Terms of promotions

Effective date:

Tomo Price Match Terms and Conditions

With the Tomo Price Match, Tomo will match any interest rate and fee structure that’s lower than those offered in a Loan Estimate by Tomo, subject to the following terms and conditions:

  • Competing Loan Estimate. To qualify for Tomo Price Match, the customer must provide a Loan Estimate less than one business day old from an identified lender that—except for the interest rate and Tomo’s fees shown in page 2, box A of the Loan Estimate—offers a conventional mortgage on identical terms to the Loan Estimate provided by Tomo.

  • Interest Rate Lock, Duration, and One-Time Use. When Tomo matches the interest rate of another lender, the customer 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. Customers may only exercise the Tomo Price Match once per loan application.

  • Loan Changes. If a customer’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.

  • Friends of Tomo & Price Match. Customers who qualify for Tomo Perks through Friends of Tomo cannot combine Tomo Perks with Tomo Price Match.

  • Eligible Property. The home must qualify as customer’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 customers who applied for a mortgage from Tomo after the date on which the program terms were modified.

Tomo Perks Terms and Conditions

With Tomo Perks, Tomo will lower eligible customers’ mortgage interest rate by 0.125%.

Eligibility for Tomo perks depends on the following terms and conditions:

  • Qualification. Customers qualify for Tomo Perks in one of two ways:

    1. Tomo Brokerage Partner Agent. The customer is 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 customer to the Partner Agent

    2. Friends of Tomo. The customer provides Tomo with a valid Friends of Tomo referral link prior to locking their interest rate.

  • Combining Discounts. Customers are eligible for only one mortgage interest rate reduction via Tomo Perks, so customers working with a Tomo Brokerage Partner Agent and referred by an employee of Tomo (or its affiliates) will only receive one rate reduction of 0.125%.

    • Friends of Tomo & Price Match. Customers who qualify for Tomo Perks through friends of Tomo cannot combine Tomo Perks with Tomo Price Match
  • Tomo. The customer must purchase the home referenced above using a mortgage loan from Tomo with a loan amount of at least $150,000.

  • Rate Lock. The Tomo Perks interest rate reduction will be applied when the customer locks in their interest rate.

  • Modification. Tomo may modify the terms of Tomo Perks, but when it does so they will be modified only for customers who entered into purchase contracts after the date the program 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 have a valid underwritten pre-approval from Tomo. Tomo guarantees that it will close the mortgage described in the pre-approval letter within 30 calendar days of when the home purchase contract is fully executed.

    • 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 after understanding and accepting the risks associated therewith.

    • 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.

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