
Ally Bank
4.9 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
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This new entrant touts itself as a nimble, customer-friendly lender.
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Loans offered
Conventional, jumbo, FHA, VA; investment property
Min. credit score required
620 for conventional loans
Nationwide availability
30 states and Washington, D.C.
Min. down payment
3% for conventional loans; 3.5% for FHA loans; none for VA loans
4.8
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA; investment property
Nationwide Availability
30 states and Washington, D.C.
Min. credit score required
620 for conventional 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 VA or USDA loans
Only available in some states
Doesn’t offer refinancing
This new entrant touts itself as a nimble, customer-friendly lender.
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:
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, VA and FHA purchase mortgages. The lender is available to borrowers in two dozen states, including California, Florida, Illinois, Pennsylvania and Texas.
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.
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:
5.0
30 ratings
This lender has 0 reviews.
100% of customers would recommend this lender.