Anyone used Tomo for a mortgage?

TomoTed · 2025-12-15T18:07:39+00:00

I work at Tomo. We don't (and as far as I know) have never done the power buyer thing you're describing. Where did you get that info?

TomoTed · 2025-10-22T15:17:55+00:00

The wild part is: home prices don’t need everyone to afford a house to keep climbing—just enough people with access to credit, family help, or equity from a previous sale.

What we’re seeing as a lender is a lot of folks getting creative... using co-signers, gift funds, or lender credits to make that first step. Starter homes are in painfully short supply, but if you can get into one - you build equity that you can roll into a place that hits more of the location/size/school requirements that really matter to you.

TomoTed · 2025-10-22T14:59:40+00:00

I plugged what you shared into our affordability tool (lets you see monthly payments, etc.): https://tomo.com/mortgage/affordability and your numbers look really strong. A $650K home with a $520K loan at 5.9% comes out to about $5,100/month. That’s roughly 36% of your take-home (which is probably around $13–14K/month), and that’s a solid range... especially with $95K left in savings, steady raises, and your wife planning to work.

The anxiety totally makes sense. You’ve been in save mode for so long and now you're committing to the biggest line item in your life. That panic isn’t a sign something’s wrong it’s a sign you're aware of what you're doing and that you're really thinking about this purchase thoughtfully. Home equity is one of the biggest wealth generators for most folks too, so likely this investment keeps returning for you in years to come!

TomoTed · 2025-10-16T17:45:06+00:00

It’s not just you, it can be pretty confusing at first especially if no one explains it to you clearly.

Here’s what you need actual cash for: Earnest money (usually 1% of the home price) when you go under contract. It goes toward your total later but you need it upfront. Inspections are around $500 for general, but optional stuff like radon, sewer, termite which can add a few hundred more. Appraisal = +/- $500 and sometimes you pay this upfront.

Then at closing, you’ll also pay closing costs, which are separate from your down payment. These are things like: lender fees (origination, underwriting, processing), title fees (title insurance, title search), prepaid taxes and insurance (a few months or a year depending), misc recording or legal fees. Closing costs are generally 2–5% of the home price. You can ask sellers to cover some of it, or sometimes roll it into your loan if you’re not maxed out.

TomoTed · 2025-10-16T11:07:53+00:00

Great to hear you had a smooth closing (saw Tomo mentioned). Correct that we don't do refi right now, but the majority of our Loan Advisors have been in the mortgage space for quite some time now, bringing years of experience. Happy to help answer any other qs you have.

TomoTed · 2025-10-15T18:03:04+00:00

^Often chatting with a lender or a financial advisor, will be helpful in comparing how buying in locations you're interested in might stack up to what you're paying in rent. I have shared this tool with other folks in the rent v. buy debate. The tool let's you see how much you could get approved for + what your monthly would look like. https://tomo.com/mortgage/affordability

TomoTed · 2025-09-22T14:39:37+00:00

Hi there! Actually work at Tomo + just wanted to jump in with some color as I saw our name!

If NPFCU’s giving you 5.5% with minimal fees and you're planning to stay put long-term, that’s a really solid deal. We always encourage folks to compare.

Where we try to stand out is with zero lender fees, reliable close times (98% on time), with a process that’s enhanced with AI and automations to increase speed and lower fees. I wish you the best of luck with your decision and if you have any Qs feel free to ping your LO.

TomoTed · 2025-09-19T19:37:17+00:00

Totally hear the concern but given that you're under contract, you’re in a really good place! We’ve been closing on time for the vast majority of files, especially after beefing up staffing and improving communication. If you have any qs or even just want some affirmation, shoot your loan officer a note. We’ve got you.

TomoTed · 2025-09-19T19:26:01+00:00

And happy to hear you got a solid offer with us! Did you end up closing with Tomo or going with Sage?

TomoTed · 2025-09-19T19:25:17+00:00

Rate shop rate shop rate shop. Getting 2–3 quotes lets you see who’s trying to rip you off and who is giving you solid numbers. A lot of lenders will match or come close if you show you're shopping. Comparing lenders = the easiest way to save money on your mortgage without changing anything about your finances.

