Mortgage Dictionary
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What Is an Appraisal Waiver? Benefits, Risks, and Requirements
By: Tomo Mortgage Staff Reviewed by: Andrew Beck, Senior Loan Advisor | NMLS #1970720 November 12, 2026 An appraisal… Read more
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HELOC vs. Home Equity Loan: Which Is Right for You?
By: Tomo Mortgage Staff Reviewed by: Michael Welsh, Senior Loan Advisor | NMLS #1866716 November 4, 2026 Key takeaways… Read more
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How Does a HELOC Work?
By: Tomo Mortgage Staff, Reviewed by: Aaron Shaw, Senior Loan Advisor | NMLS #182019 November 3, 2026 Key takeaways… Read more
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What Is a 2-1 Buydown? Payments, Cost, and When It’s Worth It
Key takeaways How a 2-1 buydown works A 2-1 buydown temporarily lowers the principal and interest portion of your… Read more
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What Is a Mortgage Appraisal and How Does It Work With an Online Lender?
A mortgage appraisal is an independent, licensed appraiser’s estimate of a home’s market value. Your lender requires it to… Read more
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What Is a VA Loan Certificate of Eligibility (COE)?
A VA Certificate of Eligibility (COE) is the document that proves to a lender you meet the VA’s service… Read more
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VA Loan vs. FHA Loan: Which Is Better For Veterans?
For eligible veterans, a VA loan is almost always the better default: $0 down, no monthly mortgage insurance, and… Read more
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Mortgage Rate Lock: When to Lock, How Long, and Float-Down Options
A mortgage rate lock is a lender commitment to hold your quoted interest rate for a defined period, regardless… Read more
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VA Funding Fee 2026: How Much It Costs and Who Is Exempt
The VA funding fee is 2.15% of the loan amount for a first-time VA loan with less than 5%… Read more
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How Much Does a $0 Origination Fee Save You?
A $0 origination fee saves you the full amount another lender would otherwise charge, typically 0.5% to 1% of… Read more
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Who Qualifies for a VA Loan? Eligibility Requirements Explained
You qualify for a VA loan if you meet one of the VA’s service requirements: 90 consecutive days of… Read more
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VA Loan vs. Conventional Loan: Cost Comparison
A VA loan is typically cheaper than a conventional loan for eligible borrowers who plan to stay in the… Read more
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What Credit Score Do I Need for a VA Loan?
The Department of Veterans Affairs sets no minimum credit score for a VA loan. That requirement comes from individual… Read more
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What Is FHA Mortgage Insurance Premium (MIP)?
MIP, or mortgage insurance premium, is an essential part of certain home loans, specifically those backed by the Federal… Read more
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What are mortgage interest rate points?
The term mortgage points (also called discount points) gets frequently thrown around, but what do points actually mean and should… Read more
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What Are Seller Credits (and How Do They Work)?
Seller credits (also called seller concessions) are essentially a way for the seller to help you with some of… Read more
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What is Mortgage Protection Insurance (MPI)?
Mortgage protection is essentially a safety net for homeowners. It’s one type of insurance that steps in if life throws… Read more
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What is Private Mortgage Insurance (PMI)?
Private mortgage insurance (PMI) is a policy your lender requires when you put down less than 20% on a… Read more
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What is a VA loan?
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty… Read more
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What does “primary residence” mean when getting a mortgage?
A mortgage for a primary residence is the loan you get for the place you actually call home, not… Read more