Buying Your First Home
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Do I need to worry about a home inspection?
A home inspection is like getting a checkup for the house you’re about to buy. A licensed inspector goes… Read more
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Who can get in on a VA loan?
A VA loan is a mortgage loan backed by the U.S. Department of Veterans Affairs (VA). Its primary purpose… 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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How do interest rates work? Understanding how mortgage companies make money
You’re paying to borrow. When you take out a mortgage, you’re borrowing a large sum from the bank or… Read more
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Does finding the lowest APR guarantee the best loan?
Lenders are going to show you multiple numbers when they give you a quote—the interest rate, the APR, the… Read more
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Do I need a realtor to buy a house? Pros and cons of DIY home buying
Long story short, no, you do not need a realtor to buy a home. However, when looking at the… Read more
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Are closing costs a good way to pick a lender?
Maybe. Be careful about what you’re comparing. While it’s easy to focus on the total cash needed to close,… Read more
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Everything you need to know about mortgage insurance premiums (MIP)
MIP, or mortgage insurance premium, is an essential part of certain home loans—specifically those backed by the Federal Housing… 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 happens after you submit your mortgage application
Once you submit your application it goes to underwriting. Underwriting is about making sure the details of your loan,… 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 are seller credits?
Seller credits are essentially a way for the seller to help you with some of the closing costs or… 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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What’s an Application Advisor?
After you win the offer on a new home, your Loan Advisor will introduce you to your Application Advisor… Read more
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Who does what in a mortgage company? Understanding your lending team
When you’re diving into the mortgage world, it’s easy to get mixed up between different roles. There’s a great… 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
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What’s a par rate—and does it really matter?
Mortgage lenders have different “point-values” associated with their interest rates, where there’s different costs associated. If you pay the… Read more
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What is a mortgage and why is it important?
A mortgage is your ticket to owning a home without having the full cash upfront. It’s a loan that… Read more