Loan Bidding Service FAQ
Completing the Loan Bid Request Now! FAQ
Loans and Interest Rates FAQ
What is Bidonmyloan.com?By visiting Bidonmyloan.com, you have accessed the leading online loan-bidding network. Bid On My Loan quickly connects consumers to Lenders who are competing for your business. We provide a convenient system for you to submit one simple Loan Bid Request that we process through our proprietary loan bidding system matching your request to the very best mortgage loan offer from hundreds of Lenders and thousands of Lender programs. Our Lender Bidding System automatically finds you lenders with the most competitive home mortgage loan. At Bidonmyloan.com we believe that true competition is only achieved when your loan request is presented to lenders who match your loan bid request and are motivated to compete for your loan! That’s how we can help you get the best mortgage refinance home loan interest rates. (Back to Top) Does Bidonmyloan.com charge me any "upfront fees" to get bids on a consumer loan online?Bidonmyloan.com does not charge any kind of fee for the service of matching borrowers with lenders. In addition, no lender that you are matched with through Bid On My Loan will ask you for any upfront fees to "guarantee" or "insure" a loan. Beware if you are asked for a “fee” or "insurance" before completing an application with a loan officer. No legitimate lender does this. Legitimate lenders may ask for and charge an interest rate lock fee, application fee or appraisal fee once you begin working with a loan officer. For your protection, Bidonmyloan.com suggests that you use a credit card when paying any fee. (Back to Top)
Am I obligated to accept a mortgage loan, debt consolidation, or home equity loan offer? You are under no obligation to accept a loan offer that is presented to you. (Back to Top)
Will you share or sell my information?
At Bidonmyloan.com, your personal privacy and the security of your personal data are of primary concern. Bid On My Loan believes that you should be aware of who we are, the types of information collected, and what we do with that information. Our privacy policy states that your information will be shared with the lender(s) with whom you are matched so that they can respond to your request. (Back to Top)
How do I cancel my request for a bid?As soon as you submit your request, our system automatically tries to match it with Lenders in our network. Once your bid request has been referred to a Lender, you can notify the Lender once they contact you or you can contact that Lender directly to cancel your request. The Lender's contact information will be provided to you. (Back to Top) I live outside of the U.S., can I use BidOnMyLoan.com to help me find a loan?At this time, we only service requests for loans that originate in the continental United States, Alaska and Hawaii. (Back to Top) Does each lender check my credit report?Our Lenders will not check your credit report until you speak to them and provide them authorization. We do not collect your social security number to protect your privacy. However, once you speak to the lender they will need to pull your credit report to analyze your situation and provide you a firm loan commitment. If you are looking for a home mortgage new purchase or refinance loan, a home equity loan or home equity line of credit loan, all inquiries for your credit report within a 30-day period will count on your credit report as a single inquiry. That way when you are shopping for the best mortgage loan or mortgage refinance rates it will have a minimal impact on your credit rating score. (Back to Top) How will I find out which lenders are reviewing my loan request? Bidonmyloan.com will send you the name of the Lender that best meets your loan request. (Back to Top) How will I find out about my loan offers? Bidonmyloan.com will send you an email with the best lender match once the loan bidding system has finished processing your request, usually within 24 to 48 hours. You will receive an email with the lenders contact information. (Back to Top) Can I negotiate directly with the Lenders? Absolutely. You are under no obligation to accept a lender's first offer. In fact, if you've received a better offer in writing from another Lender, we highly suggest you tell the Lenders about it to get a better deal. We will provide you with the lenders contact information. Feel free to contact the Lender directly to discuss different loan options. (Back to Top)
What information do you collect?The Bidonmyloan.com loan request form has questions about you, your loan and your financial situation (income, home value and other general information). You should have the following information available to fill out your request: Income: an idea of you and your spouses’ annual income; Assets: a good idea of your property’s value; Mortgage Balance: a list any present mortgages and their balances; Credit Ranking: a good idea of where your credit ranks. If you are refinancing your mortgage or looking for the best rates for a line of credit and home equity loans, we need to know about the terms of your current mortgage, how much you owe and how much you want to borrow. (Back to Top)
Do I have to give you proof my private information? (i.e. my driver's license, social security number, or bank account numbers?)Bidonmyloan.com will not ask you to send a copy of your driver’s license number, social security number, or bank account numbers. Once you have chosen a lender, this information may be required. (Back to Top) Is completing the "Request Your Loan Bid Now!" the same thing as applying for a loan?When you complete a bid request through Bidonmyloan.com, you have not completed a loan application. Your loan application will be completed after the bidding process. You will make a choice from the lender or lenders that have given you the best refinance home mortgage or other loan rates. (Back to Top) If I enter my email address incorrectly, how will I find out about my loan offers?It is critical that you enter your email address correctly when completing a loan request. We use email to communicate with you when Lenders make a decision about your loan request. Bidonmyloan.com is not responsible for any errors or delays in responding to a bid request caused by an incorrect email address provided by you or other technical problems beyond our control. We expect to provide you with loan offers within one business day. If you have problems, please contact Bid On My Loan Customer Care at
