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Tomo Mortgage aims to hold the mortgage industry accountable for inflated rates, hidden fees and misleading pricing that will cost U.S. homebuyers $11 billion in 2025<\/em><\/p>\n\n\n\n <\/p>\n\n\n\n \u201cEveryone knows how challenging the current homebuying market is, but what many don\u2019t know is that many lenders are making it worse with bait-and-switch sales tactics and misleading fees,\u201d says Greg Schwartz, CEO and Co-Founder of Tomo. \u201cThe mortgage industry thrives on this type of \u2018confusion capitalism,\u2019 where homebuyers have no way to know what\u2019s fair and what\u2019s a ripoff, and end up having to take a lender\u2019s word for it. TrueRate is finally exposing these massive price differences to make it extremely difficult for lenders to overcharge homebuyers and pressure the industry to compete more fairly.\u201d\u00a0\u00a0<\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n The TrueRate tool tells homebuyers what is a low (good) rate, an average rate and a high (bad) rate for them right now, and which lenders are historically likely to give them a rate in these ranges. Using AI, TrueRate models a homebuyer\u2019s “true rate”\u2014the rate they should<\/em> be getting\u2014based on their location, home purchase price, down payment and credit score. Mortgage lenders can\u2019t pay to advertise their rates on TrueRate\u2014and Tomo Mortgage holds itself to the same ranking criteria as every other lender. <\/p>\n\n\n\n <\/p>\n\n\n\n \u201cTrueRate is an essential research tool \u2014 it uses AI to analyze hundreds of thousands of real-world mortgages to give homebuyers fair and accurate comparisons. At a time when the gap between a good and bad rate is widening, it\u2019s never been more important to check TrueRate,\u201d explains George Robinson, Chief Data Scientist at Tomo. <\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n
NEW YORK, May 1, 2025 \u2014 Tomo Mortgage<\/a>, the fast-growing AI-powered digital mortgage lender, today announced the launch of TrueRate<\/a>, a free tool that gives U.S. homebuyers a full and honest view into what hundreds of lenders are actually charging people just like them. Deceptive marketing practices and misleading prices are expected to cost American homebuyers $11 billion<\/a> in 2025 \u2014 and TrueRate aims to put a stop to it. It uses data from hundreds of thousands of real home loans from over 1,000 lenders to answer a question that every homebuyer struggles with, but until now has been impossible to answer: What\u2019s a good rate for me, right now, and where can I get it?<\/p>\n\n\n\nUsing AI to uncover hidden mortgage costs and compare rates apples-to-apples<\/h3>\n\n\n\n
The gap between a \u201cgood rate\u201d and a \u201cripoff rate\u201d is widening<\/h3>\n\n\n\n