Like all good ideas, Myolo started with trying to fix a problem. In 2008, right as financial crisis was moving into full swing, I started house hunting and bought my first home near downtown D.C. with my fiance.
Though it was small, to me it was mighty. A reflection of many years of hard work and scrappy saving. When a mortgage lender approved our loan I thanked the heavens and couldn’t wait for closing.
But less than a year later, I realized, in the wise words of Gob Bluth, that I’d made a huge mistake. Despite a career in financials services, I’d spent all my time negotiating with condo sellers, but not with mortgage lenders.
I’m not the only one. Nearly 1/2 of borrowers don’t shop around for their mortgage and 77% apply to just one lender (CFPB 2015). The process is time consuming, complex, and hard to trust to say the least. In fact, those already marginalized by the process—like women and minorities— tend to shop around less and pay higher rates.
That’s why we created Myolo: a safe, transparent, and simple place for people to fill out one application they can use with any financial service provider.
We hope you’ll join and support us on this important journey. Please reach out to us anytime via phone or at [email protected] to tell us how we’re doing and how we can better serve your needs.
Have any questions? Just ask here