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- Tomo Mortgage Review
Tomo Mortgage Mortgage Rates Review
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Founded in 2020, Tomo is a financial technology company that offers both mortgage lending and real estate brokerage services entirely online. The company offers 15- and 30-year fixed mortgages with generous qualification and down payment requirements. Currently, Tomo serves homebuyers in Colorado, Connecticut, Michigan, Texas, and Washington. The company is headquartered in Austin, Texas and is a subsidiary of Tomo Networks, Inc.
How Do We Rate Tomo Mortgage?
Breakdown
Our Overall Rating: 0 / 5 (N/A)
Tomo Mortgage is a relatively new financial technology company, founded in 2020, and offers both mortgage lending and real estate brokerage services. The company has one of the most straightforward websites we've seen in a long time. Tomo doesn't make you jump through any hoops—including providing your contact information—to receive estimated interest rates on the loan you wish to take out. You can get preapproved for a mortgage, complete your application, and close your loan online. You can review Tomo's Nationwide Mortgage Lending System file directly from a link on the website. The company prides itself on not using chatbots to communicate with customers, but rather providing live support online or by telephone which can save you time and eliminate confusion when shopping for a mortgage.
Tomo doesn't offer the widest range of mortgage options for the time being: just 15-year and 30-year fixed mortgages. But the company is willing to work with buyers whose credit scores are as low as 600 (680 is a common threshold) and doesn't require a very large down payment. You can buy a home through Tomo with just a 5% down payment. For many homebuyers, those factors outweigh the fact that the company doesn't offer the widest range of mortgage options.
Tomo Mortgage Loan Specifics
Available Mortgage Types - 0 / 5
Tomo currently offers just two different mortgage options: 15-year and 30-year fixed mortgages. While 30-year fixed mortgages are the most common type of conventional loan issued by lenders, adjustable-rate mortgages typically offer lower interest rates and are often well-suited to buyers who don't plan on owning their homes for many years.
Tomo doesn't offer VA, FHA, or USDA loans at this time.
Types of Mortgage Loans Offered
- Fixed Rate 15 Year
- 30+ Fixed Rate Mortgage
Tomo Mortgage Customer Experience
Customer Experience - 0 / 5
Tomo's website is very well organized. It's easy to check available rates based on the details of your home purchase and your credit standing. The company offers a substantial FAQ section and live chat on its website. In addition, Tomo doesn't use chatbots to talk to customers. A live human is available to answer your questions during regular business hours.
Tomo has integrated lending and real estate services. If you buy your home through a Tomo-affiliated real estate broker, the company offers a 0.125% interest rate deduction. That may not sound like much, but it can amount to thousands of dollars in savings over the term of a 15- or 30-year mortgage.
Online Features
| Online Application | Yes |
| Online Quote | Yes |
Tomo Mortgage Qualification Requirements
Qualification Requirements - 0 / 5
Tomo mortgages are generally available to buyers with credit scores of 600 or more. The minimum down payment on a Tomo loan is 5% of the purchase price of your home.
Key Requirements at a Glance
| Minimum Down Payment | 5.0% |
| Minimum Down Payment | Tomo Mortgage requires a 5% down payment. |
| Debt-to-Income Ratio | 0.0 out of 100 |
| Minimum FICO Score (FHA) | 600 |
Tomo Mortgage Lender Reputation
Reputation & Transparency - 0 / 5
Tomo Mortgage provides a link to its Nationwide Mortgage Lending System file on its website—an unusual level of transparency not found on many other lenders' sites. The company has had no complaints registered against it through NMLS.
Similarly, there have been no complaints filed against the company with the Consumer Financial Protection Bureau.
Currently, Tomo is not rated on Trustpilot or by the Better Business Bureau.
Key Facts
| Lender Type | Direct Lender |
| Trustpilot Rating | 4.5 out of 5 |
| Collection Date | 2021-07-19 |
Complaints & Regulatory Actions
| Nationwide Mortgage Licensing System ID | 2059741 |
| The Nationwide Mortgage Regulatory Actions | 0 |
| Consumer Financial Protection Bureau Complaints | 0 |
Company Profile
| Full Name | Tomo Mortgage Mortgage Rates |
| Company Website | |
| Headquarters | 1645 East 6th Street, Suite 100, Austin, TX, 78702 |
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