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Tomo Mortgage Review 2026
Last updated on May 28, 2026
Written by
Lead Writer & Content StrategistCo-written by
Contributing EditorWritten by
Lead Writer & Content StrategistCo-written by
Contributing EditorMany or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Why trust NerdWallet
Why trust NerdWallet
- 50+ mortgage lenders reviewed and rated by our team of experts.
- 40+ years of combined experience covering mortgages and financial topics.
- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Our Take
4.5
Home loans overall
NerdWallet rating
The Nerdy headline:
Tomo, established in 2020, is an online-only lender with a focus on digital efficiency and purchase loans. We’re impressed with its customizable mortgage rate tool. However, you won’t find home equity products. Mortgages are available in 40 states and counting.
Jump to:Full Review
Great for: Mortgage rate transparency
Min. credit score
600
Min. down payment
3%
Loan types and products
Purchase, Adjustable, VA, Jumbo, FHA, Fixed, Refinance
Pros
- Online rate tool is user-friendly and customizable.
- Average time to close is 25 days, faster than many competitors.
- Accepts borrowers with credit scores below 600.
Cons
- Mortgages not available in all states.
- No renovation or home equity loans.
- No mobile app.
Full Review
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 40 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.
🏠 Common mortgages
• Fixed- or adjustable-rate
• Conventional
• FHA
• VA
• Jumbo
• Rate-and-term refinance
🔑 Specialty loans
• Nonwarrantable condo
• Loans for vacation/second homes
• Self-employed mortgages
• Conventional loans for manufactured homes
💵 Home equity
• Cash-out refinance
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 recent federal data to find the types of mortgages Tomo handles most often. Tomo specializes in purchase loans.
How we score Tomo Mortgage
Like to read the fine print? We do, too. Each year, NerdWallet writers and editors review the latest data and research on mortgage lenders, including federal data, and use a consistent method to score them based on what matters most to borrowers.
Tomo Mortgage earned a 4.5-star home loans overall rating from NerdWallet. Here’s how that score breaks down across our five weighted subcategories.
Fair
Rates and fees (30%)
Rates and fees determine how much a loan will cost you overall. NerdWallet reviews the latest federal data to score each lender’s average APR spread — a measure that combines interest rates and fees. A higher score means lower typical costs compared to other lenders.
Average
Product accessibility (20%)
We evaluate how widely available a lender’s products are across the U.S. and how accessible they are to different financial profiles. A higher score means broader availability and more flexible requirements. A lower score means fewer options or stricter requirements.
Good
Customer experience (20%)
We evaluate customer experience by testing and reviewing features like the online application, mobile app, and availability of phone or chat support. A higher score means a smoother, more convenient experience and easier access to help. A lower score means more friction or fewer support options.
Poor
Loan variety (15%)
We evaluate loan variety based on the range of home loan types a lender offers. A higher score means more options, while a lower score means a more limited selection.
Excellent
Rate transparency (15%)
We review how clearly lenders share rate information on their websites, including sample rates and tools to estimate personalized rates. A higher score means it’s easy to find clear, comprehensive details and compare rates. A lower score means less information is available, often requiring you to contact the lender.
🤓
NerdWallet’s ratings are objective and well-researched (we have the spreadsheets to prove it). But choosing a mortgage lender isn’t just about a star rating or a score breakdown. It’s also about finding the right lender for your unique situation. So yes: you can learn a lot from how the mortgage Nerds scored Tomo Mortgage. But you’re the expert when it comes to the features of your own best-match mortgage lender.Nerdy Tip
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.
Zillow Mortgage Lender Customer Rating
4.63
out of 5
Average rating as of the date of publication.
Rating reflects 84 customer reviews, a small number compared to other rated lenders.
Tomo Mortgage customer service options
Here’s how you can get in touch with Tomo.
Ways to reach Tomo
Physical branches . . . . . . 🚫
Phone support . . . . . . . . . ✅
Mobile app . . . . . . . . . . . . 🚫
Online chat (bot) . . . . . . . ✅
Online chat (human) . . . . ✅
🤓 Our Nerds say... texting is convenient, but a little slow
Abby Badach Doyle, lead writer, mortgages
I’m thrilled anytime I can send a text instead of making a phone call. (I know … typical millennial.) When I tried texting Tomo’s customer service, the website estimated a one minute wait time, but it took 29 minutes for me to get a reply. Your experience may vary.
On the plus side, that’s a fairly sure sign it’s staffed by humans.
» 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.
Rocket Mortgage is another online-only lender that closes faster than a majority of the competition.
» MORE: Best online mortgage lenders
More from NerdWallet
Methodology
NerdWallet rates mortgage lenders based on what matters most to borrowers: rates and fees, product accessibility, customer experience, rate transparency and the range of loan options.
We review more than 40 lenders and score them using a weighted system that prioritizes affordability and a smooth borrowing experience. Lenders earn higher scores for offering lower borrowing costs, making loans widely available, clearly displaying rate information and supporting borrowers from application through closing.
We use a mix of lender-provided information, publicly available data and our own research and analysis to evaluate each lender. Recent regulatory actions may affect a lender’s score.