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Documenting Your Assets - Verifying Your Down Payment 401K or Retirement AccountsIt is important to provide documentation about your retirement accounts or 401K programs because this is another asset you could draw upon as reserves in case of a problem. mortgage rate Bridge-loan. It is also another way to show you have a savings history. Just provide a copy of your most recent statement to your lender. Many people use these accounts as a source of funds for their down payment, too. mortgage rate Student loan consolidation service. Some employers allow you to "cash out" a portion of the 401K and some allow you to borrow against it. Be sure to keep copies of all paperwork involving the transaction. If they cut you a check, be sure to make a photocopy of that, too, including any receipt for deposit into your personal bank account. mortgage rate U.s.-bankruptcy-code. If you are borrowing against your 401K, some lenders will count this as an additional debt to go along with car payments, credit cards and other obligations. This may seem kind of silly because you are borrowing your own money, but from the lender's viewpoint it is still a monthly obligation that you must come up with and should be taken into account. If you are "tight" on your debt-to-income ratios in qualifying for a home loan, this could be an important consideration.
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