Tomo Mortgage Simplifies The Home Buying Process
Live rates, top notch customer service, and offices in Seattle, Dallas, Houston, the Houston suburbs, plus 7 other states, are just some of the reasons why one would pick Tomo Mortgage.
Tomo Mortgage is going to change the way we think about mortgages. If you are tired of waiting days or even weeks for your lender to follow-up and open communication, then I'm happy to tell you that now there is a solution. Buying a home used to be an exciting experience, but now it is tedious! Tomo recognizes this fact and is seeking to modernize the mortgage industry.
Does this sound possible? Do such mortgage companies exist? Well, let me tell you about them.
Tomo is a new real estate lending platform that has been making waves in the industry since its launch in 2020. Tomo was founded by former Zillow executives Greg Schwartz and Carey Armstrong in October 2020, and raised $70 million in seed funding - the largest amount ever raised for a real estate startup. It is the first real estate technology company that focuses exclusively on the needs and preferences of homebuyers.
For a long time, consumers have been frustrated by the homes they can or cannot buy, and as a result they are often compelled to overpay or remain stuck in their current housing situation. Tomo aims to solve this problem by combining an innovative mortgage process with the best real estate agents in order to eliminate complexity, reduce costs, and put buyers in the best possible position to close a purchase. The company boasts that pre-approvals can be obtained within hours, not days, and it says that in 2021, 100 percent of loans were closed on time.
Launched in October 2020, the company began operating in Seattle, Dallas, and Houston on June 30th 2021. However, Tomo is now offering loans in Colorado, Connecticut, Florida, Georgia, North Carolina, Michigan, Ohio, Texas, and Washington. Also, recently, they announced a $40 million Series A funding round in March, which doubled their valuation to $640 million.
Isn't that cool? However, the question remains: What types of home purchase loans does Tomo provide and how do I qualify for a Tomo mortgage?
Tomo offers the following types of loans:
- Offer home purchase loans only
- 15 and 30 year fixed rate loans
- Loans starting at $75,000
- Loans for single family, townhomes, condos, and 2-4 unit buildings
- Jumbo loans available with loan amounts up to $3 million
- Do not offer FHA/VA loans
How do I qualify for a Tomo mortgage?
- A credit score above 620
- A credit account in good standing
- U.S. Citizen, permanent resident with documentation, or non-permanent resident with documentation
Tomo makes the process of obtaining a pre-approval and underwriting your mortgage easy, fast, and painless. Their fully digital systems allow you to get started in minutes, regardless of the device you use. That is the real goal. But the best part? It all starts with a pre-approval.
Why Choose Tomo?
If you want to save money and avoid hassle when buying a home, this is the place for you. Tomo offers the most competitive rates, backed up by a Price Match Guarantee. Add best-in-class service delivered by local loan experts. You'll experience less pain, more joy.
You can find more information on their website.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening. Cheers, Jo & Co.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
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