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Tomo Mortgage Review 2024

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At a glance

Tomo
NMLS: 2059741
Editor's take

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 Score
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4.5
Rating: 4.5 stars out of 5
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Customer Rating
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4.9
Rating: 4.92 stars out of 5

37 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA and more

Credit Good

Min. credit score required

620 for conventional loans

Location

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

Dollar Coin

Min. down payment

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

At a glance

Tomo

NMLS: 2059741

4.5

Rating: 4.5 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA and more

Location

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

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 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 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.

How Bankrate scored Tomo Mortgage

  • Affordability: Tomo’s rates are competitive against Bankrate’s averages (as of this review), 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: 10/10

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: 8.4/10

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.

Borrower experience: 8.4/10

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.

How to apply for a mortgage with Tomo Mortgage

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:

  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.)

Refinancing with Tomo Mortgage

Tomo only offers mortgages for home purchases. If you’re looking for refinancing options, you’ll need to consider other mortgage lenders.

Compare Tomo to other lenders

Tomo
Rating: 4.5 stars out of 5
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4.5

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Old National Bank
Rating: 4.6 stars out of 5
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4.6

Bankrate Score
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Read full review
Veterans United Home Loans
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review

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, 640 for FHA loans, 680 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

Tomo customer ratings and reviews

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NMLS: 2059741

4.9

Rating: 4.92 stars out of 5

37 ratings

Info

This lender has 7 recent reviews.

Knowledge
Rating: 4.9 stars out of 5
Level of service
Rating: 4.9 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5
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3 stars
2 stars
1 star
97%
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3%
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97% 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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