Terms of promotions

Effective date:

Tomo Price Match Terms and Conditions

Tomo will match another lender's "Offer", subject to the following terms and conditions:

  • Offer The “Offer” that Tomo will match is the combination of interest rate, lender credits associated with the interest rate, and “origination charges” shown in the Loan Estimate. “Origination charges” are shown on page 2, box A of the Loan Estimate.

  • Competing Loan Estimate. To qualify for Tomo Price Match, the home buyer must provide a Loan Estimate less than one business day old from an identified lender that—except for the interest rate, lender credits associated with the interest rate, and origination charges—offers a conventional mortgage on identical terms to the Loan Estimate provided by Tomo.

  • Jumbo Loans. For jumbo loans, Tomo does not match interest rates below 3.25% on 30-year loans and 3.00% on 15-year loans.

  • Interest Rate Lock, Duration, and One-Time Use. When Tomo matches the interest rate of another lender, the home buyer must lock their interest rate with Tomo on the same day. The Tomo Price Match is valid for the duration of the rate lock period. Home buyers may only exercise the Tomo Price Match once per loan application.

  • Loan Changes. If a home buyer's loan terms change after the Tomo Price Match has been exercised, the interest rate and Tomo’s fees shown in page 2, box A of Tomo’s Loan Estimate (after the Price Match has been applied) may change.

  • Combinable. Home buyers can combine Price Match with Friends of Tomo, Tomo Perks, and any other promotional offer.

  • Eligible Property. The home must qualify as home buyer's primary residence after closing. Investment properties and second homes are not eligible for the Tomo Price Match.

  • Modification. Tomo may modify the terms of the Tomo Price Match program, but when it does so the terms will be modified only for home buyers who applied for a mortgage from Tomo after the date on which the program terms were modified.

Lock and Shop Terms and Conditions

With Tomo’s Lock & Shop, homebuyers with an underwritten preapproval for a conventional loan from Tomo can lock their interest rate for 90 or 120 days while they’re still looking for a home, subject to the following terms and conditions:

  • Homebuyers must be represented by an agent to lock their rate.
  • Tomo must receive a $450 deposit and the signed Rate Lock Disclosures by 6:00 pm Central Time on the first business day after locking the rate. The $450 deposit will be applied as a general lender credit at closing or refunded if the homebuyer's loan application is denied by Tomo. Otherwise, the $450 deposit is nonrefundable.
  • Tomo must receive a fully signed purchase contract at least 30 days before the rate lock expires.
  • Lock and Shop has limited availability.
  • Jumbo, HomeReady and HomePossible mortgages are ineligible.
  • Home buyers can combine Lock and Shop with Tomo Perks and Friends of Tomo. Lock and Shop cannot be combined with Price Match.
  • Tomo may modify the terms of Lock and Shop but the modified terms will only apply to homebuyers who lock their rate after the date the program terms were modified.
  • Once under contract to purchase a home, homebuyers can float down their interest rate one time during the rate lock period if lower interest rates become available, the new interest rate is at least .125% lower than the locked rate and the lock expiration date does not change.

Tomo Perks Terms and Conditions

With Tomo Perks, home buyers will receive a $750 lender credit at closing if they close their loan with Tomo and a Tomo Brokerage Partner Agent, subject to the following terms and conditions:

  • Tomo Brokerage Partner Agent. The home buyer must be party to a fully executed home purchase contract that identifies a Tomo Brokerage Partner Agent as their real estate agent, and Tomo Brokerage has a record of referring the home buyer to the Partner Agent.

  • Combinable. Home buyers can combine Tomo Perks with Friends of Tomo, Tomo Price Match, or any other promotional offer.

  • Tomo. The home buyer must purchase the home referenced above using a mortgage loan from Tomo.

  • Rate Lock. The lender credit must be applied before the home buyer locks their interest rate.

  • Modification. Tomo may modify the terms of Tomo Perks, but when it does so they will be modified only for home buyers who entered into purchase contracts after the date the program terms were modified.

  • Home Buyers Referred on or Before June 23, 2022. Home buyers that were referred by Tomo Brokerage to Tomo Brokerage Partner Agents on or before June 23, 2022, are eligible for an interest rate reduction of 0.125% in place of the $750 lender credit if they sign a fully executed purchase contract on or before August 31, 2022. All other home buyers that qualify for Tomo Perks receive a $750 lender credit at closing.

