Frequently asked questions

About Tomo

  • What is Tomo?

    Simply put, Tomo is a better way to buy a home. We’ve completely rebuilt the process to be smarter and more joyful. We’ve transformed home buying into a customer-centric, streamlined digital experience. It’s a process that recognizes the individual, uses technology to save time and money, and brings together great mortgages with the most talented real estate agents in the industry. We’re doing it because we’ve been there and we believe home buyers deserve something better than the status quo.

  • Is Tomo right for me?

    If you want to save money and avoid hassle when buying a home, you’ve found the right place. Tomo offers the most competitive rates, backed by our Price Match Guarantee. Add a dash of best-in-class service, delivered by local loan experts and Tomo Brokerage Partner Agents, and you have a recipe for less oy, more joy. It’s homebuying on your terms, not ours. That’s what it means to be in service of homebuyers.

  • When is Tomo open?

    We are available 7 days a week. Weekdays from 8AM - 8PM CST, Saturdays from 9AM-3PM CST, and Sundays from 11AM-5PM CST. We are closed on New Year’s Day, Martin Luther King Jr Day, Memorial Day, Juneteenth, Independence Day, Labor Day, Veteran’s Day, Thanksgiving Day, and Christmas Day. If you need us on Halloween, we’ll be there, but we might be wearing a costume.

  • What states does Tomo operate in?

    Tomo currently operates in:

    • Colorado
    • Connecticut
    • Florida
    • Georgia
    • Michigan
    • North Carolina
    • Ohio
    • Texas
    • Washington

Tomo mortgage types & qualifications

  • What type of home purchase loans does Tomo offer?

    Tomo offers the following types of loans:

    • 15 and 30 year fixed rate loans
    • Loans starting at $75,000
    • Loans for single family, townhomes, condos, and 2-4 unit buildings

    We don’t currently offer VA or FHA loans; however, our loan rates are very competitive, so if you are a veteran or first-time home buyer we still encourage you to apply.

    We also don’t currently offer loans for manufactured homes, mobile homes, construction-only, or co-ops loans.

  • Do I qualify for a Tomo mortgage?

    We do everything we can to offer personalized mortgages for anyone in search of their next home. There are a couple factors we look for to see if we’re the right partner for you:

    • A credit score above 620
    • A credit account in good standing
    • A U.S. Citizen, permanent resident with documentation, or non-permanent resident with documentation
  • What is the minimum down payment required?

    Generally, 5% is the minimum down payment for a primary residence (a home you plan to live in most of the time). But it can vary based on the type of property you’re looking to purchase, occupancy, co-borrower status, and credit score.

  • What assets can I use towards my down payment?

    You can use many different types of assets to fund your down payment, including:

    • Savings, checking, or CD accounts*
    • Stocks and bonds
    • Money from the sale of your current home
    • Retirement accounts, including 401k and loans against them
    • Gifts from relatives
    • Permanent life insurance

    Have another type of asset you’re looking to use? We're happy to talk through potential options with you.

    *Please note that money needs to be in your accounts for at least 60 days before close to use towards your down payment, or you will need to show record of how you received the money.

  • Can Tomo refinance my existing home loan?

    Not yet. Currently we’re only focused on financing for new home purchases.

  • Can I add a co-borrower when applying for a loan?

    You bet. You can add one co-borrower who is a spouse, common law marriage included.

    Curious how adding a co-borrower impacts what you qualify for? You can add and remove a co-borrower in our flow to see how it impacts your qualification.

Tomo mortgage rates

  • What rate can Tomo offer me?

    Tomo works hard to find you a great rate that’s personalized to your situation. We review a variety of factors like:

    • Market conditions
    • Credit history
    • Income
    • Debt
    • Assets
    • Down payment amount
    • Your property characteristics

    Keep in mind your personalized quote doesn’t include insurance or taxes.

  • Will my rate & deal change?

    At Tomo, we focus on personalization. The more accurate info we have, the better we can tailor your rate to your needs. Things like your credit, income, debt, and the home you eventually select can all affect your rate. Once we have your full application, we’ve got the full picture and you can lock in your rate knowing that it won’t change again.

