Do You Need in Cash Reserves to Get a Mortgage?

If you’ve saved up enough cash for a down payment, you might assume you’re in good shape to purchase a home. Unfortunately, you’ll need more cash—quite a bit more, in fact—to get approval to close on your mortgage loan.
In addition to the down payment, closing costs, and other fees you’ll need to pay your lender, you’ll also need what are called “cash reserves” on hand.