At a glance: Tomo mortgage options

Tomo Mortgage is a nonbank lender based in New York City. At the time we published this review, Tomo offers loans in 34 states and Washington, D.C. The lender tells us it has plans to expand to 49 states — everywhere except New York — by the end of 2026. You can see a full list of available states on Tomo’s website.

Tomo, founded in 2020, is a fairly new player in the mortgage space focusing on purchase loans. It offers conventional and government-backed purchase mortgages, but doesn’t offer home equity loans or lines of credit.

Tomo special offers and discounts

Tomo offers a few ways to make homebuying more affordable. These things stood out in our research:

• Closing cost assistance: Tomo offers a closing cost grant of $2,500 to low-income borrowers at or below 50% of the area median income.

• Price match guarantee: If another lender offers you a lower price on rates and fees, bring the Loan Estimate to Tomo and they’ll match it.

• TrueRate: Tomo’s proprietary rate estimator also shows you competitors’ rates by using public and private data to estimate high, average and low rates for your situation.

What does Tomo specialize in?

A lender’s experience with your loan type can make a big difference. We looked at the latest federal data to find the types of mortgages Tomo handles most often. Tomo specializes in purchase loans.

How we score Tomo home loans

Each year, NerdWallet writers and editors dig into the latest data and independent research on mortgage lending. Then, we rate lenders based on categories that matter most to mortgage borrowers.

Tomo has a NerdWallet home loans rating of five stars overall. Here’s a breakdown of this year’s score.

• The Nerdy details: Our rating system, explainedThe Nerdy details: Our rating system, explained

  Ah, so you’re the “read the fine print” type? We got you. Here’s how our scoring rubric works.

  Average mortgage rates and fees (30%)

  We review federal data (as reported by the lenders) and analyze mortgage lenders’ average fees and interest rates across all loan types. Lenders with the lowest average costs get the highest star ratings. Keep in mind: Loans that are easier to qualify for, like FHA loans, usually have higher rates and fees because lenders see them as a higher risk. Pro tip: Paying some fees upfront can sometimes lower your interest rate.

  Mortgage rate transparency (25%)

  We look at how easy it is to compare mortgage rates online. Lenders get higher transparency ratings if they show sample rates on their website. (Not all lenders do!) The best ratings go to lenders that offer interactive tools that let you customize a rate quote on your own.

  Variety of loan types (25%)

  There’s no one-size-fits-all mortgage. Lenders earn top ratings in this category when they offer a large variety of mortgage types. The more variety, the higher their score. A lender earns points for purchase and refinance; fixed and adjustable rates; FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.

  Customer experience (20%)

  How easy is it to work with this lender? Top-rated lenders offer helpful features like online applications, multiple ways to get support, a user-friendly mobile app and clear updates about the loan closing timeline.

» MORE: How to get the best mortgage rate

Tomo bonus points

Tomo earned bonus points for its first-time-home buyer grant, as well as for offering conventional mortgages for manufactured homes and loans with flexible credit score requirements.

Tomo Mortgage reputation and customer experience

NerdWallet’s star ratings look at objective factors like rates, fees and loan options. To give you a sense of what the borrower experience is really like, we pulled the latest customer satisfaction scores from Zillow, and we contacted the lender’s customer support.

Tomo Mortgage customer service options

Here’s how you can get in touch with Tomo.

» MORE: How to apply for a mortgage

Alternatives to a Tomo mortgage

Our biggest tip: Get offers from at least three different mortgage lenders. Comparison shopping can save you thousands of dollars. You can get rate quotes yourself, or work with a mortgage broker to shop around on your behalf.

If you want another nonbank lender that makes it easy to customize a rate quote, consider Pennymac, which also offers a highly rated mobile app.

Better is another online-only lender that has lower-than-average rates.

» MORE: Best online mortgage lenders

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