Add Row
Add Element
cropper
update
Trusted Local Realtor
update
Add Element
  • Home
  • Categories
    • we buy houses
    • sell your house fast
    • stop foreclosures
    • baltimore
    • Extra News
March 12.2025
3 Minutes Read

Tomo Mortgage Secures $20M in Series B Funding to Transform Home Buying

New York skyline during sunset for Tomo Mortgage Series B funding.

Transforming the Mortgage Landscape: Tomo Mortgage's Latest Achievement

Tomo Mortgage is making headlines again, this time by securing a significant $20 million in its Series B funding round, which brings its overall investment to an impressive $130 million. Established by former Zillow executives, this ambitious digital mortgage lender aims not only to enhance the home-buying experience but also to reshape the entire mortgage industry with its innovative use of AI technology.

Pioneering a New Era in Home Buying

With Progressive Insurance joining the roster of investors—previously filled by Ribbit Capital, NFX, and DST Global Partners—this funding is set to drive Tomo’s expansion into new markets and bolster its team with loan officers and mortgage professionals in cities like Detroit, Seattle, and New York. The clear commitment from investors reflects a shared vision of modernizing the home-buying process and making it more accessible and less intimidating for customers.

The Heart of the Mission: Lower Costs, Improved Service

Tomo's core philosophy revolves around reducing unnecessary costs associated with traditional mortgage lending—excessive fees and complicated terms that have historically plagued consumers. CEO and Co-founder Greg Schwartz vocalizes this mission, stating, “Outdated business practices cost U.S. homebuyers billions every year.” Tomo is leading a charge to eliminate these financial pitfalls by harnessing AI to streamline processes, making mortgage approvals not only faster but also more affordable. On average, homebuyers stand to save about $4,000 during the closing phase, thanks to Tomo's commitment to transparency and straightforward pricing.

Growth Despite Industry Challenges

In a year marked by stagnation in the mortgage industry, Tomo has seen remarkable growth—reportedly 3.5 times over the past year. With its reception of AI-driven technology, the company has emerged as a strong player within the competitive lending market, boasting interest rates typically 0.50% to 1% lower than other lenders. Investors are particularly excited about Tomo's approach because, unlike many others in the industry, Tomo's use of proprietary technology allows them to cut out origination fees and lengthy processing delays, which are common pain points for borrowers.

A Vision for the Future

Looking ahead, Tomo is set to relocate its headquarters from Stamford, Connecticut to New York City, which could position it more favorably in the rapidly evolving fintech landscape. This strategic move underscores their intention to remain at the forefront of the industry by fostering continued growth and innovation. Progressive's Erwin Raeth shared insights on their collaboration, emphasizing how their dedication to understanding customer needs aligns perfectly with Tomo's mission.

Conclusion: A New Hope for Homebuyers

The strides made by Tomo Mortgage signal a transformative moment in the home-buying experience, combining technology and compassion for the consumer's journey. As they gear up for substantial hiring and product innovation, Tomo makes a compelling case not just for investors, but for potential homebuyers who have long sought a better avenue to homeownership. With innovative solutions and a focus on reducing costs, Tomo is shifting the paradigm and proving that it’s possible to modernize the mortgage market.

To find out more about how Tomo Mortgage can assist in your home buying journey, keep an eye on their upcoming initiatives and offerings!

Extra News

3 Views

0 Comments

Write A Comment

*
*
Related Posts All Posts
11.26.2025

Discover What Luxury Home Buyers Want in 2026: Wellness, Flexibility, and Personalization

