Liquid Asset Qualification
No need to liquidate your assets for more of a down payment, instead you can use your invested assets to qualify for more of a mortgage.
This mortgage program allows you to use net liquid assets to help qualify for the mortgage you need. If your income is not enough to qualify you for the mortgage you want, then a liquid asset qualification might work for you. It is designed to qualify for mortgage amounts above standard qualification.
A borrower was selling their house and downsizing to a new home. They had modest income which did not allow them to qualify for much of a mortgage. The net proceeds from the sale of their home were $900,000. They also had $400,000 of invested assets.
The clients purchased a $1.1 million home and did not want to liquidate any of their investments.
We were able to approve them for a $600,000 mortgage using these liquid/invested assets. Part of the sale proceeds were used for the $500,000 down payment and the remaining sale proceeds assets of $400,000 were invested to generate additional income.
Without this liquid asset qualification, the clients would have had to redeem $200,000 of their investments to purchase their $1.1 million property. Instead, they have a total of $800,000 of invested assets which produces additional income.
A liquid asset qualification is a powerful tool to quantify for the mortgage that you want.
For more information on the Liquid Asset Mortgage program, contact your local Mortgage Broker, Sean Stewart at 905-427-9596 or firstname.lastname@example.org