Lenders Bid, You Succeed!

In a nutshell, NameYourLoan.com is an online mortgage auction community where borrowers post their loan request and certified banks and lenders compete with one another in a live auction for a chance to win the borrower's business.  NameYourLoan.com is by far the most convenient, efficient and effective way to shop for mortgages and receive the best loan offers.  Imagine having the ability to shop the entire market and receive multiple competitive loan offers, all with the click of a mouse and without ever haggling or talking to any lender!  No Haggle, No Hassle, No Stress, No Cost, No Obligations, Guaranteed!  (Please read below for more details)

After reading the content of this page, if you wish to learn more about NameYourLoan.com, including our mission statement and philosophy, please visit the About Us page.

Is NameYourLoan.com for you?

Unlike other online services who claim they match borrowers up with lenders in seconds, we do not offer any “Quick Fix” lender match making services.  Instead, NameYourLoan.com is all about truly getting the best mortgage offers for borrowers in an orderly manner.  Our services are designed to cater to smart borrowers who care about their finances and understand that shopping for and getting a mortgage is a major decision that requires careful consideration and should not be rushed. 

Furthermore, we adhere to strict online security and quality control procedures which demand patience.  We believe that patience is a very small price to pay for getting the best mortgage offers from the highest quality lenders. 

How NameYourLoan.com works for Borrowers - Get Empowered!

Everyone knows that auctions are always the best way to get great deals.  Loans are no different and the reality is that when "lenders bid, you succeed."  NameYourLoan.com has created a unique patent-pending concept called “Online Mortgage Auction,” where borrowers get the best loan offers through auction.  There are no fees or costs associated with this great service.  Once borrowers complete a short application online (no Social Security number required), certified banks and lenders compete with one another and bid lower and lower for a chance to win the borrower's business.  The entire process takes place online, which eliminates haggling and frustrating phone calls!     

Throughout the course of the auction, all loan offers are displayed online and borrowers can log in at any time to view their auction status/results.  Upon conclusion of the auction, out of all the bids that have been submitted by multiple banks and lenders, the lowest offer is announced the "winner" and three runner ups are considered "back up winners."   

What sets NameYourLoan.com apart from others?

There are many online mortgage referral services out there who claim to offer “lender competition” or "multiple offers in seconds."  However, their claims are merely myths; in reality all they do is collect the borrower’s information and then turn around and sell it to multiple lenders as sales leads.  There is no competition at all and lenders don’t even have to offer the lowest rates and fees to be able to buy the sales lead.  In fact, any lender who is willing to pay will get the lead! 

Unfortunately, there are also no controls in place to stop each of these lead buyers from selling or giving your lead to 20 other loan agents.  It's no wonder that when using these services, borrowers generally get bombarded with phone calls from lenders who have just paid a lot of money to buy the sales lead and now want to make money no matter what.  As you can see, these services are no more effective than opening up the yellow pages and randomly picking out four lenders yourself.  At least with the phone book method you can avoid getting a barrage of calls!  

Frequently Asked Questions

Am I required to provide my personal information, including social security number, and is my credit checked?

Absolutely Not!

What are the steps to start my Online Mortgage Auction?

1. Click on your desired loan choice on the home page (Purchase, Refinance or Equity loan).

2. Complete the short application on our secure site that applies to you.  (Please note that Mortgages are usually the most important financial transaction for most people, treat it accordingly and take time to complete your application fully and accurately to receive the best results).

3. For your protection, we must verify that your loan inquiry has in fact been initiated by you.  Therefore, once you submit your application, you will receive an email that will ask you to confirm your email address.  You must respond to that email in order to activate your Online Mortgage Auction process.  

4. Shortly after you respond to your confirmation email, you will receive a telephone call from one of our online security and quality assurance representatives.  As soon as the authenticity of your loan request is confirmed over the phone, your auction request will be sent electronically to numerous certified national and local banks & mortgage lenders. 

