““They were super responsive throughout the process and we got the lowest rate.”
Mariah S.
5 out of 5 stars
TrustpilotBest Online Lender 2025
No Lender Fee Mortgage Refinance
Cut your rate, reduce your payment, or tap into your home's equity.
Refinance loan requirements
Property types: single-family, condos, townhomes, investment
Minimum credit score: 620
Maximum loan amount: $832,750 (varies by county)
Debt-to-income ratio: 50% or less
If you meet these requirements, Tomo Mortgage helps you get more home for your money.
40+
licensed states
$0
lender fees
98%
on-time closing
4.8
stars on Bankrate
Why refinance with Tomo Mortgage?
Access your equity
A cash-out refinance lets you put that money to work. Most borrowers can access up to 80% of their home's current value.
Your loan, restructured
Still paying PMI? Your home may have appreciated enough to drop it through a refinance. We can restructure around your needs.
Close Faster, Save Sooner
Most refinances take 30 - 45 days. Tomo Mortgage closes in as little as 12. Every day faster is a day sooner you're saving.
How it works
Get pre-approved in hours
Sync your accounts instantly - no digging through your files. Our team is available 7 days a week to help you move quickly.
Lock your rate
Ready to move forward? Lock your rate and if rates drop 0.25% or more before closing, our float-down program automatically adjusts your rate lower. No cost, no hassle.
Close in as little as 12 days
Streamlined digital underwriting and fewer bureaucratic hurdles mean we move fast. The market averages 45 days. We average 21, and can close in 12.
Home appraisal, handled
We’ll order your appraisal as soon as you’re under way, and your home’s current value determines how much equity you can access and whether PMI drops off.
Start saving immediately
Your first payment on the new loan isn’t due for 30 - 45 days after closing, so you pocket the difference right away.
What are the benefits of each type of refinance?
| Benefit | Lower my payment | Pay off faster | Drop PMI | Access equity |
|---|---|---|---|---|
| Refinance Type | Rate & term refinance Get a lower rate with the same or shorter term | Rate & term refinance Change your loan into a 15 or 20-year term | Rate & term refinance Remove PMI by resetting your loan to 20%+ equity | Cash-out refinance Get a new loan larger than your balance, and keep the difference. |
| What it solves | Your mortgage rate is higher than today's rates | Pay less total interest over the life of the loan | With 20%+ equity, PMI is no longer required. Drop it from your monthly bill | Use home equity to pay off high-interest debt or fund a major expense. |
| Typical monthly impact | Save monthly. If your rate drops from 7.25% → 6.5% on a $400K loan, you could save $200/month. | Save ~$375k in interest and pay off your mortgage years earlier. | Eliminate $170/mo in PMI based on a home worth $400K | Consolidating ~$18k in high interest payments into a mortgage can net ~$8.7k annual savings. |
| Typical monthly impact (additional details) | ||||
| What waiting costs you | On a $400k loan, waiting costs you $2,400 / year and $7,200 over 3 yrs | Tens of thousands in avoidable interest | On a $400k home, $2K / year in PMI disappears the day you close | Credit card debt at 24 - 29% APR vs. mortgage rates. You're losing money every month you wait |
| Minimum equity needed | 3% | 3% | 20% | 20% retained after cash out (80% max LTV) |
| Not ideal if | You're planning to sell your property within 2 to 3 years or are within 0.5% of market rates | Your personal finances can't absorb a higher monthly payment | You're below 20% equity and your home hasn't appreciated | You're in Texas, or the cash won't generate a return above your mortgage rate. |
Is refinancing right for you?
If your new rate is meaningfully lower than what you're paying now, and you plan to stay past your break-even point, refinancing makes sense. The lender you choose determines how fast you get there.
How to maximize your refinance
Credit score
Have a 620? You qualify. Have 700+? You’ll unlock our best rates - up to 0.5% lower. Even a modest score improvement before applying can save thousands over your loan’s life.
Equity position
Rate-and-term refinances require just 3% equity. Cash-out refinances require you to retain 20% of your home’s value, so the more equity you have, the better your rate and terms.
Debt-to-income ratio
Keep monthly payments below 50% of your gross income. Paying down revolving debt before applying can move your qualifying rate.
Income verification
Having pay stubs, bank statements, and employment history ready to go means faster pre-approval and gets you to your new rate faster.
Know your personal goal
A lower payment, a shorter term, cash out, and PMI removal call for four different solutions. Tell us which one you’re solving for and we’ll tell you exactly what makes sense.
