{"id":8224,"date":"2026-06-09T10:26:30","date_gmt":"2026-06-09T15:26:30","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=8224"},"modified":"2026-06-09T10:26:34","modified_gmt":"2026-06-09T15:26:34","slug":"tomo-mortgage-offers-refinance-existing-and-new-customers","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/tomo-mortgage-offers-refinance-existing-and-new-customers\/","title":{"rendered":"Tomo Mortgage Refinance: Competitive Rates, $0 Lender Fees, Open to All Homeowners"},"content":{"rendered":"\n

If you bought your home in the last few years, there’s a good chance refinancing could meaningfully lower your monthly payment. Tomo Mortgage offers refinance options<\/a>, and you don’t have to be an existing customer to use them.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Here’s everything you need to know.<\/p>\n\n\n\n

<\/div>\n\n\n\n
\n

Key facts<\/strong><\/span>: Tomo Mortgage offers rate-and-term and cash-out refinance to all homeowners, not just existing customers. Refinancing is available for single-family homes, condos, townhomes, and investment properties. Minimum credit score: 620. Debt-to-income ratio: 50% or less. Maximum loan amount: $832,750 (varies by county). Cash-out refinance is not available on Texas properties.<\/p>\n\n\n\n

<\/div>\n<\/div>\n\n\n\n

What Tomo Mortgage’s Refinance Product Offers<\/h2>\n\n\n\n

<\/p>\n\n\n\n

The same things that make Tomo Mortgage a different kind of purchase lender apply to our refinance product too.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Tomo Mortgage’s refinance product is open to everyone (minimum credit score of 620), whether you got your original mortgage with us or not. No origination fees. No processing fees. No underwriting fees. A rate-lock option. And a closing timeline that actually respects your schedule: we close in as little as 12 days, with e-closings and remote notarization available so you don’t have to rearrange your life to sign paperwork.<\/p>\n\n\n\n

<\/p>\n\n\n\n

We’re currently licensed in 40 states and D.C.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\n
Check if refinancing makes sense for you<\/strong><\/a><\/div>\n<\/div>\n\n\n\n

<\/p>\n\n\n\n

When Is a Good Time to Refinance?<\/h2>\n\n\n\n

<\/p>\n\n\n\n

That depends entirely on your situation, but the market backdrop is worth understanding.<\/p>\n\n\n\n

<\/p>\n\n\n\n

The Mortgage Bankers Association reported that refinance applications remain elevated<\/a> year over year as borrowers respond to shifting interest rates. Millions of homeowners who bought at the peak of the rate cycle in 2022 and 2023 (when rates climbed past 7%) are now in a position where refinancing could meaningfully lower their monthly payment.<\/p>\n\n\n\n

<\/p>\n\n\n\n

For example, if your rate drops from 7.25% to 6.5% on a $400K loan, you could save around $200\/month. (Check out how we calculated the numbers at the bottom of the page)<\/p>\n\n\n\n

<\/p>\n\n\n\n

The standard rule of thumb: <\/strong>refinancing generally makes sense when you can reduce your rate by more than 0.5%, and when the savings will make up for the upfront refinance costs within about 2 to 3 years.<\/p>\n\n\n\n

The key calculation is your break-even point.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Discover how much you can save by refinancing \u2192<\/strong><\/a> [button]<\/p>\n\n\n\n

How to Calculate Your Refinance Break-Even Point<\/h2>\n\n\n\n

<\/p>\n\n\n\n

Your break-even point is how long it takes for your monthly savings to offset what you paid to refinance. The math is straightforward:<\/p>\n\n\n\n

<\/p>\n\n\n\n

Total closing costs \u00f7 Monthly savings = Months to break even<\/strong><\/p>\n\n\n\n

<\/p>\n\n\n\n

As an example: if your refinance closing costs are $6,000 and your new payment saves you $200 per month, your break-even point is 30 months. If you don’t plan to stay in your home that long, refinancing might not make sense.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Because Tomo Mortgage charges $0 in lender fees, your closing costs are lower to start, which means a shorter break-even point compared to lenders who charge origination and processing fees. On a typical refinance, that could mean the difference between breaking even in 18 months versus 30.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\n
Discover how much you can save by refinancing<\/strong><\/a><\/div>\n<\/div>\n\n\n\n

<\/p>\n\n\n\n

What Type of Refinance Is Right for You?<\/h2>\n\n\n\n

<\/p>\n\n\n\n

Rate-and-term refinance:<\/strong> The most common type. You replace your existing loan with a new one at a lower interest rate, a different term, or both. If your goal is to lower your monthly payment or reduce the total interest you pay over the life of the loan, this is likely what you want.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Cash-out refinance:<\/strong> You refinance for more than you currently owe and take the difference in cash. Useful for home improvements or other large expenses. Cash-out is not available on Texas properties.<\/em><\/p>\n\n\n\n

<\/p>\n\n\n\n

Shortening your loan term:<\/strong> Refinancing from a 30-year to a 15-year mortgage increases your monthly payment but cuts the total interest you pay significantly. If you have the cash flow for it, this is one of the most effective ways to build equity faster.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Switching from ARM to fixed:<\/strong> If you have an adjustable-rate mortgage and want the predictability of a fixed payment (especially if your adjustment period is approaching), refinancing locks in your rate for the life of the loan.<\/p>\n\n\n\n