5. Once banks and mortgage lenders receive and review the details of your loan request, they will start placing their offers/bids online, which will be posted on your auction page at NameYourLoan.com.  Lenders must include interest rate as well as all the fees associated with the loan they are offering.

6. In your loan request you are asked to specify what is most important to you in the loan you are looking for.  For example, is it lowest interest rate and payment, lowest fees and cost, or do you prefer a combination of both?  Lenders place their bids accordingly.

7. Once bids are received from lenders, our sophisticated state-of-the-art computer technology will process them, calculate the best offers/bids, and list them in the winning order.  This powerful system is like shopping the entire market with one click and then having a personal financial expert sort through every detail of all loan offers to pick out the best one for you.

8. You will receive email updates or can simply log in at NameYourLoan.com at any time to view your auction status/results on your dashboard.

9. At the conclusion of the auction the lender with the lowest offer is announced Winner and the three runner up lenders are considered back up winners.         

10. During the entire auction process, you have access to every lender’s contact information, but lenders do not have access to your contact information unless they win.

11. At the conclusion of the auction, only the lowest four lenders (Winner & 3 back up winners) receive your contact information.

12. You hook up with these lenders and get the best loan!

13. Using NameYourLoan.com’s innovative and patent-pending Online Mortgage Auction allows you to shop the entire market and get the best deal with the click of a mouse and without ever haggling with lenders!! Wow, truly amazing.

Do I need to sign up as a member before I use NameYourLoan.com?

When you make your loan request, you automatically become a member.

How do I stay informed about the status of my auction?

We will send you emails and you can also log in and check your dashboard.

Are there any fees and/or obligations for borrowers to use this service?

No.

Are there any fees and/or obligations for lenders to use this service?

All services are free during the promotional period.

Who are the lenders that participate in the auctions?

Reputable, National and local banks and lenders.

Can I rate the lender’s quality of service?

Yes. At the conclusion of the auction, you will have the opportunity to rate lenders who participated in your auction.

Can my lender friends or relatives compete in my auction?

Yes, in fact if your lender friends or relatives expect you to give them your loan business, you can ask them to compete in the NameYourLoan.com auction to win your business.  Once you make your loan request at NameYourLoan.com, you will be assigned an auction number.  Your lender friends or relatives can easily use that number to locate your auction on our website and place their offer for your loan.

Is it possible that I will receive no bids?

Yes

How many bids will I receive during my auction?

Up to four

Can I have more than one auction at a given time?

Yes, you can have multiple auctions running at the same time.

Can I make specific instructions for my loan request?

Yes. When you complete your application, you will be given an area to inform the lender of specific instructions.  However, keep in mind that you should not make too many restrictive requirements as they will limit the number of lenders who will participate in your auction.

Can I view lenders’ fees?

Yes. We require that lenders include all fees associated with their loan offer, and you can view them on your auction page.

How are lender bids ranked and how will I know which is the best offer?

They are ranked by lowest APR.  At NameYourLoan.com we understand how difficult and confusing it can be to compare multiple loan offers.  Since its rarely an "apples to apples" comparison.  For example, while offer A may have the best interest rate, offer B might have substantially lower upfront costs and fees.  How are you supposed to figure out which is really best in the long run?  Its simple: our patent-pending system ranks the offers for you based on the true worth of the offer, including the net effect of all of the variables (interest rate, fess, index, margin, maturity term, etc).  With other companies you're on your own.  With NameYourLoan.com our ranking system eliminates the frustration and guesswork.  When you look at your list of loan offers you'll know that the offer at the top of the list is the lowest one. 

What do I do if I have questions that are not answered here?

Using the "Contact Us" link is always the best way to contact us.  Once we receive your inquiry, one of our expert representatives will respond within 24-48 hours.  If you wish to be contacted by phone, please be sure to include your telephone number in the message area of your inquiry.  You can always reach us at (866) 874-1010.