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Remember that the mortgage broker may be more interested in a commission than in a good deal for the borrower.

Why are these loans sold? They do have a perfectly legitimate purpose - mostly, for investors who use the extra cash to fix up homes, then “flip” them, selling the house for more money. However, these people generally know how to read loan programs and are often mortgage experts themseves. You do not fall into that category. All too often, these loans are sold by disreputable mortgage brokers to people who are either simply ignorant about loans or do not have much money and believe that they “need” a loan of a certain size.

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Read more from this blogger: There’s no such thing as a 1% interest home loan lunch