Frequently Asked Questions
What is Myolo?
What’s 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 directly, what justifies your charges?
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?
What’s your expedited closing option?
What is Myolo?
Myolo is a marketplace where you can shop, negotiate, and apply for a mortgage, and also learn more about the financing process.
Once you negotiate the best rate through our system, you can use our common, automated application to submit your application to any of the vetted lenders in our network.
What’s Myolo’s common application?
Remember when you used the "common app" to apply to colleges? Myolo’s common mortgage application does the same thing, but helps you apply to lenders.
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 that help you put together a strong application faster.
Who can use Myolo?
Anyone who is applying for a first mortgage on a residential property (less than 4 units) can use Myolo. You can use it for your primary residence, a second home, an investment property or refinancing.
Currently, we’re only licensed to do business in the District of Columbia.
But if you’re buying property outside of D.C., you can still use our tool for free to compile a mortgage application packet and hand it over to a lender you choose outside of our platform. 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?
We're in beta right now so using our service is completely free. Once we launch our full service, your chosen lender would pay Myolo 0.25% multiplied by the size of your loan. So if you get a $100K loan, your lender would pay Myolo $250 once your mortgage closes.
Though you never pay us directly, we still ask you to sign a financing agreement with us because we know lenders ultimately charge all their costs to you, which means that you ultimately compensate us for our services. But unlike marketing fees lenders pay to other websites to advertise their products, our fees aren’t buried into catch-all categories. Any compensation paid to Myolo would be clearly shown on your settlement statement as a separate line item.
Even if I’m not paying you directly, what justifies your charges?
Right now we aren't charging anything to use our service. But once we do our full launch, lenders will pay is 0.25% of the loan size. A typical mortgage broker charges anywhere between 1.25-2.5% of your loan amount for their services. That’s up to $2,500 on a $100K loan— 10 times as much as the $250 Myolo charges on a $100K loan.
Myolo’s able to charge less than a mortgage broker because we use technology to make the process more efficient and because our business model allows lenders to spend less time chasing leads and more time working with real customers.
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?
Imagine the manager of a clothing store tell you that they’re not sure if a shirt you like is in stock and that the price might change once you get to the counter. Services like Zillow and LendingTree help you compare generic rates and connect you to lenders— definitely a good first step to shopping, but not enough.
Myolo helps you get a better rate and better lenders so you have fewer surprises. We
- Let you request, compare, and negotiate custom loan terms, not generic ones.
- Vet and screens all lenders, down to the loan officers.
- Use a common, automated application to save you time.
- Never sell your personal information; you’re in control of your information.
- Refer you to public programs that complement your private loan.
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. Filling out 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 also let you be in the driver’s seat so you control which lenders receive your loan quote requests and application. We never request your social security number unlike most mortgage marketplaces. You’ll give your social security number directly to your lender once you submit your application. Read more about our privacy and security measures here.
What’s your expedited closing option?
You’ve probably heard from your agent how important it is to put forward a compelling offer and close quickly. The last thing you need is a lender that doesn’t pull through on your mortgage because they’re twiddling their thumbs.
That’s why we give you information on lenders’ average closing times, and also match you with lenders who are confident that they can close within your timeframe. Some lenders on our network offer money back guarantees, so if a delay is solely your lenders fault, you’re compensated for your trouble.
Since we're in beta, we aren't offering the expedited closing option at this time, but once we do we're sure it will save you time!

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