Assets: Proving You’re Financially Ready
In mortgage lending, assets refer to the money you’ll use for your down payment, closing costs, and potentially reserves—extra funds left over after closing to show financial cushion.
What we look at (and why)
Your bank account balances
- Why it matters: Your balances can answer a lot of questions, like are you a saver or a spender? Do you have a sizable emergency fund? Do you frequently use credit?
Investment accounts (retirement, stocks, etc.)
- Why it matters: Even if they’re unrelated to your home purchase, they’re great evidence of your financial stability.
Gift funds from a relative (with proper documentation)
- Why it matters: Gift funds are a great way that friends and family can support you during the homebuying process, just make sure you have all the right documentation to show where the funds came from (no mattress money, please).
That funds are sourced and seasoned
- Why it matters: This means the funds are traceable and have been in your account for 60+ days. Sudden large deposits can raise concerns and lower your chances of getting approved for a mortgage.
The more assets you can show, the stronger your loan application will be. Even if your income and credit are average, healthy assets can improve your approval odds.
Not sure how much you need? Different loans have different requirements—some even offer down payment assistance.
What Our Customers Say
5
Lisa Louise F.
Tom and his team are the BEST! Easy process start to finish.
5
Wendy M S.
I hate to say it for his family's sake but Chris was available ALWAYS. That combined with his calmness and knowledge was exactly what everyone needs.
5
Katy C.
Jamie did a great job of helping my first time buyers understand the process. I always feel comfortable sending my buyers to Jamie knowing she will explain all of thier options, answer all of their questions and take good care
5
Johnette T.
Jamie and her team were absolutely amazing! It was a very smooth and seamless transaction. The communication was amazing and no was left unanswered! I look forward to working with Jamie and her team again in the future!
5
Mary Katherine A T.
Jamie and her team were so helpful and easy to work with! They made our home buying process so seamless!
5
John C F.
Jennifer and team engaged quickly, explained the process and worked with me to make the process painless and quick.
5
Caleb M. B.
Barry and the mortgage firm team were amazing to work with every step of the process. I will highly recommend them to anyone that will llisten.
5
Charles A C.
attentiveness and communication
5
Curtis Vernon N.
Very helpful and responsive
5
Brian C K.
Rick was available, prompt and effective. Thanks