Tomo

Tomo Reviews

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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

    Pros
    • Appraisal coverage
    • Price-match guarantee
    • No lender fees
    Cons
    • No HELOC options
    • No refinance options

    Rates

    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. 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 is probably not a good fit if you plan on purchasing a mobile or manufactured home or are looking for a construction-only loan.

    Refinancing

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

    Requirements

    Tomo’s borrower requirements include the following:

    • A credit score of 580 or above
    • A credit account in good standing
    • U.S. citizenship, permanent residence with documentation or nonpermanent residence with documentation
    • A minimum 3% 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

    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.

    FAQ

    What is Tomo?

     Tomo is an online broker that focuses on loans for conventional home purchases. It doesn’t have adjustable-rate options.

    Is Tomo legit?

    Tomo started funding loans in 2021 and is a legitimate business and licensed in 30 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:

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

    Tomo is headquartered in Austin, Texas, with additional locations in Washington and Connecticut.

    Tomo Reviews

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      How do I know I can trust these reviews about Tomo?
      • 4,546,779 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
      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 Company Information

          Company Name:
          Tomo
          Website:
          hellotomo.com