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Types Of Assets To Include On Your Mortgage Application

General Beata Gratton 15 Aug

Types Of Assets To Include On Your Mortgage Application

When a lender goes over your home loan application, they’ll take a look at your credit score, total monthly debt and total monthly income as well as your overall net worth. Your net worth matters because it tells your lender how much money – between your income and assets – you really have.

 

  1. Cash And Cash Equivalent Assets

Be sure to list all of your cash and cash equivalents on your mortgage application. These assets include any cash you have on hand, the money in all of your checking or savings accounts, money market accounts, certificates of deposit (CDs) and more.

 

  1. Physical Assets

Physical assets include anything tangible that you own that’s valuable – anything that can be touched. Physical assets that can be sold for funds to be used to qualify for a mortgage include – but are not limited to – properties, homes, cars, boats, RVs, Jewellery and artwork.

 

  1. Nonphysical Assets

Nonphysical assets aren’t as liquid – and they don’t have a physical presence like a house or car. Pensions, 401(k)s, IRAs, bonds, stocks and even royalties fall into this category.

 

  1. Liquid Assets

Any nonphysical asset that you can instantly convert to cash would fall into this category, like readily tradable bonds or stocks.

 

  1. Fixed Assets

There are some physical assets that may take longer to receive cash for, such as furniture, some real estate and antiques.

 

  1. Equity Assets

If you have any retirement accounts, stocks or mutual funds, these are considered equity assets. Be sure to include these on your home loan application.

 

  1. Fixed-Income Assets

Fixed-income assets include any investment funds that have been lent in exchange for interest. This typically includes government bonds and some securities.

 

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