Tomo Mortgage Reviews

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About Tomo Mortgage

Tomo Mortgage, a direct lender founded in 2020, simplifies the home loan process with automation and transparent pricing. It offers conventional, jumbo, Federal Housing Administration (FHA) and VA loans across 30 states and Washington, D.C. Tomo emphasizes an easy-to-use online process and competitive rates with no lender fees.

Pros
  • Rate transparency
  • Online quotes without disclosing personal info
  • Apply and upload documents using your phone
  • AI assistance throughout application
Cons
  • Not available in all states
  • No dedicated mobile app
  • No mobile home, construction-only or co-op loans
  • Asks for detailed documentation

What is Tomo Mortgage?

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

» COMPARE: Best online mortgage lenders

Tomo Mortgage application process

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:

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

Tomo Mortgage application features

Tomo Mortgage rates

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.

» RELATED: Mortgage APR vs. interest rate

Tomo Mortgage loan types

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.

Tomo Mortgage requirements

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 cost and fees

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

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

» LEARN: What is a home appraisal and how do they work?

FAQ

How does Tomo Mortgage work?

Tomo Mortgage works by offering an all-digital application process with no lender fees. You start by entering property and personal details online and then uploading financial documents for review. If approved, Tomo issues a certified preapproval letter with a 30-day rate lock.

Is Tomo Mortgage legit?

Yes, Tomo Mortgage is a licensed direct lender with transparent pricing and no lender fees. It provides certified preapproval letters with a 30-day rate-lock guarantee.

Where is Tomo Mortgage available?

Tomo Mortgage offers home loans in 30 states and Washington, D.C., including:

  • Alabama
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maryland
  • Michigan
  • Minnesota
  • Nebraska
  • New Jersey
  • North Carolina
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Washington
  • Wisconsin

The company has offices in Stamford, Connecticut; Detroit, Michigan; and Seattle, Washington.

Is Tomo Mortgage a bank or a broker?

Tomo is a non-bank direct lender, not a broker or a traditional bank.

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Tomo Mortgage Reviews

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    How do I know I can trust these reviews about Tomo Mortgage?
    • 4,691,972 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Customer Service

    Reviewed April 11, 2025

    SCAM! Paid like $600 bucks for VIP service for $30,000 credit reporting, I'm going on over 4 months and no reporting yet. I tried to contact customer service with little to no response. When they do respond, they just ask question but don't do anything, then they stop respond and close the service ticket. What a joke, they are just bunch of scammers.

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    StaffLoan ProcessRates

    Reviewed Sept. 12, 2024

    Tomo went above and beyond in matching a low rate from a competitor. That low rate combined with a super low origination fee made a big difference as to why I choose them. The icing on the cake was the great working relationship that followed. They were understanding and patient when my closing date got pushed back twice. I had a good experience working with Tomo and would definitely recommend them.

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      Customer ServicePunctuality & SpeedLoan ProcessTransparency

      Reviewed May 23, 2024

      Just closed on a property using Tomo (first time using as lender) and it was easily the best transaction I could have asked for. Have used many other lenders in the past and there have always been issues - with communication, errors, confusion on timing, etc. This is often a confusing part of the real estate buying process - I've done this five times now and still have questions on how it all works. My broker walked me through all my options in a clear and understandable manner, and answered all my questions (as dumb as they might have been). It can be time consuming to go through all of these financing options, but my broker was patient and willing to spend the time to work through all the scenarios with me. Rest of the process was a breeze, closed on time. Very pleased and would use them again.

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      Reviewed 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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      Tomo Mortgage Company Information

      Company Name:
      Tomo Mortgage
      Address:
      1411 Broadway, 16th Floor
      City:
      New York
      State/Province:
      NY
      Postal Code:
      10018
      Country:
      United States
      Website:
      tomo.com