Mortgage Glossary
Assets
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
Assets are the funds and property a borrower owns, such as bank balances, investments, and retirement accounts, used to qualify for a loan.
What Assets means
Lenders verify assets to confirm you have the down payment, closing costs, and required reserves. Large unexplained deposits must be sourced.
Florida example
A Florida applicant documents checking, savings, and a 401(k) to show enough for the down payment plus reserves. A recent $15,000 deposit needs a paper trail to prove it's not borrowed.
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