Tips, trends and insights for homebuyers like you.
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Understanding Your Section B Closing Costs at Tomo Mortgage
Quick answer: Section B on your Loan Estimate is a list of required third-party fees (appraisal, credit report, fraud verification, and more) that your lender doesn’t profit from. Some lenders hide these inside their lender fees. Tomo Mortgage charges $0 in lender fees and lists every Section B cost separately, passed through at cost. What… Read more
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2025 mortgage interest rate forecast
See how Tomo Mortgage’s head of Capital Markets breaks down the latest mortgage rate forecasts, predictions, and outlooks for 2025. Read more
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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 through all the critical stuff—foundation, roof, plumbing,… 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 Housing Administration (ie, the FHA) and it’s… 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 lender. The interest rate is essentially their… 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 points (or costs for points), and fees.… 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 pros and cons of having a realtor,… 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, it’s not the most reliable way to… Read more
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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 at life? We feel you, and no. … 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 Administration (FHA). Just like PMI (private mortgage… 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 the lender’s interest in the property. Here’s… 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 property. It’s baked right into your property… 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 the U.S. lives in an HOA, and… 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 the same no matter what happens in… Read more