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Tomo Mortgage Review 2023

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At a glance

Tomo
Editor's take

This new entrant touts itself as a nimble, customer-friendly lender.

Bankrate Score
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4.8
Rating: 4.8 stars out of 5
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Bankrate Score

Customer Rating
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5.0
Rating: 5 stars out of 5

30 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA; investment property

Credit Good

Min. credit score required

620 for conventional loans

Location

Nationwide availability

30 states and Washington, D.C.

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Min. down payment

3% for conventional loans; 3.5% for FHA loans; none for VA loans

At a glance

Tomo

4.8

Rating: 4.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA; investment property

Location

Nationwide Availability

30 states and Washington, D.C.

Credit Good

Min. credit score required

620 for conventional loans

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.

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Bankrate insight

The Tomo Price Match promises to meet competing offers. To encourage repeat business, this lender also offers Tomo Perks to borrowers who take another mortgage in the future.

Pros and cons of Tomo

Pros
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    No origination or processing fees

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    Offers 120-day rate locks

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    Displays mortgage rates online

Cons
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    Doesn’t offer VA or USDA loans

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    Only available in some states

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    Doesn’t offer refinancing

Our Editor’s Take on Tomo

This new entrant touts itself as a nimble, customer-friendly lender.

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.

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.)

Tomo customer ratings and reviews

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5.0

Rating: 5 stars out of 5

30 ratings

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