  • What are rate points and credits?

    Points and credits give you flexibility with your mortgage and closing costs. When you choose points, you pay more upfront at closing in exchange for a lower interest rate over the life of your loan. Credits allow you to pay less upfront at closing in exchange for a higher interest rate. The longer you plan to stay in your home, the more likely it is that points, as opposed to credits, make sense for you.

  • Do Tomo Mortgage rates include points or credits?

    Tomo offers mortgages with points and credits where available, and we’re always up front about which rates do or don't include them.

  • Will Tomo lock a rate for me?

    Yep. Tomo will lock a specific rate to protect you from rate increases. Once you have a property contract and your application is approved, your Loan Advisor can lock your rate.

  • What happens if rates change after I lock my rate?

    If rates go up, nothing! Locking your rate protects you from price increases. If rates go down, your dedicated Loan Advisor is available to work with you to ensure your Tomo mortgage rate is as competitive as possible. It's the best of both worlds.

  • How do I know what options will get me the best possible rate?

    Your Loan Advisor will guide you every step of the way. As you enter your information, we’ll provide education and tips so you understand how your situation affects your rate.

Tomo Price Match

  • What is the Tomo Price Match?

    Put simply, it’s our commitment to getting you a great rate. If you find a better deal, we’ll match it, guaranteed.

  • How do I qualify for the Tomo Price Match?

    Simply give us a valid, comparable Loan Estimate doc that matches the terms offered by Tomo, dated within one business day of submission. You’ll also need to include the lender info. Once we lock in your lower rate (on the same day of the Price Match), all that’s left is to set a closing date within the lock period.

    *Price Match can only be used on homes that will be your primary residence and can only be used once per loan. See full terms and conditions here.

  • Can I use Tomo Price Match and Tomo Perks together?


Tomo Perks

  • What is Tomo Perks?

    It’s savings in your pocket. Really. When you work with a Tomo Brokerage Partner Agent and close your loan with Tomo, we’ll take $750 off your closing costs. Savings for you, and you get to work with a great agent!

  • When do I become eligible for Tomo Perks?

    When you use Tomo Mortgage and a Tomo Brokerage Partner Agent to buy your next home, you qualify. Boom. Savings! You just need to make sure your Tomo Brokerage Partner Agent is listed as your agent on your purchase and sale agreement.

  • I’m not ready for a loan. Can I get started with a Tomo Brokerage Partner Agent?

    Yep. You certainly can. Connecting early with a Tomo Brokerage Partner Agent can help you prepare and when you’re ready, Tomo Perks will be right there waiting for you.

  • Do I have to work with a Tomo Brokerage Partner Agent to receive a Tomo mortgage?

    Nope. You can work with any real estate agent you want. However, Tomo Perks is only available if you work with a Tomo Brokerage Partner Agent.

Tomo Brokerage Partner Agents

  • Who are Tomo Brokerage Partner Agents?

    Tomo Brokerage Partner Agents are the best of the best when it comes to helping you navigate finding your next home. Tomo Brokerage only works with Partner Agents that meet its high standards of customer centric service, and they have to be experts in the areas you want to live. They help you hone in your search criteria, find great homes, negotiate a great deal, and navigate the entire process. They can also help you identify qualified professionals to put finishing touches on your new home.

  • Can I provide feedback on my Tomo Brokerage Partner Agent?

    You sure can. Your Tomo Brokerage Home Search Advisor is available to gather your feedback and help resolve any issues. We’ll also proactively keep in touch to make sure everything is going as smoothly as possible from start to finish.

  • How do I connect with a Tomo Brokerage Partner Agent?

    After you share information about where you’re looking to purchase, Tomo Brokerage will share profiles for agent(s) who know that area well. Once you decide if you’d like to connect with an agent, they’ll introduce you.

  • Can I request a different Tomo Brokerage Partner Agent?

