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If you’re looking for a home and doing research on mortgages, you should have a complete list of your assets in order for a smooth transaction.

When applying for a mortgage, if you don’t have a sound credit history or anything to show you have some net worth, chances are you may be denied or faced with an interest rate that’s on the high end of the scale.

Common assets that mortgage lenders will want listed are stocks, bonds, mutual funds, 401k and retirement accounts, life insurance, cars, boats, antiques, jewelry and other real estate. When an asset is “liquid,” it has cash value or can be easily converted to cash. Liquidity is important in cases of financial emergency.

When a mortgage company looks at your worth and compares it to the down payment, closing costs and other money needed for the home transaction, it is making a decision that can impact the rest of your life, so you want to be sure you are honest and include everything.

The source of assets is also considered. For instance, if you list $100,000 in savings, but it was given to you by a parent or relative recently to beef up your account, that will raise a red flag. Who is to say that you’re not going to give it back once the deal is signed?

Or maybe you took some money out of your retirement fund or took a loan against future income in order to pay off some debt. That too could have negative consequences, because mortgage lenders will know you will have less money in the future.

Any large deposit on your statement will raise an underwriter’s eyebrows and make you wonder if a borrower took out a loan that has yet to appear on a credit report.

Before applying for any mortgage, make sure to get your assets in order and have all documents to prove that everything is on the up and up. And if you don’t think your assets are enough for your dream home, you may need to consider opting for a smaller home or waiting a little longer until everything comes together.

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