Mortgage Dictionary
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Are property taxes included in a mortgage payment?
Most homebuyers pay property taxes through an escrow account as part of their monthly mortgage payment — but not… Read more
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What’s a purchase agreement when it comes to buying a home?
A purchase agreement (also called a sales contract) is the legal document that outlines the terms and conditions of… Read more
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Prepayment penalties: the mortgage “gotcha” you can avoid
Imagine this: you’re cruising towards financial freedom, paying off your mortgage early. But suddenly, a “prepayment penalty” pops up,… Read more
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The FHA flip rule: what you should know
So, you’re jumping into the world of FHA loans or thinking about flipping houses? One thing you need to… Read more
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What’s a mortgage title, and what’s it to you?
The mortgage title is basically your proof that you own your house. It’s the legal document that says, “This… Read more
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What is a pre approval letter? Your must-have for home buying success
Strap in! Before you kick off your house hunt, there’s one essential document you absolutely need: the pre approval… Read more
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Conventional loans 101: an insider’s guide to standard home financing
A conventional loan is like the old reliable of mortgages—provided by private lenders (not the government), it’s straightforward, flexible,… Read more
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Jumbo loans unpacked: the need to know before borrowing big
A jumbo loan is your go-to mortgage if you’re aiming for a property that goes beyond the standard limits.… Read more
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Closing disclosure? What’s that?
The Closing Disclosure is a document that spells out every last cent and every commitment you’re about to make… Read more
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What is a physician mortgage loan?
A physician mortgage loan is a type of mortgage intended for doctors and similar high-income medical professionals. It is… Read more
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HOAs: the good the bad the ugly
If you’re eyeing a neighborhood with well-manicured lawns and pristine amenities, chances are it’s run by an HOA —… Read more
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What is a second mortgage?
A second mortgage is basically another loan against your home after you’ve already taken out your first mortgage. It… Read more
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What is a home appraisal and how much does it really cost?
So you’re about to buy a house and you’ve heard about this thing called an appraisal. What’s it all… Read more
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Is an FHA loan a good idea?
For some people, an FHA loan can be a golden ticket to home ownership. It’s backed by the Federal… Read more
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What Is a Promissory Note in Real Estate? (And How It Differs From a Mortgage)
A promissory note is your legal promise to repay the loan — it’s separate from the mortgage, which secures… Read more
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What is a restrictive covenant in real estate jargon?
A restrictive covenant is like a set of rules that dictate what you can and can’t do with your… Read more
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Is it good to buy in a HOA?
A HOA, or Homeowners Association, is essentially the neighborhood’s gatekeeper—and it can be a mixed bag. Roughly ⅓ of… Read more
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What’s better—a fixed rate or adjustable-rate mortgage (also known as an ARM)?
A fixed rate mortgage locks in your interest rate for the entire loan term, so your interest rate stays … Read more
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What is a mortgage Loan Officer?
A mortgage Loan Officer, also known as a Loan Advisor here at Tomo Mortgage, is the person you’ll likely… Read more
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Decoding the LTV in home loans
The loan-to-value (LTV) ratio is a key figure that lenders use to gauge the risk of your mortgage. It… Read more