Tomo Mortgage Review 2026: Lower Rates, Zero Fees, Faster Close

Tomo Mortgage offers rates 0.30% below market median with $0 lender fees, saving borrowers $1,340 per year, beginning in year one. Best for tech-savvy buyers who prioritize speed and transparency over branch access, Tomo Mortgage exists because the process of buying a home can be truly terrible. Founded by ex-Zillow executives and backed by Progressive Insurance®,  Metaprop, Ribbit Capital, DST Global, and NFX, among others, Tomo Mortgage is licensed in 35 states and counting.

Tomo Mortgage was built differently from traditional mortgage lenders, without loan officer commissions or lender fees. They’ve traded the marble lobbies and mahogany desks for a streamlined digital portal that closes faster than the industry average. By passing those savings on to you, the customer, they make sure you’re not charged $2,000+ for things like “processing” and “origination.” There’s no need to artificially add fees to make our rates competitive “on paper.” If you want to sit in a branch and have coffee with a banker, Tomo Mortgage isn’t your lender.

Key Facts: Tomo Mortgage (2026)

• Founded: 2020 by former Zillow execs Greg Schwartz and Carey Armstrong
• Headquarters: New York, NY
• States Served: 35 states and counting
• License: NMLS #2059741
• Total Fuded Loans to Date: $3B and counting
• Average Rate: 0.30% below market median
• Lender Fees: $0 (No origination, processing, or underwriting fees)
• Typical Savings: $1,340 in year one; $10,047 over 10 years (on a $400k loan)
• On-time Closing Rate: 98% (vs. 40% industry average)
• Lender Rating: 4.9★ Bankrate | 5★ NerdWallet
• Loan Types: Conventional, FHA, VA, USDA, Jumbo
• Best Suited For: Tech-savvy buyers in competitive markets who prioritize speed and fee savings over physical branch access.

Tomo Mortgage vs. Tomo Credit

This review covers Tomo Mortgage (founded 2020, NMLS #2059741), a mortgage lender offering purchase and refinance loans with $0 lender fees. Tomo Mortgage is not affiliated with:

• TomoCredit (a credit card company)
• Tomo Boost (a credit building service)
• Tomo.ai (unrelated technology company)

What Customers are Saying

Tomo consistently earns high ratings across review platforms. Rated 5 stars by Nerdwallet, 4.9 stars by Bankrate, and 4.8 stars on Zillow. Reviewers consistently mention significant savings from Tomo’s zero-fee structure, noting substantial savings compared to traditional lenders. Many borrowers highlight the speed and simplicity of the digital application.

If you need constant hand-holding, including in-person meetings, throughout the mortgage process, traditional lenders with dedicated loan officers may be a better fit. If you value low rates, a tech-enabled mortgage process, transparent pricing, and closing speed, Tomo Mortgage is the lender for you. Tomo Mortgage was built to eliminate the inefficiencies that plague traditional mortgage lending.

Analyst Note: Tomo’s Origin Story

Tomo’s founding thesis was simple: Loan officer commissions create an incentive to sell borrowers higher rates. Remove the commission, remove the incentive. Trade the marble lobbies and mahogany desks for streamlined technology. Pass the savings to borrowers.

It’s not for everyone. If you want to sit in a branch office and have coffee with a banker who’s known your family for 20 years, Tomo Mortgage is not your lender. But if you’re tired of paying $2,000 in “origination fees” that no one can explain, and you want a mortgage that closes in 2026 instead of feeling like 2006—that’s exactly what Tomo Mortgage built.

The limitation is real: Tomo Mortgage isn’t for borrowers who value in-person meetings or hourly calls with their mortgage lender.

The trade-off is intentional: Tomo invested in technology instead of loan officers who get paid on commission. The result: rates 0.30% below the median with $0 in lender fees. No confusing fine print, just speed and transparency.

Common Questions About Tomo Mortgage

Is Tomo Mortgage Legit? 

Yes, Tomo Mortgage is a legitimate lender licensed in 35 states and counting with NMLS #2059741. Tomo has originated over $3 billion in loans and maintains a 4.9-star rating on Bankrate.

The company is backed by institutional investors, including DST Global, and operates as a licensed mortgage broker partnering with established lenders.

Is Tomo Mortgage Safe?

Tomo Mortgage is a safe, regulated lender subject to state and federal lending laws. All loans are government-backed (FHA, VA, conventional) or conform to Fannie Mae and Freddie Mac standards. Customer data is protected by bank-level encryption, and the company maintains all required state licenses. 

Tomo does not sell mortgages; instead, it brokers loans through licensed lending partners, providing an additional layer of regulatory oversight.

Is Tomo Mortgage Good?

Tomo Mortgage excels in three key areas:

1. Competitive rates averaging 0.3% below the market median
2. Zero lender fees save borrowers $1,000 – $2,000 per loan
3. A streamlined digital application process

Customer reviews highlight significant cost savings and efficient closings. However, borrowers seeking complex loan scenarios (e.g., investment properties, jumbo loans above certain thresholds) may benefit from traditional lenders with dedicated loan officers. 

How Tomo Mortgage Compares to Other Lenders

Lender	Avg Rate vs. Median	Lender Fees	Annual Savings	Customer Rating	Why Tomo Mortgage Wins
Tomo Mortgage	-0.3%	$0	$1,340	4.9★ (Bankrate)	Better rates + no fees
M&T Bank	-0.43%	$775	$2,210	4.3★ (Bankrate)	Tomo saves you $775 in fees + higher customer rating
Cadence Bank	-0.22%	$1,370	$1,073	1.4★ (Trustpilot)	Tomo eliminates $1,370 in fees + 3.4★ better reviews
Rocket Mortgage	Median	$1,500 – $2,000	$0 baseline	4.6★ (Bankrate)	Tomo cuts $1,500 – $2,000 in fees + offers better rates.

*Based on a $400,000 30-year fixed-rate mortgage. Savings calculated vs. median lender rates and fees. 

**While M&T Bank offers slightly lower rates in some markets, their $775 in fees and mixed servicing reviews make the total cost of borrowing higher for most buyers.

Notice something? Tomo Mortgage is the only lender in this comparison with $0 in fees AND above-median customer ratings. That’s not an accident, it’s what happens when you remove loan officer commissions and invest in technology instead of marble lobbies.

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

On the whole, reviews about Tomo are positive—4.9-stars on Bankrate, 5 stars on Nerdwallet, and 4.5 stars on Google. Most home buyers praise the company for its low rates and fee-free structure, noting substantial savings compared to traditional lenders. Others appreciate the straightforward digital process.

Employee reviews

A mortgage lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers. 75% would recommend working at Tomo Mortgage to a friend, according to Glassdoor.

See Tomo Mortgage Rates for a 30-year fixed mortgage

If you prioritize low rates, zero fees, and digital efficiency, Tomo Mortgage’s model delivers measurable savings. The numbers speak for themselves: over $1,300 in first-year savings and more than $10,000 saved in a decade. That’s real money that stays in your pocket (and could fund a vacation or two!) instead of going to origination fees and rate markups.

If you’re comfortable managing your mortgage application digitally and value rate transparency, Tomo’s model removes the friction and the fees that slow down traditional lenders.