Buying Your First Home
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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?
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
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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
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How is the loan amount I am approved for calculated?
There’s a lot of mortgage calculators out there—these aren’t honestly all that valuable if you really want to know… Read more
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How to game the real estate wealth-building ladder
Imagine yourself 15 years from now. You might want to live in a new city, own a larger home,… Read more
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What is a buyer’s market?
A buyer’s market is a period when there are more homes or more supply in the market, than buyers… Read more
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What is debt-to-income (DTI) in mortgage?
DTI measures how much of your income goes toward debt payments. Lenders use this ratio to assess your financial… Read more
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What is PMI?
When you put down less than 20% on your new home, every lender everywhere is required to charge for… Read more
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Conditionally approved? What does it mean?
Getting conditionally approved means the lender has reviewed your loan application and things are looking good, but they still… Read more
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What is a 3-2-1 buydown?
Think of a 3-2-1 buydown as a mortgage’s way of easing you into the big league. It’s like giving… Read more