Ally Bank
3.5 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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This new entrant to the mortgage space touts itself as a nimble, customer-friendly lender. Tomo isn’t available everywhere yet, however, and you can only work with this lender to purchase a home, not to refinance your current loan.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA and more
Min. credit score required
620 for conventional loans
Nationwide availability
Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Maryland, Michigan, Minnesota, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Washington, D.C. and Wisconsin
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans
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.
No origination or processing fees
Offers 120-day rate locks
Displays mortgage rates online
Doesn’t offer USDA loans
Only available in some states
Doesn’t offer refinancing
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.
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.
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.
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:
Tomo only offers mortgages for home purchases. If you’re looking for refinancing options, you’ll need to consider other mortgage lenders.
Rating: 4.5 stars out of 5
4.5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Rating: 4.6 stars out of 5
4.6
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
|
Rating: 4.9 stars out of 5
4.9
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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Loans offered Conventional, jumbo, FHA, VA and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing |
Min. credit score required 620 for conventional loans |
Min. credit score required 620 for conventional loans, 600 for FHA loans, 620 for VA loans |
Min. credit score required 620 for conventional loans, 620 for VA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans |
Down payment Undisclosed |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Nationwide availability Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Maryland, Michigan, Minnesota, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Washington, D.C. and Wisconsin |
Nationwide availability All U.S. states |
Nationwide availability All U.S. states |
NMLS: 2059741
4.5
66 ratings
This lender has 35 recent reviews.
94% of customers would recommend this lender.
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To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?