbi personal loan rate terms of monthly mortgage payments.
For instance, a lender might require borrowers to have three months worth of payments in the bank at closing. This is above and beyond the amount required for the down payment and closing costs, by the way. Its extra money kept in reserve to cover the monthly payments hence the term. Why do some lenders have cash-reserve requirements. In a word, risk.
When borrowers have additional money saved up, they are less likely to miss their mortgage payments at least the first few payments. They are mostly concerned about your payment ability in the short term, versus the long term.
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Car Emergencies. Utility Expenses. Taxes Owed. New Appliances. A Sick Pet. BrokenLost Cell Phone. Why an Online Installment Loan.
How long does the application process take.