Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question: When it comes to my mortgage, what are cash reserves?

Essentially, cash reserves are the money you have leftover in the bank after paying your down-payment and closing costs. Cash reserves are important because they represent your strength as a borrower!

It shows that you can continue to make payments should something disrupt your income, and shows that you can keep your new home in good working repair.

Thank you for tuning in to this Joe Knows Mortgages Minute! If you have any home loan related questions, we want to hear from you! SO please comment down below! If you liked this video, please share this information with your family and friends. See you again soon!