What is mylenderscore.com?

Mylenderscore is an independant agency that offers the most reliable information on the lending history of national mortgage lenders. Every year, mylenderscore produces the lending report of the top ten mortgage lenders in every US county. A proprietary statistical model is used to rank the mortgage lenders based on their approval rates and the number of borrowers they charge a high fee.

How can the lending report help me?

By applying for a mortgage to the best lenders, you reduce the risk of being charged a higher interest rate, which ultimately will save you a lot of money down the road and significantly reduce your monthly mortgage payment. The lending report is built based on how likely mortgage lenders approve loan applicants and how often they charge a higher interest rate.

But what if I just go online and check mortgage lenders' rates?

The rates you see online are advertised annual percentage rates and as such, have one goal: to get your attention. Typically, mortgage lenders advertise a low interest rate and show a very attractive monthly payment. When you apply for a loan, they tell you that either the market has changed or that those rates are no longer available. Then, they will try to convince you to get another loan. Do not fall for their tricks. Choose mortgage lenders based on their track records not their ads.

What if I just hire a mortgage broker?

A good mortgage broker will help you qualify for a mortgage product suitable to your particular situation. But at the same time, a bad mortgage broker will steer you into higher interest rate mortgage loans with hidden fees that can only drag you deeper into debt. In today's mortgage industry, there is no universally accepted standard for distinguishing a good broker from a bad one. Some lenders pay yield spread premium (kickbacks) whenever a mortgage broker makes a loan more costly to the borrower and this cost is ultimately passed on to you, the borrower. Fortunately, you can make sure that even if you hire a mortgage broker, your loan application is not submited to the wrong lenders. With the lending report customized for your county, you can select lenders you would like to apply for a loan and then tell your broker to help you get a loan with those lenders. This reduces the risk that the broker will send you to a random mortgage lender that will charge you a higher interest rate.

That is all good, but I heard that some companies will submit my loan application to many lenders at the same time and then I get to compare their offers. Why should'nt I go and do just that instead?

Very good point. However, before you do so, try this tip: next time you see one of these companies, they usually have a link for advertisers or business partners. Click on that link and read the message they give to their advertisers. Some of these companies can charge you thousands of dollars without you knowing anything about it. They usually charge the lender, who in turn, will pass the fee on to you as the cost of doing business. Additionally, these companies will submit your loan application to many lenders; Which means many inquiries on your credit report and you will receive many unsollicited phone calls. As that is not enough, they will also sell your information to other lenders, over and over again. More importantly, one critical point very few people are aware of is how lenders view borrowers that go through this channel. In the early days of online banking, many lenders experienced huge losses with customers they acquired online. Consequently, some lenders still view loan applicants that go through this channel as belonging to a high risk segment of customers. Financially, that means higher interest rate. If you are not hiring a mortgage broker, then you would save a lot of money by personally looking for lenders and applying to them directly. This may take one to two hours of your precious time, however put those hours into perspective. Would you rather have someone else find lenders for you and charge you thousands of dollars so you can save couple of hours? You be the judge and keep in mind that the thousands we mentioned do not include interest.

We are not a mortgage lender nor a mortgage lead generator. We are here to give you an honest and unbiaised information about mortgage lenders. These lenders do not pay us to report this information. We report the facts and the decision as to the choice of the mortgage lender is entierely yours.

But how does mylrenderscore make money then?

Our primary goal is to help clean the mess in the mortgage industry. We are hoping that google ads will cover the cost of hosting this website, which has been tough so far. We also welcome donations from our generous visitors. Please donate whatever you can afford.