what are assets and liabilities when filling out mortgage application

Assets are any accounts you have that will be used for down payment money or reserves on the file. Liabilities are the debts that appear on your credit report or any unreported monthly obligations you have such as child support and private mortgages.

Assets are things like checking and savings account, 401K or IRA's, basically, your cash accounts.. Liabilities institutions and individual's that you owe money to. Credit card's, car loans, student loans, basically, things that would show on your credit report. Most of these liabilities are populated automatically on your application by the lender when they run your credit report, so typically, you don't need to fill in that info.. but if you owe anyone that is not showing on the credit report such as child support payments, back taxes, paying on old collections or judgments, private loans,,, typically any obligation that has to do with debt.. we do not list your monthly bills.. so you don't have to list things like cell phone, utilities, car insurance etc.. those are not considered debt.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com