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TrustpilotToday's mortgage rates
Here is your quote for a as in with a purchase price of and .
Mortgage rate options
7.000
7.165
%Rate/APR
$2,661
Monthly
Buy a lower rate
Drag the slider to see how much more you need to pay at closing to get a lower rate.
- -Lender fees
- $0 guaranteed
- -Cost to buy a lower rate
- $6,563
- -Other closing costs
- $8,000-$12,000
Update loan details
Insights
Monthly savings
Buying a lower rate will reduce your monthly payment by $101.49.Break even
It will take you 6 years to recoup the cost of buying down this rate. Only do this if you plan to stay in your home for more than 6 years and don't refinance.Fees
Other lenders may charge $2,000 or more for "processing" or "origination" fees, your loan has no extra fees.
Insights by James McTernanTomo Mortgage Loan Advisor - NMLS #1112719Next steps
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A customer in California saved $1,746 by choosing Tomo Mortgage over Bank of America
Biggest savings
- Lender fees
- $0
- Cost to buy a lower rate
- $999
- Required services
- $1,188
- Title and settlement
- $3,870
- Total
- $6,057
- Lender fees+$1,005
- $1,005
- Cost to buy a lower rate-$979
- $20
- Required services+$110
- $1,298
- Title and settlement+$1,610
- $5,480
- Total
- $7,803
FHA loans in Salt Lake City, UT
Offering lower down payments, more lenient credit score requirements, and a higher debt-to-income ratio, FHA loans may be a viable path to homeownership to some who never thought it possible. Tomo Mortgage can help you decide if an FHA loan is right for you.
Additional resources
FHA Loans vs Conventional Loans: Which is better for a first time home buyer?
Questions about FHA loans? Call or text us at (737) 510-2523
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98% on-time closing
The industry averages 40%. We close when we say we will.
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.