Update Rethinking Luxury: A New Era of Home Design Luxury real estate is undergoing a transformative shift as we approach 2026, moving towards a human-centered model that prioritizes well-being and personal expression. No longer defined by mere square footage or opulent finishes, today’s affluent buyers seek homes that resonate with their emotions and enhance their lifestyle. Rainy Hake Austin, president of The Agency, emphasizes that the homes of the future are designed to be intelligent, restorative, and deeply personal—essentially nurturing spaces that align with their owners’ routines and values. The Rise of Wellness-Centric Living One of the most notable trends is the centrality of wellness, which has evolved from a luxury perk to a fundamental expectation in high-end living. Buyers are increasingly asking about features that promote health and tranquility, such as purified air systems, mineralized water, and circadian lighting. In vibrant markets—whether it’s the bustling streets of Miami or tranquil island retreats—this trend is evident. For instance, homes are now constructed with an emphasis on seamless indoor-outdoor flow, allowing owners to enjoy nature without disruption. This design philosophy enhances not just aesthetic appeal but overall well-being, fostering both relaxation and rejuvenation. Flexible Spaces: More Than Just Rooms Modern luxury buyers prefer homes as customizable experiences instead of rigid layouts. A chef’s kitchen could transform into a social space, while living areas might serve as creative retreats or workspaces. This shift highlights the need for adaptability in home designs — spaces that can easily adjust to the changing daily routines of their inhabitants. Homeowners are asking for environments that reflect their lifestyles and passions, whether that's a yoga nook flooded with natural light or a vibrant area for family gatherings. Sustainability and Security: Non-Negotiable Features As consumers become more environmentally conscious, sustainability has emerged as a paramount concern. The new luxury standard encompasses not just energy efficiency but also materials that ensure longevity and durability. Buyers want homes equipped with smart technology, predictive security systems, and preventative features to mitigate risks like flooding and wildfires. For example, developments featuring elevated structures or resilient outdoor landscaping are on the rise, supporting a safe and sustainable living environment that resonates with eco-friendly values. What This Means for Real Estate Agents As buyer expectations evolve, real estate professionals must adapt their approaches. Focusing on lifestyle-centric conversations rather than traditional metrics such as square footage can forge deeper connections with clients. Questions about daily habits and personal preferences can reveal invaluable insights that help agents tailor their services to better meet buyer needs. Additionally, by championing the incorporation of wellness and thoughtful design into listings, agents can transform how potential buyers view luxury properties. The Future of Luxury Real Estate The anticipated shift in luxury real estate offers agents a path to redefine their role from mere sellers to lifestyle advisors. This requires them to foster partnerships with architects and wellness consultants to enhance living spaces and create an individualized experience for buyers. Each home can tell a story—a narrative of health, joy, and connection, reflecting the desires and aspirations of its occupants. Looking ahead, the luxury market will thrive on authenticity, personalization, and a holistic approach to living. As we plunge headfirst into this new era of home design, it’s vital for both agents and buyers to embrace these emerging values centered around experiential living.

11.26.2025

Understanding Mortgage Preapproval: How Long Does It Last and What to Do If It Expires?

Update Understanding Mortgage Preapproval: How Long Does It Last and What to Do If It Expires? If you're setting your sights on homeownership, securing a mortgage preapproval is a crucial first step in the home-buying journey. However, many hopeful buyers overlook a vital detail: a preapproval isn't a permanent guarantee. Knowing the validity of your preapproval and the steps to maintain it can be paramount in making your dream a reality. Setting the Scene: What Is Mortgage Preapproval? A mortgage preapproval serves as a lender's estimate of how much home you can afford based on verified financial information like your income, credit score, and assets. This document is not only essential for your budgeting but also holds value when negotiating with sellers. With most preapprovals lasting between 30 to 90 days (with 60 days being the average), it's critical to understand these timelines and what can happen if your preapproval lapses. Why Do Preapproval Letters Expire? Preapproval letters have built-in expiration dates designed to protect both you and the lender. Financial situations can shift quickly due to various factors—employment changes, shifts in debt levels, or growing expenses. If your financial landscape changes after your initial preapproval, lenders can no longer confidently validate your eligibility for your desired mortgage. This is because lenders rely on up-to-date financial documentation to ensure they are offering you a loan that reflects your current economic circumstances. Keeping Your Preapproval Active: Pro Tips To avoid the inconvenience of an expired preapproval, follow these simple strategies: Avoid New Debt: Refrain from taking on new loans, such as car loans or credit cards, which can drastically affect your debt-to-income (DTI) ratio. Maintain Job Stability: Employment verification is generally necessary during the final loan approval, so it’s wise to avoid job changes while your home search is underway. Enhance Your Credit Score: Focus on paying bills promptly and keeping credit card balances low to maintain or increase your credit standing. Stay Responsive to Your Lender: When your lender requests updated documents, act quickly to provide the needed information. What Happens When Your Preapproval Expires? In the event your preapproval expires, you may feel panic setting in—but fear not! Renewing your preapproval is typically a straightforward process. Relevant steps include: A possible credit pull (soft or hard, depending on the lender). Providing updated income documents or bank statements. Re-verifying employment status. Don’t delay on renewing—especially if you’re actively looking at homes. Being proactive can ensure you stay ahead of the curve, making the transition to finalizing your purchase smoother. The Importance of Communication Throughout the Process Communication with your lender is key to a successful home-buying experience. Keeping an open dialogue about your financial profile and any changes that occur can not only ease the process, but can also prevent delays or complications down the line. If you suspect your financial situation might impact your preapproval’s validity, reach out to your lender at once. Get Ahead in Your Home Ownership Journey Being informed and proactive about your mortgage preapproval can save you considerable stress and potential setbacks in your home-buying journey. Whether you're eyeing a property in Baltimore or seeking to sell your house fast elsewhere, staying on top of your mortgage approval status can significantly impact your success. If you're ready to take the next step in your home ownership journey or want to find out more about how to refresh your preapproval, reach out to a trusted lender today.

