Mortgage Reserves

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To ensure you’re more than prepared during the mortgage application process, let’s go over the specifics and requirements of mortgage reserves. What are mortgage reserves? Reserves are savings balances that will be there after you close on your home purchase. They’re considered emergency funds, meaning if you lose your job after your home purchase, you are still able to afford your mortgage. Liquid reserves. Cash and other assets that are easily converted to cash are called liquid.

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Aside from your 401(k) funds, your mortgage reserves can take many forms. While most lenders prefer liquid assets, such as cash in checking and savings accounts, they will usually accept other.

Reserve Funds Requirement | Mortgage Mondays #81 A Mortgage Reserve is a secured overdraft facility on a mortgage current account, where you borrow against the equity in your home. The Mortgage Current Account operates like a normal current account. You receive a chequebook, debit card and will also be able to set up standing orders and Direct Debits.

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Sometimes lenders and/or certain loan programs require you to have mortgage reserves. This is money you use in the event that you lose your job or your income decreases. It gives the lender reassurance that you can afford the mortgage payments no matter what happens down the road.

When you get a mortgage loan, you have to show sufficient assets to cover the down payment and closing costs. Many loan programs also require you to show cash reserves. Retirement funds are not.

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