Totally agree with this. When I was applying, I had a random $2k deposit from selling some old furniture online, and the underwriter asked me to document it. Felt weird at first, but once I explained it, no issues. Regular spending habits didn't even come up...guess they just wanna make sure there's nothing sketchy going on. Best advice: keep records of any unusual deposits or transfers—makes life way easier later on.
Good points, but honestly, underwriters can be all over the place. Had a client once who spent weeks documenting every little deposit, then the lender barely glanced at it. Sometimes feels like they're just messing with us...
Totally get what you're saying about underwriters. When I refinanced last year, I felt like I was playing some weird paperwork roulette. They asked me to explain a random Venmo transfer from my sister for pizza (no joke, it literally said "pizza 🍕" in the description). But then, when it came to bigger stuff—like a bonus from work—they barely raised an eyebrow. It honestly felt like they were just spinning a wheel to decide what mattered and what didn't.
I guess it depends on who's handling your file or maybe even their mood that day? Still, I try to remind myself they're probably just doing their jobs and following guidelines that don't always make sense from our side of things. Doesn't make it less frustrating though...
"It honestly felt like they were just spinning a wheel to decide what mattered and what didn't."
Haha, this is spot-on. When I refinanced, they grilled me about a $50 birthday gift deposit from my mom but completely ignored a larger freelance payment that seemed way more questionable. It's definitely frustrating, but you're right—it's probably just them ticking off boxes on their checklist. Hang in there; once you're through the underwriting gauntlet, it feels pretty great to have it all behind you...
"It's definitely frustrating, but you're right—it's probably just them ticking off boxes on their checklist."
I dunno, is it really just random box-ticking though? Seems like they're extra cautious about certain types of deposits—especially gifts—because they have to verify the source. When I bought my place, they barely blinked at my freelance income but went full detective mode on a small cash gift from family. Maybe it's less random and more about specific red flags they're trained to spot? Still annoying either way...