What we offer
Underwritten Pre-Approval
Skip the paperwork and the wait.
Underwritten Pre-Approval
(Almost) no paperwork. No waiting. No surprises.
A Tomo underwritten pre-approval gives everyone confidence in what you can afford. It’s a complete assessment of your ability to buy a home, including a review of your credit, assets, liabilities, income, and employment information. It’s not just a loan officer’s opinion of your eligibility; it’s the underwriting team’s signoff on your application. We make the process a snap by syncing accounts to instantly verify your information, letting us pre-approval you in a fraction of the time.
How We Do It
How can you pre-approve me with (almost) no paperwork?
Want to skip the time and hassle of tracking down and uploading bank account statements, pay stubs, W2s, and mortgage statements? At Tomo we let you do so by syncing your bank accounts via Finicity, looking up your income in payroll provider databases, pulling your credit and existing debt information from the credit bureaus, and even grabbing all of the details about the property you already own. Close the filing cabinet, we’ve got you covered!
How long does it take to get pre-approved?
It can be as fast as just a few minutes—yes, you read that right. Sometimes we can pre-approve you almost instantly, and sometimes we need to manually review your paperwork.
What happens if my appraisal comes back low?
Not to worry. Tomo Appraisal Coverage protects you from having to bring more cash to the close if that happens. Same APR, cash-to-close, and monthly payment - guaranteed.
Is a hard credit check required for pre-approval?
Yes, a hard credit check is a critical part of getting a mortgage. It helps us determine the type of mortgage product and interest rate you’ll qualify for. The impact of a hard credit check is low (typically 3-8 points points), is temporary (typically 12 months), and is the same no matter how many hard credit checks you get in a 30 day period.
Lock & Shop
Get peace of mind in a volatile market.
Lock & Shop
Protect yourself from interest rate hikes. If rates happen to fall, you can adjust down.
This is how we give you peace of mind in a volatile market. No matter which way the wind blows during the lock period, you will get the most for your money. With Lock & Shop, you can stop worrying about rates and focus on finding the perfect home.
How We Do It
What do I have to do to qualify for Tomo Lock & Shop?
Not much. If you qualify for our conventional loan with an underwritten pre-approval, then congrats. You qualify. (Note that Jumbo, FHA, HomeReady, and HomePossible mortgages aren’t eligible.) You also need to be represented by a real estate agent, which we think is a good idea anyway.
What if rates are lower when I find a home?
Go and get that lower rate. If lower interest rates do become available during the lock period, you can just float down your interest rate. (The rate must be at least 0.125% lower than your locked rate.)
How much does it cost to lock a rate before I’m under contract?
No sticker shock here. The $450 deposit for Lock & Shop will be applied as a lender credit at closing, so it basically pays for itself. If for some reason the loan application is declined, the full amount is refunded. No pain, all gain.
Price Match
Find a better rate? We'll match it.
Price Match
We never charge lender fees, and if you find a better deal, we’ll match it.
Why are we so obsessed with getting you more house for your money? Because we believe part of offering great service is to give you a great value. We call it Price Match, but you can go ahead and call it “money in my pocket.”
How We Do It
How do I qualify for Tomo Price Match?
Give us a valid, comparable Loan Estimate doc, dated within one business day of submission to Tomo, with the lender info. That’s it.
What are lender fees?
Lender fees are also sometimes called origination fees, processing fees, mystery fees, fees fees, and generally murky stuff designed to be confusing. We don’t charge any of them. And truly, no one needs to—they’re just a way to pad the bottom line.
How do you keep your rates so low?
We’ve simplified the home financing process to make it easier and more cost-efficient. We pass those savings back to you. Bottom line, you save time and money.
How do I compare Loan Estimates?
After you’ve requested and received Loan Estimates from different lenders, you should look specifically at interest rates, fees, and credits. If you find a better deal, we’ll match it. You can find more guidance on our Loan Estimate Explainer.
Close on Time
No delays. Just the way it should be.
Close on Time
We close 97% of our loans on time, compared to an industry average of 40%.
We’ve streamlined the mortgage process so critical steps happen earlier and you move in on time. No delays. No worries. Because that’s how it should be. Get your calendar and a marker—this is happening.
How We Do It
How is Tomo able to close on time so consistently?
We stick to one thing. Our expertise is in purchase loans—it is all we do and all we’ve ever done. We know where delays happen at traditional mortgage companies, and we’ve reengineered the whole process and built technology to make sure your on-time closing happens.
Why is it important to close on time?
To seal the deal. Your rate lock period, appraisals, inspections, movers, all that fun stuff, run on a schedule. Not closing on time can send a deal off track, even causing a seller to back out. Closing on time means you’re good to go. You get the home you want, when you need it, at the rate you locked in.
Why don’t other lenders close on time?
Other lenders multitask. They offer both purchase mortgages and refinance mortgages, which don’t even have deadlines. So these lenders are in no particular hurry to close. We only do purchase mortgages, and your deadline is our deadline. It’s our job to make sure you close on time.
Appraisal Coverage
No last-minute surprises. No blown deals.
Appraisal Coverage
We guarantee your loan terms even if your appraisal comes back low.
Let’s face it. Signing a contract before having an appraisal is scary. But this first-of-its-kind coverage gives you certainty that you won’t be scrambling to bring more cash to the closing even if the appraisal falls short.
How We Do It
Can I waive the appraisal contingency in my offers if I have appraisal coverage?
Whether to waive the appraisal contingency is an important decision your real estate agent can help you make. Even with Appraisal Coverage, there are still good reasons to consider keeping your appraisal contingency. For instance if the appraisal comes back too low, you might not want to go through with the deal. Or maybe you would want to bargain for a price reduction. The appraisal contingency would give you those options.
What happens if my appraisal comes back low?
Not to worry. Tomo Appraisal Coverage protects you from having to bring more cash to the close if that happens. Same APR, cash-to-close, and monthly payment - guaranteed.
How do I qualify for Tomo Price Match?
Give us a valid, comparable Loan Estimate doc, dated within one business day of submission to Tomo, with the lender info. That’s it.
On Your Side
Happy homebuyers: mission accomplished.
On Your Side
Customers rave about our responsive, dedicated, and expert team of mortgage advisors.
Our mortgage advisors are very different from the commission-hungry staff you’ll find with other lenders. They get paid to make sure you get into the home you want, and it shows.
How We Do It
How can I get in touch with Tomo?
Text, email, or call us any day of the week. Our weekday hours are 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, likely wearing a costume. We are literally standing by all the time during business hours, waiting to get you the help you need. No phone trees, no voice mail boxes, just direct access to experts. You’ll never hear an IVR when you call us.
How are Tomo mortgage advisors different from other advisors?
Our mortgage advisors are here to help you close on your home. Other lenders pay their mortgage advisors 1% (or more!) of your loan value as commission. Not us—our team is paid based on their service to you, nothing else.
Where are Tomo mortgage advisors located?
All of our mortgage advisors are located in Seattle, Austin, and Stamford. Our entire team is based in the US—no exceptions.
