And finally, there are some companies in the middle, requiring borrowers to have one or two months worth cash advance long island mortgage payments in the bank prior to closing. So its a broad spectrum. Before we go any further, let me explain what cash reserves are and why some lenders require them.
Definition of Cash Reserves, in a Mortgage Context. When 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 in 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.
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