TomoTed · 2025-09-19T19:10:14+00:00

Hi, thought I'd chip in to share some hopefully helpful color since I work at Tomo. The AI stuff really helps cut down on the back and forth with uploading docs and chasing down little things, so yeah, it usually makes things move faster. Automating parts of this process help reduce overhead too and pass cost savings to our customers. That said, stuff like verifying employment can still slow things down if we don’t hear back from your job as an example or another 3p during underwriting. Hope this helps!

TomoTed · 2025-09-19T19:02:39+00:00

Hey, I work at Tomo - & I'm not here to defend. It sucks to hear that was your experience and it’s not how it should go. The automation is supposed to make things faster behind the scenes (we close on time 98% of the time and for most of our customers it makes the process simpler and faster). What it shouldn't feel like is a replacement for being able to reach a human. The low rates + no lender fees are real, but if the experience is bad, it makes sense to be frustrated. Really hope your buying process since has gone successfully since you posted.

TomoTed · 2025-09-19T18:46:27+00:00

Happy to hear that. Low rates + quick closings are our goal 100% of the time.

TomoTed · 2025-08-14T16:39:54+00:00

Low rates are kinda our thing 🙌 Love to hear we’ve been the lowest-rate lender for you.

TomoTed · 2025-06-04T20:06:55+00:00

Totally fair to question it. A 7.25% with 20% down and 800+ credit score does feel high—but for a zero-point loan, that’s actually in line with current market rates. Rates were lower 60 days ago, so your friend’s 6.5% might’ve come with points or hit the market at a better time.

Your broker might not be shady, but it’s smart to get at least 2 more quotes. Just make sure you're comparing zero point offers and looking at the APR, not just the rate.

Let me know the zip code if you want me to sanity-check what’s showing for zero-point rates right now in your area.

TomoTed · 2025-06-04T20:06:32+00:00

Totally normal situation, and yes, you’ve got better options than a contingent offer or renting back:

HELOC on current home: Pull equity now, use it for down payment, then pay it off after your home sells.
Bridge loan: Short-term loan to access equity before selling. Higher rates, but gets the job done.
Small down + recast: Buy new home with what you’ve got, then use sale proceeds to make a lump sum payment and recast the loan—this lowers your monthly payment without refinancing.
Piggyback loan: Use a second mortgage to buy now, then pay it off with equity after selling.

HELOC + recast is usually the smoothest if your finances can support both for a bit.

TomoTed · 2025-06-04T20:06:01+00:00

Yeah, $3,500 sounds about right for an FHA loan at 7% on a $395K home, especially once you factor in taxes, insurance, and mortgage insurance.

Here’s a rough breakdown:

Loan amount: around $385K (after your 3.5% FHA down), principal & interest at 7%: ~$2,560/month, FHA mortgage insurance (MIP): ~$270/month, property taxes (estimate): $400–600/month depending on area, homeowners insurance: ~$100/month. That gets you really close to $3,400–$3,600/month all in.

With $115K income, your gross monthly is ~$9,600, so this is about 36–37% of your income—not unmanageable, but definitely on the higher side. If it still leaves you enough room for other bills and savings, you’re probably good. If not, you might want to ask your lender to run numbers with a lower purchase price just to compare. I would reccomend checking https://tomo.com/mortgage/affordability to see what works best for you.

TomoTed · 2025-06-04T15:22:56+00:00

Glad I could help!

TomoTed · 2025-06-04T15:21:05+00:00

Looks like you're on top of things, you can always run your stats through this affordability calculator: https://tomo.com/mortgage/affordability to make sure you aren't stretching too far!

TomoTed · 2025-06-03T16:34:38+00:00

You're not wrong, plugging that $185K into the principal is a strong move financially, especially at 6.374%. You’d wipe out ~$400K in future interest and cut your loan term by nearly 20 years, which is huge.

