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Written by Lorraine Roberte
Edited by Shawn Richardson

About Tomo

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Tomo is a mortgage lending company emphasizing a customer-centered, streamlined, digital homebuying experience. The company’s features include no lender fees, a rate-matching guarantee and a rate reduction when you use a Tomo partner agent. Currently, Tomo only offers conventional mortgages for purchasing a home and operates in seven states.


  • 0.125% rate discount with partner agent
  • Two types of preapproval
  • No origination fee
  • Support seven days a week


  • Only available in seven states
  • No refinancing options

Bottom Line

Tomo is an online mortgage lender offering conventional loans. To qualify, you generally need a credit score of at least 620 and enough money for a 5% down payment. Tomo guarantees the lowest rate and has no lender fees.

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What is Tomo?

Tomo is a mortgage company with a streamlined process that's primarily digital and focused on the customer. By using updated technology, Tomo helps save homebuyers both time and money.

Tomo promises competitive rates (backed by a price-match guarantee) and no lender fees, including no origination fees. It also claims an on-time closing rate of 98%. As of the date of publication, Tomo operates in Colorado, Connecticut, Florida, Michigan, Ohio, Texas and Washington. Support is available seven days a week.

How does Tomo work?

Tomo pledges to guide you through the homebuying journey. The process starts with preapproval. You'll find out what you can afford and your personalized rate, then you'll get a preapproval letter. From there, you can work with your real estate agent to look at potential homes.

When your offer is accepted, you sign a purchase contract and complete your application with Tomo. Tomo then makes sure the home’s appraisal, inspection and title search meet its standards. Finally, you sign the papers and close on your new home.

Tomo products

Tomo offers conventional purchase loans with 15- and 30-years terms and fixed interest rates. These loans start at $75,000. You can get a Tomo loan to purchase these types of properties:

  • Single-family home
  • Town home
  • Condo
  • Two- to four-unit building

Tomo does not offer FHA or VA loans or mortgages to purchase a manufactured home or mobile home. It also doesn’t have refinance loans.

Tomo rates

Tomo says rates depend on current market conditions and the following personal factors:

  • Credit history
  • Income
  • Debt
  • Assets
  • Down payment amount
  • The property you plan to purchase

The Tomo Price Match guarantees that Tomo will match a lower rate from another lender. You just need to provide a Loan Estimate on a conventional loan with identical terms to Tomo’s; the Loan Estimate must be less than one business day old.

Tomo also gives you a 0.125% rate discount if you work with a Tomo Brokerage Partner Agent; Tomo can help connect you with one of these agents.

Tomo FAQ

Where is Tomo available?
Tomo is available in the following states:
  • Colorado
  • Connecticut
  • Florida
  • Michigan
  • Ohio
  • Texas
  • Washington
What are Tomo’s application requirements?
To qualify for a Tomo mortgage, you need:
  • U.S. citizenship (or to be a documented permanent or nonpermanent resident)
  • A credit score of 620 or higher
  • A credit account in good standing
Does Tomo offer refinance loans?
No, Tomo doesn't currently offer refinance loans.
What is Tomo’s minimum down payment?
Generally, the minimum down payment is 5%. Minimum down payment amounts can vary based on the type of property, occupancy, co-borrower status and credit score.
Will Tomo affect my credit?
Initially, it depends on what type of preapproval you get. Verified preapproval doesn’t require a hard credit check, so it won’t affect your credit. If you choose underwritten preapproval, Tomo does a hard credit check, which can slightly lower your score. If you start with verified preapproval and proceed with a full application, Tomo will eventually do a hard credit check.

Is Tomo legit?

Tomo is a legitimate mortgage lending company — but it’s only available for homebuyers in seven states at the time of publishing, and its loan options are limited. However, the price-matching, lack of fees and different forms of preapproval all make it an appealing option if you're looking for a conventional loan for a home purchase.

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Rated with 1 star
Verified Reviewer
Original review: May 17, 2022

Company denied my application due to they can’t verify my information… I provided them social security number and my bank documents and my information and my pay stubs. It’s weird that they can’t verify you but you have my personal information. If I don't exist then I wouldn’t be able to open up a bank account in my name... this company needs to be shut down.

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