Before I became a REALTOR®, I spent 15 years as a senior mortgage underwriter. The underwriter is the person who decides whether your loan actually funds — and most buyers never talk to them. Here's what I looked at that buyers usually don't see coming.
Every large deposit needs a paper trail
Underwriters review your recent bank statements line by line. Any deposit that isn't your regular paycheck can trigger a request to document where it came from — a transfer between your own accounts, a bonus, a sold car.
Money from family is fine, but it needs a signed gift letter and proof of the transfer. Cash that can't be traced often can't be used for your down payment at all. If you're moving money around to prepare for a purchase, keep every statement.
Your credit is checked again before closing
Your pre-approval is a snapshot. Many lenders re-check credit shortly before closing, and a new car loan, a furniture account or co-signing for someone can change your debt-to-income ratio enough to put the loan back in question.
The rule I give every buyer: from pre-approval to keys, don't open, close or co-sign anything without calling your lender first.
Your job is verified — sometimes days before closing
Lenders commonly verify employment again right before funding. Changing jobs mid-escrow, even for more money, can delay or derail the loan. Commission, bonus and self-employed income are usually averaged over two years, so a great recent year may count for less than you expect.
The whole payment counts, not just the mortgage
Property taxes, homeowners insurance, HOA dues and Mello-Roos assessments all go into your debt-to-income ratio. In newer San Marcos and North County communities, those extras can add hundreds a month — and change how much home you qualify for.
The house has to qualify too
The appraisal, the condition of the home and — for condos — the health of the HOA all matter. Unpermitted additions, deferred maintenance or an HOA in litigation can create conditions the lender needs cleared before closing.
I look at these things before we write an offer, not after. It's the simplest way to keep your escrow boring — which is exactly what you want.
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