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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Wednesday, May 03, 2006

Mortgage Loans

Be aware that mortgage brokers are not looking out for your best interests. The simply broker a deal between you and a lender and they want you to sign on so they can get their cut. This along with low-interest rates combined with a pool of buyers that do not have 20% to put down as a down payment can equal trouble.

People see these low interest rates and want to jump on the housebuying wagon even though they do not have the 20% typically needed to put down. Brokers will offer piggy back loans or even no money down loans. These loans do not always have happy endings . . .

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