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Tomo is a relatively new lender that currently operates in 35 states. It offers several advanced features to streamline the mortgage process, so that it can lower fees and ensure you secure the best deal for your situation. These features include digital syncing of your financial accounts, a 120‑day rate lock (to protect you from rising market rates), and a price‑match guarantee against competitors’ offers. This streamlined process is designed to deliver cost savings as well, with Tomo reporting lower-than-average rates and reduced closing costs by eliminating lender fees.
Eligible customers can also get appraisal coverage. This means if the appraised value comes back lower than the agreed‑upon price with the seller, you won’t have to bring more cash to the closing table. Tomo will guarantee buyers receive the full mortgage amount needed. Check with them for eligibility.
What’s more, Tomo doesn’t charge origination, processing, or any other lender fees. In fact, the company claims to save buyers an average of $2,000 at closing. Its “low rates, no gotchas” approach is designed to make mortgages more affordable, with rates estimated to be between 0.3% and 0.5% below industry averages, depending on your profile and loan terms. It also has an offer that allows you to save $750 on your closing costs if you work with one of its affiliated real estate agents to look for and buy a home.
Tomo is suitable for buyers who appreciate the speed and convenience of a digital-first mortgage process and want to get a competitive price on their mortgage.
The platform lets you complete the application process entirely online. Additionally, with just a few clicks, you can digitally link your financial accounts to Tomo’s system to verify your assets, income, and even employment. This enables rapid pre-approval, often within minutes, which is a huge advantage in competitive housing markets where a fast offer could be the difference between landing your dream home or missing out on it.
Tomo focuses exclusively on home purchase loans, offering the following options:
You can use these loans to finance various types of property, including single-family houses, condos, manufactured homes, townhouses, and 2–4-unit buildings. Loans are available for primary residences, second homes, and even investment properties. Tomo doesn’t offer loans for construction-only, mobile homes, and co-ops, however.
You can apply for a Tomo mortgage online in a few simple steps.
Fixed-rate mortgages from Tomo are available in 15-year or 30-year terms.
As with any other lender, your rate will depend on various factors, including the property type, occupancy (e.g. primary or secondary residence), location, and loan amount, as well as your credit score.
However, Tomo provides a tool on its website where you can enter basic information such as the type of property, location, purchase price, down payment, credit score, and annual income to get an estimate of your annualized percentage rate (APR) and monthly payments.
According to Tomo, buyers can be confident they are getting a great deal by opting for its services. The company backs this claim by offering a price-match guarantee. If you find a lower mortgage rate from another lender, Tomo will match it. All you need to do is provide a valid Loan Estimate document from the competing lender dated within one business day. Keep in mind that this offer is restricted to primary residences, and you can only use it once per loan.
Tomo also allows you to lock in a rate for up to 120 days before you find your dream home. This protects you from rising interest rates as you house hunt. And even if rates go down, you’re still protected—the company offers a one-time option to adjust your rate after a seller accepts your offer.
Tomo provides customer support via multiple channels. You can reach out via text, email, and phone call Monday through Friday, 8am-8pm, Saturdays 9am-3pm, and Sundays 11am-5pm, CT.
The company’s website also features numerous tools and resources to help you in your home-buying journey. This includes TrueRate, a lender comparison tool, mortgage FAQs that cover common questions about Tomo services, an affordability calculator to help you find out how much home you can realistically afford, and a comprehensive home-buying guide that explains the essential steps of buying a home.
Phone: 737-510-2523
Email: mortgageteam@tomomortgage.com
If you’re looking for a mortgage lender that prioritizes speed, convenience, and low cost, Tomo is worth considering.
Digital syncing of your financial accounts reduces the need for paperwork and enables rapid pre‑approval. This provides a competitive edge in the market by allowing you to act swiftly when the right opportunity arises. Meanwhile, the absence of lender fees, rate reduction mechanisms, and a price‑match guarantee on competitors’ offers help ensure your mortgage remains affordable throughout the process.
1411 Broadway, 16th Floor, New York, NY 10018
This review was completed using information gathered from Tomo’s website.
Disclaimer: AI was used in the generation of this content, along with human verification.
FAQsThe BestMoney editorial team is composed of writers and experts covering a full range of financial services. Our mission is to simplify the process of selecting the right provider for every need, leveraging our extensive industry knowledge to deliver clear, reliable advice.
