What people love about Tomo

Mortgage companies make money on loans (that’s what the interest is for). But different companies charge radically different interest rates, based on how much money they waste running a company and how much they think they can get away with selling to someone. One lender could charge the same person for the same loan $20,000 more than another. It’s bonkers! So we stopped playing that game. We write code to be better and faster and cheaper, so that we can be the lowest priced lender in America. And, as our tech gets better and better, we’ll cost less and less. This is why other lenders hate us (we steal a lot of their business), and our customers love us.

Want to skip the time and hassle of tracking down and uploading bank account statements, pay stubs, W2s, and mortgage statements? At Tomo Mortgage we let you do so by syncing your bank accounts via Finicity, looking up your income in payroll provider databases, pulling your credit and existing debt information from the credit bureaus, and even grabbing all of the details about the property you already own. Close the filing cabinet, we’ve got you covered!

Lender fees are also sometimes called origination fees, processing fees, mystery fees, fees fees, and generally murky stuff designed to be confusing. We don’t charge any of them. And truly, no one needs to—they’re just a way to pad the bottom line.

Other lenders (again, not Tomo Mortgage) charge between 0.5% to 1% of your total loan amount. We talk about the typical lender fee as $2,000, as a lower estimate on the median home price, but lender fees can be much higher.

Lenders don’t always tell you about these fees but they do have to lay it all out for you—origination fees must be disclosed in the loan estimate and closing documents. But often these documents don’t come around until much, much later in the loan application process (when you might not have enough time to switch to a different lender). It’s pretty sneaky.

Give us a valid, comparable Loan Estimate doc, dated within one business day of submission to Tomo Mortgage, with the lender info. That’s it.

We’ve simplified the home financing process to make it easier and more cost-efficient. We pass those savings back to you. Bottom line, you save time and money.

After you’ve requested and received Loan Estimates from different lenders, you should look specifically at interest rates, fees, and credits. If you find a better deal, we’ll match it. You can find more guidance on our Loan Estimate Explainer.

We know where delays happen at traditional mortgage companies, and we’ve reengineered the whole process and built technology to make sure your on-time closing happens. It’s also how we save you a lot of time and money.

To seal the deal. Your rate lock period, appraisals, inspections, movers, all that fun stuff, run on a schedule. Not closing on time can send a deal off track, even causing a seller to back out. Closing on time means you’re good to go. You get the home you want, when you need it, at the rate you locked in.

When you get a loan, you’re talking to one or two people—but there’s a whole team behind the scenes that make the loan happen. This is underwriting, in a nutshell. And while other lenders multitask, and often don’t even have deadlines, a lot of the delay is due to human error—one person sees an issue, writes an email, forgets about the task, and comes back to it in a few days. Our technology ends that tedious process, and ensures there’s nothing slipping through the cracks.

Whether to waive the appraisal contingency is an important decision your real estate agent can help you make. Even with Appraisal Coverage, there are still good reasons to consider keeping your appraisal contingency. For instance if the appraisal comes back too low, you might not want to go through with the deal. Or maybe you would want to bargain for a price reduction. The appraisal contingency would give you those options.

Not to worry. Tomo Mortgage Appraisal Coverage protects you from having to bring more cash to the close if that happens. Same APR, cash-to-close, and monthly payment - guaranteed.

Text, email, or call us any day of the week. We are closed on New Year’s Day, Martin Luther King Jr Day, Memorial Day, Juneteenth, Independence Day, Labor Day, Veteran’s Day, Thanksgiving Day, and Christmas Day. If you need us on Halloween, we’ll be there, likely wearing a costume.

Our mortgage advisors are here to help you close on your home. Other lenders pay their mortgage advisors 1% (or more!) of your loan value as commission. Not us—our team is paid based on their service to you, nothing else.

All of our mortgage advisors are located in Seattle, Stamford and Detroit. Our entire team is based in the US—no exceptions.