CMG Mortgage, also known as CMG Financial, is a privately held, well-capitalized mortgage banking firm headquartered in San Ramon, California. Founded in 1993, CMG operates nationwide in all 50 states and the District of Columbia, and produced 41,570 loans last year.
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How CMG Mortgage compares to other lenders
| Headquarters | San Ramon, California |
| Website | https://www.cmgfi.com/ |
| Rate | Even with the median rate |
| Lender fees | $1,520 (median) |
| Savings after 1 year, compared to the median interest rate | $366 |
| Added cost after 10 years, compared to the median interest rate | $312 |
| Added cost after 1 year (vs. Tomo Mortgage) | $2,212 |
| Added cost after 10 years (vs. Tomo Mortgage) | $10,872 |
For a $400,000 mortgage, CMG Mortgage’s rates match the market average, while its $1,520 lender fee results in modest savings of about $366 in the first year and close to break-even over 10 years compared to the typical lender. It’s about as middle-of-the-road as mortgage pricing gets. But when compared to ultra-low-cost lenders like Tomo Mortgage, the difference adds up—more than $10,000 over the life of the loan. Rate shopping still matters, even when the offer looks “average” on paper.
What customers are saying
CMG Financial (CMG Mortgage) is widely praised for its excellent communication, smooth closings, and helpful staff, as reflected in high ratings on Zillow and positive testimonials. Borrowers appreciate the proactive updates, user-friendly online portal, and dedicated loan officers.
However, negative reviews focus on poor post-closing service, including challenges with escrow refunds and tax documents, as well as occasional customer service frustrations and average-to-high fees.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.