Proof of Assets Assets are anything of value — cash, stocks, bonds, other real estate, retirement accounts, automobiles, business assets, accounts receivable, precious metals, jewelry, etc. Your lender will want an account of everything of value you own. Then they will want proof — bank statements, investment account statements, title to vehicles, pictures, etc. This is first to verify that you have the liquid cash needed to make the down payment. Second, it is used to assess your worthiness as a borrower. If you have assets to liquidate in the event of a personal financial crunch, you are considered less likely to default on your mortgage and a better risk for the lender. Credit Before pre-approving you for a mortgage, your lender will pull your credit. This is a big subject, covered in its own section (pages 9-12). In a nutshell, though, lenders use your credit to evaluate how much risk they are taking on by lending you money. Borrowers with high credit scores and pristine credit reports are considered low-risk borrowers and may qualify for higher balances, lower interest rates, better terms, and lower down payments. On the other hand, a borrower with a low enough credit score and a spotty credit report may qualify for no mortgage at all. You don’t need to do anything other than provide your Social Security number and authorize the pull. Your lender will do the rest.
RITA REALTOR | BROKERAGE 904-555-5555 | Rita@realtor.com | www.Authorify.com
LARRY LOAN OFFICER | OFFICE 904-555-1010 | Larry@loans.com | www.Authorify.com
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