Tomo Mortgage Review 2023

How Bankrate scored Tomo Mortgage

To determine Tomo Mortgage’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

• Affordability: Tomo’s rates are competitive against Bankrate’s averages, 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.

• Methodology

  Bankrate's expert editorial team gathers mortgage lender information through a variety of means, including direct contact with lenders, regulatory filings and assessments by reputable third parties. Our research takes into account three main factors: affordability, availability and borrower experience.

  Bankrate's mortgage reporters and editors have decades of experience covering the mortgage industry. Based on the three main criteria, our team evaluated more than 85 lenders, assigning each a Bankrate Score out of five stars. Here's how we assess each factor:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) the lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors; and 2) established customer discounts or incentive pricing, when applicable.
  • Availability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) the lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors; and 2) established customer discounts or incentive pricing, when applicable.
  • Borrower experience. Finally, we delve into what it's like to deal with the lender as a consumer, including the lender's application process and availability of customer service support.

  Bankrate's methodology page spells out our rating process in greater detail.

  Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

Affordability: 5/5

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, but rate locks cost a flat $450.

Availability: 4.5/5

Compared to other lenders, Tomo’s loan offerings are somewhat limited, with a lineup made up of conventional, VA and FHA purchase mortgages. The lender is available to borrowers in two dozen states, including California, Florida, Illinois, Pennsylvania and Texas.

Borrower experience: 5/5

Tomo is building a solid reputation from its early cast of customers, with a 4.3 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 purchase loan by emailing, texting or calling Tomo Mortgage at mortgageteam@hellotomo.com or 737-510-2523. Its hours are 8 a.m. to 8 p.m. CST during the week, Saturdays 9 a.m. to 3 p.m. CST and Sundays 11 a.m. to 5 p.m. CST.

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.)