Tomo Mortgage Review 2026
Tomo offers several loan options for borrowers looking to purchase a home. The lender offers below-average APRs and doesn’t charge loan origination fees, making it a good option for those looking for simplicity and affordability.
See how we reached our verdict below.
- Doesn’t charge origination fees
- Offers a price match guarantee
- Publishes transparent info on mortgage rates
- Not available in every state
- Doesn’t provide refinance loans or home equity loans
- Doesn’t provide USDA-backed mortgages
Tomo mortgage overview
Tomo was founded in 2020 and is headquartered in New York.
- Areas of service: 34 states and the District of Columbia
- Digital service: Online-only lender
- Headquarters: 1156 6th Ave., 9th Floor, New York, NY 10036
- Website: https://tomo.com/
Tomo rates, terms and fees
Rates
Tomo publishes its mortgage rates online, making it easy to estimate your monthly payment and total interest charges. Compared to other national banks, Tomo’s rates are reasonably competitive, and on average came in around 0.04 percentage points higher than the national average in 2024.
Fees
The average total cost of taking out a mortgage with Tomo was $5,246 in 2024, according to data from the Federal Financial Institutions Examination Council (FFIEC). Tomo notes that it doesn’t charge an origination fee, but typical closing costs include title fees, appraisal fees and attorney charges.
Tomo doesn’t advertise discounts on its website. However, it does offer a price match guarantee. To qualify, you’ll need a comparable loan estimate dated within one business day of when you share it with Tomo.
What types of mortgage loans does Tomo offer?
Tomo offers a variety of home loans, including:
Tomo only offers conventional purchase mortgages — the lender plans to start offering refinance loans in January 2026.
Conventional loan qualification requirements
- 620 minimum credit score
- Down payments start at 3%
Tomo offers purchase loans backed by the Federal Housing Administration (FHA).
FHA loan qualification requirements
- 580 with a 3.5% down payment
Tomo underwrites VA loans, which are mortgages guaranteed by the U.S. Department of Veterans Affairs (VA). It only offers purchase loans. The lender doesn’t offer VA cash-out refinance loans or VA streamline refinance loans.
VA loan qualification requirements
- Down payments start at 0%
Tomo offers jumbo loans for borrowers who need a mortgage above their local conforming loan limits.
Jumbo loan qualification requirements
- Down payments start at 10%
Tomo Mortgage qualifications
| Credit score minimum | 580 |
| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Conventional: 43%FHA: 43% to 50%VA: 41%Jumbo: 45% |
| Down payment minimum | Conventional: 3%FHA: 3.5%VA: 0%Jumbo: 10% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
Tomo doesn’t disclose the exact minimum mortgage requirements it uses to approve or deny your application. However, based on nationwide data from 2024, we can say that Tomo approved customers who on average had about a 97% loan-to-value (LTV) ratio or better. Most had a debt-to-income (DTI) ratio below 40%.
In that same year, Tomo denied about 8% of its mortgage applications. That’s on the low end compared to other lenders. For comparison, many large lenders have denial rates in the low teens up through the mid-thirties.
How to apply for a Tomo mortgage
1. Choose your loan type
Navigate to Tomo.com and click on the “Get Started” button.
2. Get preapproved
See if you qualify for preapproval by entering your location, property type (such as single family or condo) and whether you plan to use it as a primary residence, second home or investment property. Your Tomo preapproval is valid for 120 days — longer than the industry average of 60 to 90 days.
3. Consider a rate lock and submit your mortgage application
Tomo offers a “float down” rate lock policy. This means if you lock in a rate and then interest rates drop, Tomo will lower your rate.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.
Is it safe to get preapproved with Tomo?
Yes, it’s safe to get preapproved with Tomo. Tomo does a soft credit pull (instead of a hard credit pull), so you won’t see any negative impacts on your credit during the preapproval process.
Learn more about the differences between hard credit pulls and soft credit pulls.
Tomo’s customer service experience
You can contact Tomo via text, email or phone any day of the week. Tomo’s customer service hours are Monday to Friday, 8:00 a.m. to 8:00 p.m. CT, Saturdays from 9:00 a.m. to 3:00 p.m. CT and Sundays from 11:00 a.m. to 5:00 p.m. CT.
- Email: [email protected]
- Text or call: 737-510-2523
Tomo is closed on the following holidays: New Year’s Day, Martin Luther King Jr. Day, Memorial Day, Juneteenth, Independence Day, Labor Day, Veterans Day, Thanksgiving Day and Christmas Day.
How does Tomo compare to other lenders?
|  |  |
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|---|---|---|---|
| LendingTree’s rating | Expert review from LendingTree. Read Our Review Back to our Tomo summary | Expert review from LendingTree. Read our Tomo vs. Alterra Home Loans comparison | Expert review from LendingTree. Read Our Review Read our Tomo vs. Alliant Credit Union comparison |
| Minimum credit score | 580 | 580 to 640 | Not disclosed |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 5% |
| Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2024. The higher the number, the more expensive the loan. | 0.04% | 0.42% | 0.35% |
| Loan products and programs |
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| Better for: | Homebuyers looking for an affordable conventional or government-backed purchase loan. | First-time homebuyers and people in underserved communities. | Borrowers looking to explore various loan products and programs. |
Tomo vs. Alterra Home Loans
Tomo and Alterra share several similarities — for example, they are both online lenders that offer conventional, FHA and VA loans. One difference is that Alterra also offers USDA and refinance loans. Tomo has a smaller rate spread than Alterra, meaning its rates are, on average, lower than Alterra’s.
Alterra may be a better option for first-time homebuyers and borrowers from underserved communities since they specifically advertise Individual Taxpayer Identification Number (ITIN) mortgages — or loans that don’t require a Social Security number.
Read more in our full Alterra mortgage review.
Tomo vs. Alliant Credit Union
Out of the three lenders in the table, Alliant Credit Union offers the widest range of products. In addition to conventional and government-backed purchase loans, Alliant also offers refinance loans and home equity lines of credit (HELOCs).
Read more in our full Alliant Credit Union mortgage review.
Ready to compare lender offers on LendingTree?
How LendingTree rated Tomo Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Tomo’s scorecard:
✅ Publishes rates online
✅ Offers standard mortgage products
⭕ Includes detailed product info online
✅ Shares resources about mortgage lending
✅ Provides an online application
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❌ = 0 points ⭕ = 0.5 points ✅ = 1 point
Frequently asked questions
Tomo allows you to apply for mortgage preapproval and view rates online. Once you have a loan, you can manage it through Tomo’s online portal.
Tomo is a legitimate mortgage lender that has been in business since 2020. It’s licensed to conduct business in more than 30 states, plus the District of Columbia.
You can view more info about Tomo’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Getting preapproved with Tomo won’t affect your credit score, since they do a soft credit pull. However, they will do a hard credit check later on in the process, which may slightly ding your score.
Don’t know your credit score? Get your free score on LendingTree Spring today.
Tomo has a 4.5 (out of 5) rating on TrustPilot, based on more than 100 customer reviews. The rating puts it into the “Excellent” category, which indicates that, overall, customers who left reviews are satisfied with their experience with Tomo. A few of the positive reviews mention regular email and text updates and prompt communication. One customer who left a negative review expressed frustration with closing delays.
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