Tomo Mortgage Reviews

Tomo Mortgage was founded in 2020 by former Zillow executive Greg Schwartz. It offers conventional, jumbo, FHA and VA loans in 30 states and Washington, D.C. You can get a detailed online quote without supplying lots of personal information.

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The application process at Tomo Mortgage is simple and takes about 10 minutes to complete. It works on phones, tablets and desktops, with built-in AI assistance to guide you through each step. A preapproval advisor often follows up within minutes of submission.

Unlike many lenders, Tomo Mortgage lets you preview rates and begin the application without entering a Social Security number or financial documents. Personal and financial details are only required later in the preapproval process.

Here's what to expect:

1. Get started: Click the “Get started” button in the upper right-hand corner on the website.
2. Enter the property details: Provide the home’s location, type, intended use, purchase price, down payment, loan term and veteran status, if applicable.
3. Verify your identity: Create a password and enter the one-time code sent to your phone by text.

At this point, you should receive a preliminary rate. If you review the rate and are ready to move forward:

4. Submit your Social Security number: This will authorize a soft credit check, which doesn’t affect your score, unlike a hard inquiry.
5. Upload documents: Submit W-2s, pay stubs, tax returns or account statements, depending on your employment type.
6. Enter remaining details: Provide your financial background, employment verification, photo ID and any other required fields.
7. Get preapproval: If approved, you’ll receive a certified preapproval letter with a 30-day rate lock.

Tomo Mortgage application features

Tomo Mortgage offers an online tool that shows estimated rates without requiring your name, contact details or Social Security number. To get a quote, you enter basic property and financial details, including home type, location, purchase price, down payment, credit score range and income. You can also indicate if you’re a first-time homebuyer or using veteran benefits.

Based on a $300,000 single-family home in Houston, Texas, with 0% down and a credit score between 720 and 739, here are sample 30-year fixed rates from Tomo Mortgage accurate as of publication. The quotes reflect rate options with different amounts of points or lender credits, which are standard tools used to adjust upfront costs and monthly payments.

Sample 30-year fixed rates from Tomo Mortgage

Tomo’s sample rates assume a 30-day rate lock, W-2 income, a debt-to-income ratio under 40% and escrow for taxes and insurance. Monthly payments in the table don’t include property taxes, homeowners insurance or mortgage insurance. Rates may vary based on your financial profile and are subject to change.

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Tomo Mortgage offers conventional, jumbo, FHA and VA loans. Available terms include 15- and 30-year fixed-rate options, as well as 5-, 7- and 10-year adjustable-rate mortgages (ARMs). Loans start at $75,000 and can be used for primary residences, second homes or investment properties. Eligible property types include single-family homes, townhomes, condos, manufactured homes and two- to four-unit buildings. Tomo Mortgage doesn’t offer loans for mobile homes, co-ops (cooperatively owned housing) or homes still under construction.

To qualify for a loan through Tomo Mortgage, you'll need a credit score of at least 580. Down payment requirements vary by loan type. Conventional loans require at least 3% down, FHA loans require 3.5%, and VA loans have no down payment requirement.

Tomo Mortgage also considers your debt-to-income ratio, employment history and property eligibility. During the preapproval and underwriting process, you’ll need to provide standard documentation, such as W-2s, pay stubs, bank statements and tax returns.

Tomo Mortgage doesn’t charge lender fees, such as application, underwriting or processing fees.

You’ll still pay standard third-party closing costs, including:

• Appraisal fees
• Title insurance
• Recording fees
• Prepaid taxes and insurance

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