What is one important financial detail to gather from a client?

Gathering information about a client's assets is crucial for several reasons. Assets provide insight into the client's financial stability and capability to manage a mortgage. Lenders typically consider a borrower's assets when evaluating their ability to make down payments, cover closing costs, or provide reserves that can meet future payment obligations.

Having a clear understanding of a client's assets helps mortgage professionals assess the overall financial health and risk profile of the client. This assessment is fundamental in determining the types of mortgage products for which the client may qualify. Additionally, asset information aids in advising the client on strategies for homeownership, including potential advantages of different down payment amounts or investment opportunities.

While previous employment, preferred interest rates, and repayment history are also relevant, they do not provide as comprehensive a picture of the client’s overall financial situation as understanding their assets.