Friends of Tomo Terms and Conditions

Home buyers who provide Tomo with a valid Friends of Tomo referral link will receive a $750 lender credit at closing, subject to the following terms and conditions:

  • Rate Lock. The home buyer must provide the valid Friends of Tomo referral link to Tomo prior to locking their interest rate.

  • Combinable. Home buyers can combine Friends of Tomo with Tomo Perks, Tomo Price Match, or any other promotional offer.

  • Applied at Closing. The $750 lender credit will be applied at closing.

  • Modification. Tomo may modify the terms of Friends of Tomo, but when it does so they will be modified only for home buyers who entered into purchase contracts after the date these terms were modified.

Tomo Closing Guarantee Terms and Conditions

For eligible customers, Tomo guarantees that it will close their mortgage on time, every time.

Eligibility for Tomo’s “Closing Guarantee” depends on the following terms and conditions:

  • Preapproved. Customers must receive a valid underwritten pre-approval from Tomo for a conventional loan on or before February 15, 2022, and Tomo guarantees that it will close the conventional loan described in that pre-approval letter within 30 calendar days of when the home purchase contract is fully executed. Tomo does not provide its closing guarantee for jumbo loans or for underwritten pre-approvals dated February 16, 2022 or later.

    • The customer must have received the pre-approval letter on or before the day their home purchase contract is signed.

    • Information the customer submitted to Tomo during the pre-approval process must be accurate and verifiable, and the customer’s income, assets and credit cannot materially change after pre-approval. A “material” change is one that impacts the customer’s ability to qualify for their pre-approved mortgage.

  • Purchase Contract. Tomo must receive the fully executed home purchase contract (and all addenda) within one calendar day of mutual acceptance by customer and seller.

  • Final Loan Amount and Loan-to-Value. The customer’s loan amount and loan-to-value ratio at closing cannot exceed the customer’s pre-approved loan amount and loan-to-value ratio.

  • The Property.

    • Eligible Property. The property must be eligible for a conventional mortgage from Tomo. Short-sales, bank-owned properties, and properties under construction that do not have a certificate of occupancy at the time the purchase contract is fully executed are not eligible for Tomo’s Closing Guarantee.

    • Clean Title. Tomo must receive a title report 5 business days before closing confirming the seller is able to convey marketable title to the customer at closing subject only to minor title conditions. More information on what constitutes minor title conditions can be found here.

    • Appraisal. If the customer wants to close the loan before the appraisal has been completed, the customer must waive the right to receive an appraisal or other valuation before closing of the transaction after understanding and accepting the risks associated therewith. Customers providing this waiver will receive a copy of the appraisal and any other valuations used by Tomo at closing.

    • Satisfactory Inspection. At least 10 calendar days before closing, the customer must provide Tomo with an inspection report reasonably satisfactory to Tomo (i.e., there are no safety concerns or items that materially affect the value of the property). The inspections must be completed by a licensed home inspector within 90 days of the scheduled closing date.

    • Homeowners’ Insurance. Tomo must receive the customer’s homeowners insurance “binder” (i.e., proof of homeowners insurance) at least 10 calendar days before closing.

    • HOA. If the property is part of a homeowners’ association, Tomo must receive all required HOA documentation at least 5 business days before closing.

  • Response Time. Tomo must receive information it requests from the customer within 3 calendar days of Tomo’s request.

  • Closing Day. Closing cannot occur on a Saturday, Sunday, or holiday on which financial institutions are closed.

  • Customer’s Obligations. Customers must perform their obligations for closing, such as by making the down payment by closing.

  • Seller Delays or Breach of Contract. Tomo’s Closing Guarantee is voided by unreasonable seller delays or either party’s breach of the purchase contract.

  • Force Majeure. Tomo’s Closing Guarantee does not apply if closing is delayed due to force majeure events, such as natural disasters, terrorism, acts of God, or national emergencies.

  • Modification. Tomo may modify the terms of the Tomo Closing Guarantee, but when it does so the terms will be modified only for customers who entered into purchase contracts after the date the program terms were modified.