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James’ Insights
James McTernan is a Tomo Mortgage Loan Advisor - NMLS #337556
- Other lenders may charge $2,000 or more for "processing" or "origination" fees, your loan has no extra fees.
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Great rates. Guaranteed.
When we say “guarantee,” we mean it with a capital G. If you find a lower rate, we'll match it. It's what we do.
Lower rates. No lender fees.
Better tech means waaaaay lower costs. Like, 0.5% lower than the rest of the industry. And no ridiculous “lender fees,” either.
Glossary of terms
Rate
This is the interest you'll need to pay back on your loan. These rates change daily until you find your property and lock your rate. Things like your credit score, desired location, and property type may also affect this rate.
APR
When you're comparing lenders, you should always look at their APR. As with interest rate, the lower the better. Annual Percentage Rate (APR) is a more comprehensive way to look at your interest rate. It can include other costs such as mortgage insurance, if applicable, points, and closing costs.
Closing costs
There are many additional services you'll need to pay for when buying your home such as appraisal and title. We've estimated these costs so that you can understand the full financial impact of the transaction. Your loan advisor can go over these with you later.
Points/credits
Points and credits determine your closing costs and your interest rate. Paying points mean you pay more at closing to get a lower interest rate. Taking credits means you pay less at closing and make up the difference with a higher interest rate. Your loan advisor can help you with this later.
I really appreciated that Tomo Mortgage’s technology was so easy to use. It was very different from other other lenders I’ve worked with in the past where I couldn’t even reset my password without calling in.