    Yep. Please reach out to your Tomo Brokerage Home Search Advisor and they can introduce you to a different Partner Agent. We’ll work with both agents to make sure it’s a seamless transition.

Tomo pre-approvals

  • What types of pre-approval does Tomo offer?

    Tomo offers both a verified and underwritten pre-approval.

  • What is a verified pre-approval?

    A verified pre-approval provides a comprehensive and accurate assessment of your finances, without requiring a hard credit check, to show you and potential sellers what you can afford. We'll verify your credit score, income, debt, and real estate ownership, and then get back to you within 3 business hours.

  • What is an underwritten pre-approval?

    An underwritten pre-approval provides the most complete assessment of your finances. Your information and eligibility are reviewed and confirmed by an underwriter. This further validates your pre-approval and can strengthen your offer with potential sellers. To underwrite your information, a hard credit check is required.

  • How will getting a pre-approval affect my credit?

    A verified pre-approval will not affect your credit, as it requires only a soft credit check. Only an underwritten pre-approval requires a hard credit check. Typically, hard credit checks impact your credit by no more than 5 points, or potentially not at all if done within 45 days of another hard inquiry by a mortgage lender.* Tomo will always ask for your permission before checking your credit.


  • Does my pre-approval letter expire?

    Pre-approval letters expire after 120 days. If your financial situation changes before then, you may need an updated letter.

  • Can you keep my agent up to date on the status of my loan?

    On Team Tomo, we know one person can’t whistle a symphony. It takes a team to play. If you provide your Loan Advisor with your agent’s name and contact info, they’ll keep your agent updated as you progress with your application. We’re one team after all.

Closing costs

  • Does Tomo charge lender fees?

    Nope. Nada. Tomo does not charge lender fees. Lender fees are also sometimes called origination fees, processing fees, mystery fees, fees fees, and generally stuff that’s murky and designed to be confusing. Luckily we don’t charge any of them.

  • Will my closing costs change after I receive my loan estimate?

    Providing transparency around rates and costs is core to our mission. As more information becomes available about your future home we are able to provide more accurate estimates on costs. Once you’ve submitted an application that includes a property, Tomo will issue an official loan estimate with anticipated costs included, as well as guidance on whether or not these costs may change.

  • What is included in my closing costs?

    Your closing costs reflect the full cost of purchasing your home, including everything required for your mortgage but also other transaction costs. This full picture helps you make sure you have the right funds set aside to close. Your exact closing costs will be based on your loan and your home. To give you a general idea, we usually see closing costs that are around 3% of the cost of the loan. Standard closing costs include:

    • Points or credits, if applicable, as determined when you select your rate
    • Third-party settlement service costs, (pass-through costs for required services like title and appraisal)
    • All pre-paid costs (interest and taxes accrued between closing and end of month)
    • Escrow payments, if applicable We want you to feel informed the entire way through. After you submit your loan application we’ll give you a closing cost estimate within 3 days. If anything changes, we’ll update you. We’ll also send you a closing disclosure 3 days before your closing date with an itemized breakdown so you know exactly where every penny is going, because that’s how it should be done.
  • What are prepaids and why are they part of my closing cost estimate?

    Prepaids are costs that are due at closing. These include things like taxes and interest that accrue between closing and the end of month.

  • What are escrow payments and why are they part of my closing cost estimate?

    As part of closing, we may require up to 2 months of tax and insurance payments to be held in escrow. Escrow just means that a third party (in this case, Tomo) holds the money until these initial tax and insurance payments are due. The third party will then make these critical payments on your behalf, just to make sure they’re taken care of. Here’s why: if your property taxes are not paid, local tax authorities may place a lien on your property. That would be no bueno.

  • What are third party fees and why are they part of my closing cost estimate?

    Part of a better home buying experience is transparency. Tomo wants you to know exactly what you’re paying for when you buy your home. That includes knowing about your mortgage, appraisal, title, and tax stuff too. We want you to be in the know on things you may have never even thought to consider. We’re not into hidden fees and we don’t add a markup to any of these third-party services.