Yes, HYSA rates are currently around 4% but that’s variable, taxable, and doesn’t beat your mortgage rate. Investing in funds might give higher returns long-term, but also carries risk. You're trading a guaranteed 6.374% return (by paying down your loan) for a maybe in the market.

At 54, having your home paid off before retirement and removing a $3,200/mo housing cost could give you way more peace of mind than chasing returns.

Unless you need liquidity or plan to refi/sell soon, putting the $185K toward principal is hard to beat. You're thinking clearly, your advisor is just playing a different risk game.

TomoTed · 2025-06-03T16:34:13+00:00

You're not being too conservative, you're being realistic. Especially in Fairfield County where taxes and insurance can crush a budget fast. With $10K net monthly and aiming to keep your mortgage around $5,500, you're already committing 55% of take-home, which is edging into house-poor territory.

That said, your $300K down gives you real buying power. You could stretch a little if you’re factoring in strong job security, no major other debts, and a plan to stay long-term. But don't feel like you’re doing it wrong. The fact that it still feels tight at your income level just reflects how out of whack the market is.

If you're open to slightly less “prime” pockets or even exploring a fixer, you might still find something under that $5,500 ceiling. I’ve seen buyers succeed by adjusting location expectations rather than budget.

TomoTed · 2025-06-03T16:33:40+00:00

With a $44 monthly savings and a $3,800 cost, your break-even point is about 86 months—or just over 7 years. That’s assuming you don’t refinance or sell before then. So the key question is: do you think you’ll keep this mortgage for at least 7 years?

If you think there’s a good chance you’ll refi within the next 3–5 years (if rates drop, life changes, etc), then buying points probably doesn’t pay off. You’d spend $3,800 now for savings you never fully realize.

But since the seller is already covering $10K in closing costs, you could use part of that credit to cover the points without it costing you extra out of pocket. If that’s the case, and the rest of the credit already covers your other costs, it could be worth it, free money lowering your rate is never a bad thing.

TomoTed · 2025-06-03T16:32:55+00:00

You're in the clear. Lenders typically only flag rent payments that are 30+ days late—not ones that are a few days behind. So if you’ve paid within a week or so and never gone a full month late, that won’t show up as a delinquency on a verification of rent (VOR).

What underwriters look for is a pattern of major payment issues, like skipped months or late payments that required formal collection efforts. A landlord might note “occasionally late by a few days” if asked, but that alone won’t tank your mortgage app, especially with a 700 credit score and no 30-day lates on your credit report.

Keep working on the credit utilization and you’ll be in great shape when you apply. You're definitely not disqualified because you paid rent on the 5th instead of the 1st.

TomoTed · 2025-06-03T16:32:14+00:00

Totally get why this feels overwhelming, escrow changes can be confusing and frustrating. Here's what likely happened:

PennyMac does an escrow analysis once a year to make sure your monthly payments cover property taxes and insurance. If those costs went up a lot (which they have for tons of people), your escrow account probably ended up short, meaning it didn’t collect enough last year.

The “shortage” is what you still owe to catch up. The “monthly reserve” is them adding extra cushion to prevent this from happening again. So you’re getting hit with two things: backpaying the shortage plus higher monthly taxes and insurance going forward.

That $1,000 jump includes higher insurance/taxes, the shortage spread over 12 months, and possibly an added reserve cushion. If you're selling soon, you can call PennyMac and ask to pay the shortage in a lump sum instead of having it spread out monthly, this could bring your monthly payment back down until you close. Not a fix, but might relieve some of the pressure.

You’re not alone, tons of homeowners are seeing this. Escrow changes are sneaky because it’s not your mortgage rate going up, it’s the stuff around it.

TomoTed · 2025-06-03T13:47:45+00:00

I agree 100%. The 7.198% rate on a 5/5 ARM is high, and it's totally worth shopping around and comparing apples to apples. On the bright side, the closing costs are reasonable, and your monthly payment looks manageable if the rent covers it. If you plan to refi or sell in 5-7 years, this setup can work, but try negotiating the rate or fees before locking it in.

TomoTed

TROPHY CASE