Guchha, I'm glad you came here.  You're getting a 7% loan that too with 10% down?  Is your credit really that bad because at this rate I assume your FICO must be around the 500s?  If not,then damn, thats a massive rip-off my friend.

Listen, if your FICO is above 650 and you're putting 10% down on a mortgage and you can document your income, there is no reason why you shouldn't be receiving atleast a sub 5.8% on your mortgage.  Damn, a 7% mortgage means that the broker will prolly make about $1,800 - $2,500 for every one hundred thousand borrowed...If the property you're looking to purchase is in NYC, imagine how much the broker is looking to make off just one deal.  Thats crazy money you'd be paying outta your loan, son.

All I can advise is that you go to your bank that houses your checking and savings (not the mortgage brokers and their small garage shop operations we see all around) and get them to do the loan.  Man, shop around as a 7% mortgage rate is something only suckers should be paying.  Use lendingtree.com as well and have brokers compete and let them know what rates and most importantly the closing costs (Good Faith Estimates) that you would be charged on this.  A lil homework today could end up saving 10s of thousands in the long run, dude.