Tomo Mortgage Review 2025

Tomo overview

Tomo Mortgage was founded in 2020 by two former Zillow execs with the goal of removing frustration from the mortgage process. Since its founding, the lender has expanded its offerings to multiple states and Washington, D.C. Tomo doesn’t offer refinancing currently, but it does offer below-average APRs and a price-match guarantee.

Pros and cons of Tomo

How Bankrate scored Tomo

Affordability: 5/5

Because of Tomo’s low APRs, low down payment requirements and minimal fees, it gets a perfect 5 out of 5 stars for affordability.

• Interest rates: Tomo offers competitive mortgage rates, with APRs below market average.
• Down payment: Tomo offers VA loans with no down payment, as well as conventional loans with just 3 percent down.
• Fees: Tomo doesn’t charge an application or origination fee.
• Closing costs: While closing costs vary depending on many factors, Tomo advertises an average savings of $2,000 due to its low fees.

Availability: 5/5

Tomo offers a wide variety of loans and is available in over half of the U.S., so it scores 5 out of 5 stars for availability.

• Home loans offered: Tomo offers conventional, jumbo, FHA and VA purchase loans.
• Footprint: You can get a Tomo mortgage in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and Wisconsin.
• Where to find: Tomo is an online-only lender with no branch locations.

Borrower experience: 4.8/5

Tomo gets high marks for borrower experience due to its quick application process and rate transparency. However, its short rate lock of only 30 days dings its borrow experience score, giving it 4.8 out of 5 stars overall.

• Application and preapproval process: Start the preapproval process with Tomo online by submitting to a credit check, as well as providing proof of income and assets. Tomo’s preapprovals are underwritten, meaning your application is fully reviewed (and signed off on) to get the most accurate picture of how much house you can afford. Plus, these underwritten preapprovals can take as little as 15 minutes to complete. You can also receive your final loan application approval in days instead of weeks. 
• Transparency: Tomo is great when it comes to rate and fee transparency. With their rate tool, you can input variables like location, down payment amount and income, and get a customized rate estimate.
• Customer service: With Tomo, you can email, chat, call or schedule a time with a loan officer seven days a week. 

As a relative newcomer, Tomo Mortgage’s reputation is solid. While it hasn’t received top scores from J.D. Power, like other online lenders, Tomo maintains good customer reviews on Bankrate and "Great" reviews on Trustpilot. Tomo is not yet accredited by the Better Business Bureau. 

Refinancing with Tomo

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

How to apply for a mortgage with Tomo

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.