A cash-out refi could allow you to set aside some funds as a reserve or at least pay down your debts so that your lines of credit (credit cards etc) can act as your emergency reserve when more bad things happen. 

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The HELOC would act as en emergency way to tap into their equity if needed - as long as they don't spend it unwisely!

Once we missed the closing date, the seller wasn’t happy & demanded the EM of $10,0000 be released to him & put the house back on the market.We ended up with an extension only because we had been in a state of emergency and the lender had 8 more days to come thru & they failed us!

ANYTHING not pre-approved will not be reimbursed for (unless its an emergency and you cant be reached fast enough)....

A) The $40K cash on hand was not including my emergency fund and merely represented what I wanted to stick to as a low ~10% DP or to be used for a small refresh/reno. 

I’ve saved enough for a down payment, but I’ll be left with only a little bit for emergency funds.

R  Resevres:  Needed for downpayment and Emergency Reserve.  

., leaving it primarily to the platform's messaging system or texts has worked out so far, reserving direct phone contact for requests or emergencies (which saves time).

good medical at emergency!