Recommendations & best practices to avoid common pitfalls.
Small financial decisions can have a big impact while your loan is in progress. Here's how to stay on track from application to closing.
Once you begin the mortgage process, your financial profile is under review until closing. Even small changes - like opening a new credit card or making a large purchase - can affect your approval. Following a few simple guidelines can help keep everything moving smoothly.
Keep your income, employment, and spending patterns as stable as possible.
Your payment history continues to matter throughout the process.
Be ready to provide pay stubs, bank statements, and other documents when requested.
Delays in providing documents can slow down your loan approval.
If you're unsure about a decision, it's better to ask before making a change.
New credit can impact your score and your debt-to-income ratio.
Buying a car, furniture, or other big-ticket items can affect your loan approval.
Changes in employment can impact how your income is evaluated.
Unexplained deposits or transfers may require additional documentation.
Even one missed payment can create complications.
What happens if I make a mistake?
Not every change will derail your loan, but it's important to communicate with your lender as soon as possible.
When do these rules apply?
From the time you start the loan process until closing is complete.
The best way to avoid issues is to start with a clear understanding of your situation. A quick pre-qualification can help you begin with confidence.
Your Experience Is the Benchmark.
At Team Molina, we are driven by the passion to serve our community. We're not your average Mortgage Lender - and from first call to closing day, your satisfaction is how we measure success.
Jose Molina
Sr. Loan Officer
NMLS# 240269
209-609-0212
jose@team-molina.com
eFax: 209-444-0101