The Tomo Mortgage advantage
$0 lender fees guaranteed
Other lenders charge 1%+ in origination fees, we charge $0. On a $400K refinance, that's $2K staying in your pocket which shortens your break-even point and makes refinancing a smarter move, sooner.
Close in as little as 12 days
We close refinances faster than traditional lenders. When rates are moving, speed protects your lock.
7-day/week support
Questions on a Sunday? Your Tomo Mortgage team is here when you . M-F: 8AM-8PM CT, Sat: 9AM-3PM CT, Sun: 11AM-5PM CT
30-second account verification
Link your bank account and skip the paperwork. What takes other lenders 3-5 business days is instant with Tomo Mortgage.
Frequently asked questions
At most lenders, 2–5% of the loan amount, with origination fees making up the biggest chunk. Tomo Mortgage charges $0 in lender fees so you'll pay third-party costs only: appraisal, title, and recording, which typically run $2,000–$4,000 total.
Refinance makes sense when your monthly savings will cover closing costs before you sell, and there's still time left to benefit. The clearest signals: interest rates are at least 0.5–1% below what you're paying, your credit score has improved, you've hit 20% equity and want to drop PMI, or you want to lock a fixed rate before yours adjusts.
For most borrowers who bought at 6.5%+, yes. With traditional lender fees, break-even takes 3–5 years. With $0 lender fees, it's often 12–24 months, which means a smaller rate drop justifies the move. The one exception: you may be selling before you break even.
Refinance may be right for you if you're planning to use the funds for home improvements, paying off high-interest debt, or a major expense you'd otherwise finance at credit card rates. Pulling equity for spending that doesn't generate a return doesn't. You'll need to retain 20% equity in the home regardless.
Not available on Texas properties.
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 0.5–1% drop is often enough.
620 minimum credit score, 20% equity retained after cash-out, DTI under 50%, conventional loan only. On a $400,000 home with $200,000 owed, the max cash-out is $120,000.
Not available on Texas properties.
- You're selling in the next 2–3 years and won't recoup closing costs.
- You're already within 0.5% of today's rates.
- You're 20+ years into your loan and don't want to reset your amortization clock.
- Your credit or equity has declined since your original loan.
Tomo Mortgage closes in as little as 12 days, with an average of 21. The industry average is 30–45. The difference is digital documentation, automated underwriting, and a team available 7 days a week.
Glossary of terms
Rate
Your mortgage rate is the percentage you pay to borrow money for your home. Rates change daily based on market conditions and your credit score, down payment, and location. Higher credit scores (700+) and larger down payments (20%+) qualify for lower rates. Once you lock your rate with Tomo Mortgage, it's guaranteed through closing—even if market rates increase.
APR
APR shows the true cost of your loan by including the interest rate plus fees like mortgage insurance, points, and closing costs. When comparing lenders, look for an APR close to the interest rate (within 0.25%). A big gap means high fees. With Tomo Mortgage's $0 lender fees, our APR stays close to our rate.
Closing costs
Closing costs are fees you pay to complete your home purchase, typically 2-5% of your loan amount ($8,000-20,000 on a $400,000 loan). Common costs include appraisal ($500-800), title insurance ($1,000-3,000), and inspection ($300-500). With other lenders, expect $2,000-4,000 in lender fees—Tomo Mortgage charges $0.
Points/credit
Points let you pay more upfront to lower your interest rate. One point = 1% of your loan amount. Credits give you a higher rate in exchange for the lender covering closing costs. Which makes sense depends on how long you'll stay in the home. Your Tomo Mortgage loan advisor will run the math with you.
Private Mortgage Insurance (PMI)
PMI is required on conventional loans with less than 20% down, typically costing $100-300/month. It protects the lender if you default. Unlike FHA mortgage insurance, conventional PMI is removable once you reach 20% equity—usually within 5-7 years through home appreciation—saving you thousands over the life of your loan.
Conforming loan limits
Conforming loan limits are the maximum amounts Fannie Mae and Freddie Mac will purchase from lenders. For 2025, the limit is $766,550 in most areas (up to $1,149,825 in high-cost markets). Loans within these limits get better rates because lenders can sell them, reducing their risk. Loans above these limits are called jumbo loans.
Debt-to-Income Ratio (DTI)
Your DTI is your total monthly debt payments divided by your gross monthly income. Conventional loans typically require DTI under 50%. Calculate yours: add up all monthly debts (mortgage, car, student loans, credit cards) and divide by pre-tax income. Under 43% is ideal. Over 50%? Pay down debt before applying.