Category: Insights
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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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![What’s the average age of a first-time homebuyer?]()
What’s the average age of a first-time homebuyer?
You might be asking: if I don’t own a home by the time I’m 30 am I totally failing… 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 â…“ of… Read more
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![How long does mortgage underwriting take?]()
How long does mortgage underwriting take?
So, you’ve just submitted your application—congrats! Now, you’re probably wondering how long this underwriting thing is going to take.… 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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![LendingTree vs Rocket Mortgage – what’s the difference?]()
LendingTree vs Rocket Mortgage – what’s the difference?
Lending Tree & Rocket Mortgage: The basics LendingTree: The Marketplace Aggregator LendingTree is an online marketplace that connects borrowers… Read more
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![What are seller credits?Â]()
What are seller credits?Â
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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![Trump vs. Harris: Who has a better plan for homebuyers?]()
Trump vs. Harris: Who has a better plan for homebuyers?
Over the past 5 years, home prices have surged by over 50%. It’s no surprise that presidential candidates, Kamala… 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
