Leverage Family Finances for Mortgage Approval

The Thompsons have a longstanding relationship with J.P. Morgan, which has managed the family’s money for over five generations. The youngest family member, Caroline, just graduated from medical school and is looking to purchase her first home in North Carolina before starting her job.

The Thompsons were worried that Caroline would have a tough time finding financing for her home, given that she did not yet have a source of income. While there was no taxable income that could be used towards qualification, the Thompsons set up an irrevocable trust for the benefit of Caroline with significant assets. They were pleased to find out that Caroline could be underwritten for a mortgage by creating an income stream from the liquid assets held in her irrevocable trust. By leveraging the trust’s liquid assets, the mortgage underwriting process was simplified and only required verification of the trust’s assets and a personal financial statement outlining Caroline’s assets and liabilities.

Once Caroline was approved and had J.P. Morgan’s formal commitment to lend, she was able to make competitive offers without financing contingencies, which quickly set her apart from other buyers.

All case studies are shown for illustrative purposes only and are hypothetical. Any name referenced is fictional and may not be representative of other individual experiences. Information is not a guarantee of future results.

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