Lessons learned -
- Inquiries don't matter unless you're right on the cusp of a rate category.
- Banks want to know everything, even your high school English grades. (not really, but close)
- Stay in constant contact with your broker. Hound him to the point of annoyance. Anything to make sure the loan closes on time.
- There will always be "one more thing" the bank needs to review. Be ready for it. Get it to them within 24 hours.
Now, on to the silver lining.
My wife's verification of employment listed her salary lower than her actual take home pay and the bank decided that the salary listing was more reliable than the tax returns, W2s, or paystubs we had already submitted. This reduction in income put us over the 45% DTI limit. With my total income, we're actually under 20% DTI, but we're not allowed to claim any of my profit-sharing from the firm, only my base salary. The underwriter asked us to close her main credit card and pay off the balance, the thought being that eliminating that monthly payment would push us back under 45%.
Ok. Fine. That's what she gets for carrying a balance.
So, my wife will be without a credit card and will need to apply for a new one as soon as we close. She has never been comfortable with the idea of applying for bonuses, but has always enjoyed the free travel. I've planted the thought that she will not be applying for the same reward-free card again. While she's already an AU on the UA Explorer card, I see a Chase Freedom in her future. She will also become an additional member on the Platinum card as soon as we close, so they can pay for our Global Entry. I think we should get her one more card with a good bonus - CSP, maybe - and that'll be enough for now. I hope this will put her a bit more at ease with the game so we can both play in the future.
Thank you, mortgage underwriter, for creating a situation in which my wife is forced to apply for cards.