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About Tomo

Tomo is a new mortgage lender founded by former Zillow executives Greg Schwartz and Carey Armstrong. Tomo charges zero lender fees, according to the company, and its appraisal coverage protects buyers from having to bring more cash to the table if the appraisal comes in low.

    Pros & Cons


    • Appraisal coverage
    • Price-match guarantee
    • No lender fees


    • No FHA or VA loans
    • No refinance or HELOC options
    • No ARMs

    Bottom Line

    Tomo is a new online mortgage lender that focuses on home purchases exclusively. Tomo offers loan terms of 15 and 30 years for conventional conforming and conventional jumbo mortgages.


    Tomo offers rates that are competitive with national mortgage rates. Its rates are also backed by a price-match guarantee. If you find a lower mortgage rate elsewhere, Tomo guarantees to match it. This promise is valid for primary residences only, though, and it will only be honored once per loan. Tomo doesn’t price-match jumbo loans below a certain APR.

    Application process

    Even before you’re ready to go through the mortgage process, you can pre-qualify with Tomo, which doesn’t affect your credit score and can narrow down the price range for homes to consider.

    Once you find the home you love, Tomo provides a preapproval letter — this step will result in a hard pull on your credit. If the seller accepts your offer, Tomo can help make the remaining steps of the process — closing, etc. — more efficient.

    Loan types

    Tomo is a purchase-only lender that boasts a streamlined homebuying process and the most competitive rates on the market, but its loan selection is limited. As of publishing, Tomo offers loans for home purchase with 15- and 30-year fixed rates. Its loan minimum is $75,000, and it only funds purchases for single-family homes, townhomes, condos and multifamily buildings up to four units.

    Tomo doesn’t offer government-backed loans, such as VA, FHA or USDA, and it’s probably not a good fit if you plan on purchasing a mobile or manufactured home or are looking for a construction-only loan.


    Tomo does not currently offer refinancing options. Check out our guide to mortgage refinance companies for more information about this type of funding.


    Tomo’s borrower requirements include the following:

    • A credit score above 620
    • A credit account in good standing
    • U.S. citizenship, permanent residence with documentation or nonpermanent residence with documentation
    • A minimum 5% down payment

    To get better rates, you want a credit score higher than 620 — and be prepared to pay more than 5% down. If a 5% down payment seems too large, you might be looking at homes you can’t afford.

    National mortgage requirements by type

    Min. credit scoreMin. down paymentCompare with other lenders
    Conventional Typically 620 Typically 3% Mortgage lenders
    FHA 500 3.5% with 580 credit score FHA lenders
    VA Set by lender (often 580) 0% VA lenders
    USDA Set by lender (often 640) 0% USDA lenders

    Costs and fees

    Tomo charges no lending fees, but buyers still need to plan for closing costs. The company will include anticipated costs in your official Loan Estimate. Tomo says that it typically sees closing costs around 3% of the home purchase price.

    Appraisal coverage is free on eligible Tomo mortgage transactions. This coverage eliminates any surprise costs at the end of your home purchase journey and ensures you’ll have the same APR, monthly payment and cash-to-close even if the appraisal is lower than expected.


    What is Tomo?

     Tomo is an online broker that focuses on loans for conventional home purchases. It doesn’t offer FHA or VA loans, and it doesn’t have adjustable-rate options.

    Is Tomo legit?

    Tomo is only two years old at the time of publishing, but it’s a legitimate business and licensed in 19 states and D.C. The company was started by two former Zillow executives with over a decade in the homebuying industry.

    Where is Tomo available?

    Tomo is available online and services the following states:

    Colorado, Connecticut, Florida, Georgia, Michigan, North Carolina, Ohio, Texas and Washington. Tomo is headquartered in Austin, Texas, with additional locations in Washington and Connecticut.

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    Page 1 Reviews 0 - 10
    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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