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To further decrease their risk, lenders prefer that borrowers have some sort of fallback if things go wrong. For instance, if you lose your job, your income declines or you experience a medical emergency. The term reserves, simply means cash secured personal loans perth can get your hands on fast if you need it. When Do You Need Reserves. You typically secured personal loans perth need reserves when you purchase a primary residence.
However, with a second home, a multi-unit property, or investment real estate, you probably will. This would seem to leave out reserve worries for single-family prime residences, but maybe not. You may need reserves if you want to cash out some home equity. Thats a little ironic, because if youre cashing out equity it usually means you need cash - not that you have all these reserves lying around.
And Fannie Mae makes it very clear that you cant be taking cash out because you need the money.