Refi Bust: Mortgage Brokers Gone Wild! Establishing good credit is the key to locking in a favorable mortgage rate, yet many buyers fail to check their credit reports before applying for a home loan. Even the most fiscally responsible buyers shouldn’t assume that their credit report is spotless. One in four people reported finding serious errors on their credit reports. Just because you qualify for a loan doesn’t mean it’s in your best interest to take it. If you’re already struggling to pay rent and a lender offers you a loan requiring even higher monthly payments, you should seriously consider the financial repercussions before accepting it. It’s important to avoid job hopping while your mortgage application is pending. If switching jobs in unavoidable, angle for a position that offers the same or better pay.

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