While getting pre-approved is a must in today's market in order to purchase San Clemente real estate, buyers need to be particulary careful not to alter their credit until the purchase is final.  Making the wrong move after getting pre-approved could result in your entire purchase falling apart.  In order to ensure your loan gets funded during the purchase process, follow these tips:

• Do not change jobs.  One factor mortgage companies consider is the length of present employment as part of your risk profile and job stability is a key factor.  Even if the new job may be higher paying, try and wait if possible until you move into your new San Clemente home.
• Continue making your payments on time.  Do not be late on any payments and if you are, contact your creditor and ask if they can remove the late payment.  Often times creditors will grant this on a one-time basis.  Keeping your credit report clean during the process is crucial.
• Keep credit card balances low.  If you push your credit limits to their max during the process of funding your loan, this will seriously impact your credit score.  If you fail to keep your credit limits low, this may come up during the final review of your file before funding your loan.
• Do not take on new debt.  While it may be tempting to start taking on some of the big purchases for your new home, do not  do so until after you close your sale.  Taking on new debt during this time may drastically effect your debt-to-income ratio and result in a failure to obtain financing for your purchase.
• Communicate with your lender.  Always be available during the loan process as the processing staff may need to contact you for additional information, so be sure to inform your lender if you will be out of town or unavailable.
• Tell your financial story upfront.  Tell your lender about any past issues with finances, such as late payments and exactly what assets you have. Lenders understand that life events happen that can result in financial issues.  Not being honest up front will result in the lender finding out about issues down the road when your credit report and assets are reviewed.

For more information on financing for your San Clemente real estate purchase, please contact your exclusive San Clemente realtors today.