How to Live Off Assets

"Hello, my name is Brett Staggs and on behalf of Expert Village, I am here to show you how to organize your income and assets for a first time home buyer. When applying for your first home loan, you will notice on the loan application there is a section asking about your household goods, about your automobiles, about jewelry, about any antiques or valuables you may have. And it is totally fine to fill that out as best you can, but contrary to popular belief cars, jewelry, household goods, antiques, if you have five million dollars worth of household goods, it is not really going to help you out that much in your home loan. It is obviously very nice to show, they say hey this person, if they got in a bind they could sell some of this stuff and they would have some money, but buying large they are going to look at a first impression of your income, then of your assets and your credit score. So even if you have a lot of great expensive antiques, paintings, art in general, it is good to show it by all means put it down on your application, but don't count on that to pull you out if your income, your assets or your credit report are suffering. Because nine times out of ten, it really won't help you at all."