11.26.2025

Exploring Dry Closings: Essential Insights for Home Buyers and Sellers

Update Understanding Dry Closings: A Unique Approach in Real Estate If you're diving into the world of real estate, understanding the nuances of closing transactions is crucial—especially when it comes to dry closings. This method involves the signing of all necessary paperwork during a closing appointment, but the actual transfer of funds occurs later, often after a day or more. This process can create both benefits and risks for buyers and sellers alike. What Is a Dry Closing? A dry closing allows a real estate transaction to proceed even when funds haven't been disbursed. The definition is simple: all closing requirements are met, but the critical exchange of funds happens at a later date. In real estate, this is increasingly relevant as it accommodates certain logistical issues that can arise during the closing process. The Mechanics of a Dry Closing The dry closing process mirrors a typical transaction closely, with a key distinction in the timing of funds. Typically, the steps include: Buyers and sellers sign all required documents. Funds are delayed, often due to processing or lender verification issues. The transaction is recorded on paper, but legal ownership doesn’t transfer until funds are available. Once the funds are transmitted—usually by the next business day—they are distributed to sellers and all liens are settled. This method is particularly beneficial when lenders are experiencing delays, be it due to underwriting checks or even simple banking hours that restrict same-day wire transfers. Dry Closing vs. Wet Closing In contrast to a dry closing, a wet closing occurs when funds are exchanged on the same day of signing, allowing buyers to take immediate ownership of their new property. This arrangement can offer peace of mind, as the deal is finalized without a wait. However, not all states permit this method; some enforce dry closings entirely, and others may require wet closings. Risks and Considerations for Buyers and Sellers Both parties in a real estate deal should be aware of the risks that accompany a dry closing: Buyers may experience delays: Until the funds clear, buyers cannot move into their new home, potentially disrupting relocation plans. Sellers face uncertainties: They won’t receive their proceeds immediately, which could stall their own subsequent purchases. Complications may arise: If something prevents the loan from being funded—like title or documentation issues—the entire transaction could fall apart. Despite these challenges, dry closings can help facilitate transactions, especially when timing is tight. How to Navigate Your Dry Closing Should you find yourself facing a dry closing, it’s beneficial to consult with your real estate agent or attorney to ensure all requirements have been met prior to the appointment. They can assist in clarifying risks and help prepare necessary documentation. By staying informed, you can navigate your closing with confidence and clarity. Dry closings are not just a procedural detail; they also reflect broader current trends in the real estate market. Understanding these methods can empower buyers and sellers with knowledge, potentially leading to smoother transitions into new homes.

Terms of Service

Privacy Policy

Core Modal Title

Sorry, no results found

You Might Find These Articles Interesting

T
Please Check Your Email
We Will Be Following Up Shortly
*
*
*