Tom, The fintech startup that is transforming the home buying experience announced on Wednesday the launch of its “Appraisal Coverage” offering, a new service innovation designed to protect home buyers from last-minute disruptions in the home buying process.
By guaranteeing the same amount of cash, monthly payment and interest – regardless of the low rate – the new offering gives home buyers and their agents unprecedented control in a housing market that continues to fluctuate wildly.
Rolled out in September in total Tomtheir markets, appraisal coverage should have an immediate impact on buyer confidence, especially in a market where 48% of homes sold receive three or more offers and the average purchase price continues to climb to record highs. The product was a direct response to the bidding wars and outbid offers that have come to personify the pandemic and post-pandemic. Even in an environment where prices are rising, the confidence of having Tomo’s appraisal coverage will provide the control and confidence buyers are looking for.”
“With rising mortgage rates, homebuyers have more challenges than ever in this housing market. “What we’re trying to do with our appraisal coverage is eliminate one of those challenges — the concern over low appraisals leading to last-minute cash demands,” Tomo CEO and co-founder Greg Schwartz said in a release.
“Rate reviews have the potential to torpedo a last-minute home purchase; this service will give buyers and their agents an unprecedented level of certainty that we will still finance their mortgage even if the rate comes as a surprise. It’s a big step in our goal to return control and confidence to homebuyers after this wild ride of recent years.”
Aiming to disrupt the multi-trillion dollar mortgage market, Tomo connects its proprietary technology with local experts to deliver an easier, faster and more affordable mortgage experience. The result eliminates complexity, reduces costs and ensures timely closures, all without the traditional headaches that characterize the industry today. In 2021, Tomo closed 100% of its loans on time.
Tomo delivers a competitive price for every home buyer they serve; charges no lender fees; and ensures a timely closure. The company has also partnered with the leading real estate agents in each market they serve to provide a complete home buying experience with ease, simplicity and confidence.
Tomo’s announcement follows the launch last summer and the addition of the Lock & Shop product in June, which allows homebuyers to lock in a mortgage rate for up to 120 days without having a contract in hand. Initially available in Seattle, Dallas, and Houston, and further expanded statewide last fall to include all of Washington and Texas, Tomo is now available in nine states, including Colorado, Florida, Georgia, Michigan, North Carolina, Ohio, Texas, Washington and Connecticut. For more information, visit
Tomo Networks is a Stamford-based fintech startup that improves the home buying experience by connecting a smarter, faster and simpler mortgage process with the best real estate agents to eliminate complexity, reduce costs and put buyers in the best position to close. Founded by Greg Schwartz and Carey Armstrong in October 2020, Tomo Networks has since announced $70 million in seed funding – the largest ever for a startup. For more information, visit hellotomo.com.
