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. Heres why… Your lender may not fast cash advance same day your loan on its books for very long. They might sell it into the secondary market through Freddie Mac andor Fannie Mae (the government sponsored enterprises, or GSEs, that buy and sell bundled loans).
Youve probably heard about mortgage-backed securities, or MBS. Thats what they are. They are bundled securities that are backed by mortgages, and then sold and resold to investors through Wall Street.
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Once you submit your information, you will be redirected to the lender's website where you can review the terms of the loan, including details about all the applicable rates and fees. If you accept these fast cash advance same day, the lender will deposit money directly into your bank account as quickly as the next business day. Every inquiry received is handled with care and speed. Your Loan, Your Business.
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