Fast mortgage? Two former Zillow executives have a plan

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What Tomo does differently

First, Tomo claims he can release pre-approval of a mortgage within a few hours after receiving the buyer’s application and ensure that the buyer closes on time as part of its closure guarantee program (in any case, in relation to the mortgage portion) if the buyers plan to close at least 30 days in advance.

Tomo wants to get home buyers from the process of applying for a mortgage to closing the transaction within 21 days – while the industry average is 47 days. Tomo can do this thanks to the technology it uses and the services it provides to every loan applicant.

Second, Tomo only serves home buyers; this does not work refinancingwhich frees up a lot of time for this lender.

Tomo also says that he will provide applicants with the best loan rate, and if that is not the case, his Price Match Guarantee program will match whatever best deal they can get.

Finally, Tomo strives to provide excellent customer service by pairing an applicant with a credit counselor who operates in the buyer’s market – a consultant who is available seven days a week via text messages, phone, email or Enlarge

How Tomo compares to other lenders

With Tomo, home buyers can apply for regular 15 and 30 year fixed rate loans starting at $ 150,000. They can buy single family homes. townhouses, condominiums, and buildings up to four units.

What Tomo does not offer is FHA as well as VA credits, loans for industrial or mobile homes, loans for construction only, cooperatives, or giant loans.

Secret sauce

The secret sauce for Tomo, at least for this round of funding, is founders Greg Schwartz and Carey Armstrong. Nick Huber of Ribbit Capital speakingheaded financing“When we found out that the two of them were working together, we immediately knew we had to be part of this journey.”

Huber added that he and his team trust Schwartz and Armstrong because of their track record. Zillow, deeply understand buyers and forge relationships in the industry – think realtors, which Tomo refers to as Tomo’s Brokerage Agents, is a concept similar to Zillow’s relationship with agents under the Zillow Premier Agent program. Tomo encourages buyers to use Tomo’s agents by lowering the 0.125% loan rate if they do.

Results of “Millionacres”

Tomo is currently working in Dallas-Fort Worth, Houston, as well as Seattle… It is a customer-focused digital mortgage lender. In fact, this is the reason for the name Tomo, which comes from the Japanese term omotenashi, which refers to anticipating and meeting people’s needs in advance.

Tomo seems to be on the right track to get good results. real estate investment vehicle. While it has a lot of competition with the advent and popularity of digital mortgages, it is well worth a look.



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