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Tomo Mortgage Review 2023

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At a glance

Tomo
Editor's take

Tomo is good for borrowers buying a home looking for a closing guarantee or other perks.

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; investment property

Credit Good

Min. credit score required

620 for conventional loans

Location

Nationwide availability

Available in Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Maryland, Michigan, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Washington, D.C. and Wisconsin

Dollar Coin

Min. down payment

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

Recent customer reviews

The customer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

Rating: 5 stars out of 5

Easy to work with and efficient!

I had a fantastic experience working with Ted Volynets and the Tomo Mortgage team. They were responsive, friendly, and helped me close quickly in just four weeks. I would highly recommend them to anyone else in the home buying process.

Lindsey
Stamford, CT (Sep 26, 2022)

Rating: 5 stars out of 5

Go with TOMO!

The folks at TOMO will make you feel like they are your only client while giving you very low closing costs and low rates. I was being quoted rates in the 7's and 8's for a $275,000 loan on a $700,000 purchase and TOMO got it to 5.5% with closing costs 30% of other lender quotes. They were ready to...

Go with TOMO!
Atlanta, GA (Aug 4, 2022)

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; investment property

Location

Nationwide Availability

Available in Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Maryland, Michigan, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Washington, D.C. and Wisconsin

Credit Good

Min. credit score required

620 for conventional loans

Tomo overview

Tomo is one of the newer names 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

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

Tomo is good for borrowers buying a home looking for a closing guarantee or other perks.

Breakdown of Tomo overall score

  • 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 and FHA purchase mortgages. The lender is only available to borrowers in about 20 states at this time.

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.

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.

Alternatives to Tomo

Tomo customer ratings and reviews

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5.0

Rating: 5 stars out of 5

30 ratings

Info

This lender has 7 reviews.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5
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100% of customers would recommend this lender.

of 7 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

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.

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