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for assistance. (Back to Top) What if I don't have an email address?Bidonmyloan.com's system is designed to notify you via email that you have received a response from a Lender. If you don't have an email address, you can get one FREE through several web-based services including Yahoo!, Hotmail, gmail, and others. (Back to Top) How secure will my information be?Bidonmyloan.com uses secure technology to ensure that the data you send us is protected, confidential and secure. Our Security Policy describes this in more detail. (Back to Top) Can I phone, mail, email or fax in my request?Bidonmyloan.com is committed to sending your financial information to Lenders quickly and accurately. Using mail, email or fax would introduce the possibility of transcription errors, unnecessary delays and additional costs - which would reduce the benefits of using Bid On My Loan! That is why we only accept bid requests through our online forms. (Back to Top) What if I don't want to give you my social security number?To protect your privacy, Bid On My Loan does not ask for your social security number. Once you receive the best loan bid offer and decide to submit a mortgage application, you will be required to provide your social security number so the lender can access your credit report. (Back to Top) How do I compare loan offers?It's important that you evaluate all of the terms of each offer before you choose the one that's best for you. Compare the interest rate, APR, points, loan amount, loan term and other details of the loan offer. We want to help you find the best rates for mortgage, debt consolidation, and line of credit and home equity loans. Please use our online mortgage calculators to help you make your decision. (Back to Top) I've accepted an offer. How do I close the loan?After you accept an offer, you will need to communicate with the Lender directly (via mail, email or phone) to complete the loan process. You will verify the information you provided with documents such as W-2 forms, pay stubs, house appraisals etc. You'll also sign the official application forms from the Lender and schedule a closing. You won't be going through the loan process alone. The professional Lenders from our network will guide you through each step of the loan application process. Feel free to call on them for any help you may need. (Back to Top) Can you delete my information?We cannot delete your bid request because we must maintain a record of your inquiry to comply with state and federal record retention laws. However, we do not share your information except in accordance with our privacy policy. (Back to Top)
I requested bids for a home mortgage refinance loan. How can I change the information I submitted?
In most cases, you will have to complete another bid request with the updated information. You can either do this online or by contacting Bidonmyloan.com Customer Care at
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where we can pre-fill much of your information from your initial bid request. (Back to Top) How can I update my email address?
What types of loans does Bidonmyloan.com support?You can find more information on the various types of loans on our site including information on debt consolidation loans , home equity loans , home mortgage and refinance loans . In addition, each Lender will provide professional assistance to help you determine which type of loan is best suited for your needs. (Back to Top) What are guaranteed new home purchase loans?Guaranteed new home purchase loans are mortgage loans which are guaranteed by government agencies, usually the FHA or VA. They offer several benefits for qualified buyers such as low down payment and no-down payment options. (Back to Top) I want to find the lowest mortgage refinance home loan interest rates. How do I get started?It’s simple! Complete the online Request Your Loan Bid Now! and select the Refinance loan type. It takes about 5 minutes. (Back to Top) I have never done this before. Can Bidonmyloan.com help find mortgage loans for the first time home buyer?Bidonmyloan.com network lenders are experienced with many types of loans, including mortgage loans for the first time home buyer. They have provided mortgage loans to first time home buyers before, so being a first time home buyer is not a problem. (Back to Top) What about mortgage financing with bad credit?Bidonmyloan.com has Lenders who work with borrowers who have perfect credit and not-so-perfect credit. Although we can't guarantee that you'll get a loan offer we will try to match you with the best loan bid offer possible so that you get the best refinance home mortgage loan rate offers. We have an extensive network of Lenders who indicate that they are ready and willing to work with you to receive the home mortgage refinance, home equity or debt consolidation loan that best suits your needs. (Back to Top) Does having a co-borrower improve my chances of finding a loan?Including a co-borrower on your loan request may or may not affect your chances of finding a loan. Lenders consider the credit reports, income, assets, debts and other information about both borrowers. If a co-borrower will also be responsible for the loan, it is best to Request Your Loan Bid Now! with the co-borrower's information. Once you receive your loan offers, the Lenders will provide guidance concerning whether you should include a co-borrower on your loan. (Back to Top) What if I don't currently qualify for a loan?If Bidonmyloan.com is unable to find a Lender who meets your needs, we will notify you almost immediately. If our system doesn’t currently provide you with a match, you may return to our website and complete a new bid request at any time. We are always adding new Lenders to our network, so please continue to check back. With todays mortgage market the underwriting guidelines have tightened significantly, if you are having trouble getting approval you may need assistance from a professional service. We recommend that credit challenged consumers review the services of US Fair Credit Alliance. They provide affordable and successful credit assistance for consumers seeking credit repair. You can find out more information at www.usfairca.com. (Back to Top) What are your closing costs?Bidonmyloan.com connects consumers and lenders together. Once you’ve applied for a loan and have been accepted, the Lender will work with you to determine closing costs. The Real Estate Settlement Procedures Act (RESPA) requires lenders to give borrowers advance notice of closing costs. (Back to Top) My question wasn't answered here. How can I contact Bidonmyloan.com directly?If you have questions or comments at any time, please contact our Customer Care Department at
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