Buying Your First Home
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![Who can get in on a VA loan?]()
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?]()
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]()
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?]()
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]()
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?]()
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)]()
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’s a promissory note in real estate?]()
What’s a promissory note in real estate?
A promissory note in real estate is like a fancy IOU. You’re basically saying, “Yeah, I’m borrowing money to… Read more
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![What is a restrictive covenant in real estate jargon?]()
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?]()
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]()
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)?]()
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?]()
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?]()
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?]()
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]()
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]()
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?]()
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?]()
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
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![How to buy a home with less cash—the hidden world of lender credits]()
How to buy a home with less cash—the hidden world of lender credits
Lots of folks obsess about finding the lowest possible interest rate. And, we don’t disagree that finding the lowest… Read more
