Tomo Mortgage Review 2024

Tomo overview

Tomo is a newer name in the mortgage business. Founded in 2020, the mortgage lender has since expanded operations to multiple states and Washington, D.C. The lender doesn’t offer refinancing (it’s focused solely on borrowers who want to buy homes), but offers some unique points of differentiation, including 120-day rate locks, a price-matching program that matches any competitor’s offer (with some limitations) and an offer to save $750 on closing costs for working with one of the lender’s affiliated real estate agents to find a home.

Pros and cons of Tomo

How Bankrate scored Tomo Mortgage

• Affordability: Tomo’s rates are competitive against Bankrate’s averages (as of this review), and the lender offers several opportunities to save money, whether it’s locking your rate or working with an affiliated real estate agent for a rebate.
• Availability: Tomo isn’t available in every state yet, and it only offers purchase loans, not refinancing.
• Borrower experience: Tomo’s website answers a lot of questions you might have about the loan process, and its intuitive rate calculator spins up current offers in seconds.

Affordability: 10/10

Tomo’s website features a “Find Your Rate” tool that allows you to input basic information (type of property, where it’s located, purchase price, down payment and credit score) and get an instant estimate of APR and monthly payment. You don’t have to share any of your personal contact information to get the estimates. The lender doesn’t charge origination or processing fees.

Availability: 8.4/10

Compared to other lenders, Tomo’s loan offerings are somewhat limited, with a lineup made up of conventional and FHA and VA purchase mortgages. The lender is only available to borrowers in some states at this time.

Borrower experience: 8.4/10

Tomo is building a solid reputation from its early cast of customers, with a 4.7 out of five-star rating on Trustpilot. The lender is not yet accredited by the Better Business Bureau.

In addition to a convenient rate estimation tool, Tomo’s website offers a simple user experience: You can chat, call or schedule a time with a loan officer seven days a week. If you qualify, you can get a verified preapproval in three business hours, and also start your application online.

How to apply for a mortgage with Tomo Mortgage

You can apply for a mortgage with Tomo online or by phone at 737-510-2523. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Tomo Mortgage

Tomo only offers mortgages for home purchases. If you’re looking for refinancing options, you’ll need to consider other mortgage lenders.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.