What is an asset?

If you have applied for a home loan, you will be asked to list your assets.  Asset sources may come from several different sources, including checking and savings accounts, retirement plans, certificate of deposits, and of course any real property that you may own.

While things like your vehicle, 4wheeler, snowmachine, and ivory collection have value, lenders are not able to verify the value of these items, so they wouldn’t be recognized as assets.

Gifts from a close relative may be considered as assets, but you must remember that your lender will require a paper trail for any cash deposits made to your account.  I encourage you to discuss with your lender if you plan to use gifted funds to make your purchase before any money changes hands.

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