Tomo Mortgage Review 2026
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Our Take
5.0
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. Average rates are on the low side, too. However, you won’t find home equity products. Mortgages are available in 34 states and counting.
Pros
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Online rate tool is user-friendly and customizable.
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Average interest rates are on the low side, according to the latest federal data.
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Accepts borrowers with credit scores below 600.
Cons
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Mortgages not available in all states.
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No renovation or home equity loans.
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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 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.
🏠 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 the latest federal data to find the types of mortgages Tomo handles most often. Tomo specializes in purchase loans.
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
4.81
out of 5
Above-average rating as of the date of publication. Rating reflects 79 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 and not bots.
» 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
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
