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Asset & Debt Listing
When planning to buy a house, one should complete a listing of all of your asset and debt accounts and their current balances before going to the lender. Your mortgage application will require this information, and compiling this information in
advance will save a lot of time filling out the application form. This information will be compared against a credit report that the lender will obtain.
It's also a good idea to obtain a copy of your credit report and score, calculate your financial ratios, and a personal
income statement and balance sheet.
Below is an example list of information you should prepare before filling out a mortgage application as these items will be required on the form (this example assumes you do not own property already):
General Information
- Name
- Phone Number
- Mailing Address
- Home Address
- Previous Home Address
- Employer Name
- Work Address
- Work Phone Number
- Previous Employer Name (if job changed recently)
Asset Listing Example
- Bank Name, Checking Account Number, Balance, Date
- Bank Name, Savings Account Number, Balance, Date
- Brokerage Account Name, Account Number, Balance, Date
- Auto, Paid in Full, Year, Make, and Model
- 401k Trustee Name, Account Number, Balance, Date
- IRA Trustee Name, Account Number, Balance, Date
- Other Assets (Savings Bonds, Coin Collection, etc.)
Debt Listing Example
- Auto Lender Name, Account Number, Balance, Date
- Credit Card #1 Bank Name, Account Number, Balance, Date
- Credit Card #2 Bank Name, Account Number, Balance, Date
- 401k Loan Trustee Name, Account Number, Balance, Date
- Other Debt (Furniture Loan, Liens, etc.)