<\/p>\n\n\n\n

How the Tomo Mortgage Refinance Process Works<\/h2>\n\n\n\n
    \n
  1. Get started in minutes<\/strong> \u2014 begin your application online<\/a><\/li>\n\n\n\n
  2. Lock your rate<\/strong> \u2014 with our rate-lock option, your rate is protected while we process your loan<\/li>\n\n\n\n
  3. Close quickly<\/strong> \u2014 e-closings and remote notarization available; we close in as few as 12 days.<\/li>\n\n\n\n
  4. Home appraisal, handled<\/strong> \u2014 We\u2019ll order your appraisal as soon as you\u2019re under way, and your home\u2019s current value determines how much equity you can access and whether PMI drops off.<\/li>\n\n\n\n
  5. Start saving immediately<\/strong> \u2014 Your first payment on the new loan isn\u2019t due for 30 – 45 days after closing, so you pocket the difference right away.<\/li>\n<\/ol>\n\n\n\n

    <\/p>\n\n\n\n

    \n
    Start your refinance application<\/strong><\/strong><\/a><\/div>\n<\/div>\n\n\n\n

    <\/p>\n\n\n\n

    Frequently Asked Questions<\/h2>\n\n\n\n

    <\/p>\n\n\n\n

    How much does it cost to refinance a mortgage?<\/h3>\n\n\n\n

    <\/p>\n\n\n\n

    Closing costs for a refinance typically range from 2% to 5%<\/a> of the loan amount, covering things like appraisal, title insurance, and third-party fees. Tomo Mortgage charges $0 in lender fees, no origination, processing, or underwriting fees, which lowers your total closing costs and shortens your break-even point compared to lenders who charge those fees. <\/p>\n\n\n\n

    <\/p>\n\n\n\n

    How long does it take to refinance with Tomo Mortgage?<\/h3>\n\n\n\n

    <\/p>\n\n\n\n

    Tomo Mortgage closes refinances in as few as 12 days, with an average closing speed of 21 days. The industry average is closer to 30 to 45 days. We use digital-first underwriting and real-time asset verification to move faster without cutting corners.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    Can I refinance if I didn’t originally get my mortgage through Tomo Mortgage?<\/h3>\n\n\n\n

    <\/p>\n\n\n\n

    Yes. Tomo Mortgage’s refinance product is open to all homeowners, not just existing Tomo Mortgage customers. If you have a mortgage with another lender and want a better rate or different loan terms, you can refinance with Tomo Mortgage regardless of where your original loan came from.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    Does Tomo Mortgage offer cash-out refinancing?<\/h3>\n\n\n\n

    <\/p>\n\n\n\n

    Yes. If you have equity in your home, a cash-out refinance from Tomo Mortgage lets you borrow against it, taking the difference between your new loan amount and your existing balance in cash. This can be a useful tool for home improvements, paying down high-interest debt, or other major expenses. Cash-out refinance is not available on Texas properties.<\/em><\/p>\n\n\n\n

    <\/p>\n\n\n\n

    How do I know if my refinance rate is competitive?<\/h3>\n\n\n\n

    <\/p>\n\n\n\n

    Check it against the current market on TrueRate<\/a>, Tomo Mortgage’s free rate benchmarking tool that compares rates from over one million real loans. If your current rate is materially above what you’d qualify for today, it’s worth running the break-even math.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    What is the 2% rule for refinancing? <\/h3>\n\n\n\n

    An outdated rule of thumb is that refinance only makes sense if you can drop your rate by 2%. The number that actually matters is your break-even. How many months until savings will cover closing costs? At $0 lender fees, that happens faster, so a 0.5\u20131% drop is often enough.<\/p>\n\n\n\n

    <\/p>\n\n\n\n

    If you’re ready to find out what refinancing could save you, get a live rate quote from Tomo Mortgage today, no personal information required.<\/a> <\/p>\n\n\n\n

    <\/p>\n\n\n\n

    How we calculated the numbers:<\/strong><\/p>\n\n\n\n

    Before: $400K \u00d7 7.25% \/ 12 months = $2,729\/month P&I<\/p>\n\n\n\n

    After: $400K \u00d7 6.5% \/ 12 months = $2,528\/month P&I<\/p>\n\n\n\n

    Monthly savings: ~$200\/month<\/p>\n\n\n\n

    Annual savings: ~$2,400\/year<\/p>\n\n\n\n

    Cost of waiting: $200\/month \u00d7 12 = $2,400\/year; $7,200 over 3 years<\/p>\n\n\n\n

    <\/div>\n\n\n\n
    \n \n

    \n Ready to experience a different kind of lender?\n <\/p>\n \n

    \n Tomo was built without lender fees, which means our team’s success is measured by your closing. If you value transparent pricing and a stremlined digital experience, Tomo Mortgage was built for you.\n <\/p>\n \n \n Get Started \u2192\n <\/a>\n \n<\/div>\n\n\n\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    If you bought your home in the last few years, there’s a good chance refinancing could meaningfully lower your monthly payment. Tomo Mortgage offers refinance options, and you don’t have to be an existing customer to use them. Here’s everything you need to know. Key facts: Tomo Mortgage offers rate-and-term and cash-out refinance to all […]<\/p>\n","protected":false},"author":49,"featured_media":8225,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39],"tags":[312,313,315],"class_list":["post-8224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-news","tag-mortgage-refinance","tag-no-fees","tag-online-lender"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2026\/06\/cropped-u6751982626_a_tiny_house_next_to_bigger_houses_-chaos_5_-ar_30a96ee2-fd5c-451f-a0ca-aafd2b37ce95_3.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/8224","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=8224"}],"version-history":[{"count":1,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/8224\/revisions"}],"predecessor-version":[{"id":8226,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/8224\/revisions\/8226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/8225"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=8224"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=8224"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=8224"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}