Frequently Asked Questions
What is Myolo?
What is Myolo’s common application?
Who can use Myolo?
How does Myolo make money? How much does it cost me?
Even if I’m not paying you, why should I use Myolo?
Why should I shop around?
Is Myolo like LendingTree or Zillow’s Mortgage Marketplace?
What’s wrong with just using the lender my friend or real estate agent recommended?
How do you keep my personal information safe?
Does Myolo issue Loan Estimates, preapproval letters or loan disclosures?
Is Myolo a mortgage broker or lender?
What is Myolo?
Myolo is a technology platform that helps you create and fill out an application for a loan, such as a mortgage. Once you complete creating your application file, you'll download it and submit it directly to any lender you choose (we suggest 3-5 lenders). Doing this gives you a true sense of what your loan interest rate and terms will be, unlike shopping online where you'll often see generic or teaser quotes that don't apply to your situation.
In fact, shopping your mortgage application could save you thousands of dollars on your loan since interest rates can vary across lenders by as much as 0.5% for the same loan (CFPB 2015). So Myolo can help you save lots of money without losing lots of time.
Note that Myolo does not collect, review, or check your application nor run any credit checks. We aren't a lender or broker. Using our system won't affect your credit score.
What is Myolo’s common application?
Remember when you used the "common app" to apply to colleges? Myolo’s common mortgage application does the same thing for the mortgage space. You'll use Myolo to fill out a common application just once. Then, you can use this application file to apply to any number of lenders or brokers.
When you submit an application to a lender or broker they'll come back to you with a more accurate rate than what you see advertised online. That way you can make a smarter decision about which loan and lender you want to work with.
Myolo’s common application is loaded with tips and resources so you put your best foot forward. It’s also integrated with your favorite email, cloud, and other data sources to help you put together a stronger application faster.
Who can use Myolo?
Anyone who is applying for a first mortgage on a residential property (less than 4 units) can Myolo to create an application file. You can use it for your primary residence, a second home, an investment property or refinancing.
Creating and using our common application is absolutely free. You can even do it in advance of looking for a home or mortgage. Just select the "Still looking, but want a head start on the mortgage application" option on the first setup page for a new home purchase.
How does Myolo make money? How much does it cost me?
Using our service is completely free. We hope that you'll enjoy using it and that you'll support our advertisers and technology partners who help us cover our costs!
Even if I’m not paying you, why should I use Myolo?
Shopping around for any purchase can save you money, whether you're buying a toaster oven or trying to get a loan. The problem is that with most websites out there, you're shopping blind. You see, when you go onto a website like LendingTree, you're looking through generic rates that may not apply to your situation. The only way to really know what your mortgage rate and terms will be is to submit an application to a lender.
Myolo makes that process easy. By creating a common application on our system, you can easily submit one mortgage application to any retail lender-- and potentially save thousands of dollars by choosing the lowest rate.
A typical mortgage broker, who shops your loan to wholesale lenders, will usually charge you anywhere between 1.25-2.5% of your loan amount for their services. That’s up to $10,000 on a $400K loan— Some mortgage brokers will tell you they have access to wholesale rates, which are cheaper than retail rates. That may be true. But make sure you do your homework and consider their costs in addition to your lenders’ mortgage costs so you make the best decision.
Why should I shop around?
Not shopping around could lose you thousands of dollars. Women head of households, for example, pay a 0.4% rate premium on their mortgage largely by not shopping around— that’s an extra $5,000 of interest in just the first 5 years of a typical 30-year $300K mortgage (Cheng et al. 2011).
Is Myolo like LendingTree or Zillow’s Mortgage Marketplace?
LendingTree and Zillow's Mortgage Marketplace are basically lead generators. These websites entice you to apply to lenders on their system by showing you low generic advertised rates by lenders and typically sell your personal information as leads to lenders.
Myolo's platform is not a marketplace and we do not advertise rates on our website. We are a technology company providing you with a tool to create your own application. You decide whether and to whom you want to submit this application. We believe that the best way to compare rates is not to use generic rates like the ones you find online, but instead to submit your application for a real, custom quote from a lender.
On our system we
- Generate a common, automated application template to save you time.
- Never sell your personal information; you’re in control of your information.
- Provide unbiased information on mortgages and other loans so you can make smart decisions.
What’s wrong with just using the lender my friend or real estate agent recommended?
Nothing, if the lender happens to be awesome and get you a good deal. But shopping around increases the chances that you’re getting the best deal.
Some real estate agents get illegal kickbacks or have long standing relationships with lenders, which means they’re giving you biased advice. Your lender probably isn’t compensating your friends, but your friends may not have been the best shoppers themselves.
How do you keep my personal information safe?
We get it. Creating a mortgage application online with lots of personal and financial information can be scary. Not only do we encrypt data with the highest standards available. We will never sell this information to lenders nor other third parties. We never request your social security number. You’ll give your social security number directly to any lender to whom you submit your application. Read more about our privacy and security measures. here.
Does Myolo issue Loan Estimates, preapproval letters or loan disclosures?
No, Myolo is not a lender, mortgage broker, nor lead generator. We simply provide the technology you'll use to create your own mortgage/loan application. Remember, you do not submit your application to Myolo. You'll submit your application directly to any lender you choose.
Any lender or broker to whom you submit your completed application plus any additional required information, will provide you with a Loan Estimate, Preapproval Letter, or notify you that your application has not been approved. All disclosures will be provided by that lender or broker in accordance with the law. Talk to your lender or broker directly about the terms of your loan.
Is Myolo a mortgage broker or lender?
No, Myolo is not a lender, mortgage broker, nor lead generator. We do not collect, review, or check your application. We simply provide the technology you'll use to create your own mortgage/loan application. Remember, you do not submit your application to Myolo. You'll submit your application directly to any lender or broker you choose.

Ready to get started?

Get started

Have any questions? Just ask here