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Hi everyone,
Something occured to me the other day when I was beating myself up for buying things and not saving up earlier for this mortgage process...
I have probably around $20k in musical instruments, photography equipment, etc. that are uninsured. For the past few years, I've also been recording my profits (not huge, on the order of a few thousand dollars per year) from music/photography on my tax returns.
Can I use those physical assets to help demonstrate my net worth? Do they have to be insured to work this way? I know they aren't hugely liquid, but I could certainly sell everything if I ever needed to.
For mortgage underwriting purposes, liquid assets is what they're looking for ... so I don't believe that those wonderful hard assets [assessing market value is a huge issue] won't help you.
thanks for the info!