Do you need “Reserves” to buy a home? For some clients, Yes; for others, No. It depends on the financial strength of your file. While it is always a great idea to have money left over after buying a home for decorating or an emergency, you may get a loan approval condition that requires reserves after closing costs and down payments.  This means that your loan can be approved if we can document that you have assets available to you “just in case” there is a financial hardship issue that makes it difficult to pay your mortgage.  Reserves can vary based on loan type, borrower, and property type.  The good news is that reserves can be many different types of assets!  Buying a home is a significant investment, so call me with any questions, and I’m happy to help!