In regards to a home mortgage, an asset is anything that you own that has a cash value. Some examples of assets include:
- Checking and savings accounts
- 401(k) and IRA accounts
- Certificates of deposit (CDs)
- Mutual funds
When you apply for a mortgage, your lender will want to verify your assets. This is to ensure that you have enough money in savings and investments to cover your mortgage if you run into a financial emergency. Depreciating assets, like automobiles are considered assets, but aren’t ideal for this list.