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Magnolia Bank Mortgage Rates Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
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Magnolia Bank, formerly known as Bank of Magnolia, was founded in 1919, and is based in Hodgenville, Kentucky. The bank provides loan services in all 50 states and is one of the top 20 bank originators in the U.S. It’s insured by the FDIC and has a BBB rating of A+, with no complaints filed against it with the CFPB.
 
VIEW RATES

How is Magnolia Bank rated?

Breakdown

4.5/5
Lender Types
4.5/5
Available Mortgage Types
4.5/5
Customer Experience
4.8/5
Reputation & Transparency

Overall Rating: 4.4 / 5 (Excellent)

Magnolia Bank is an excellent option for those interested in purchasing a home because it offers a variety of loans with some of the most competitive rates nationwide. The bank offers fixed rate mortgages, FHA home loans, VA home loans, and Jumbo home loans with low down payment options. Magnolia Bank closes most of it loans in 30 days or less and customers may apply online, or get instant quotes, providing minimal information, which is a plus. The bank offers customer support through phone and email and has many positive customer reviews on different outlets. Magnolia Bank is FDIC insured and has a A+ BBB rating. All things considered, if you’re looking for competitive mortgage rates, a variety of loan options, and great customer support, Magnolia Bank has a lot to offer.

Magnolia Bank Loan Specifics

Available Mortgage Types - 4.5 / 5

Magnolia Bank offers a wide range of home loan products with low down payment options. The bank offers fixed rate mortgages, FHA home loans, VA home loans, and Jumbo home loans.

Magnolia Bank’s Fixed rate mortgages are designed for those who wish to stay in their homes for the long run, and want to make consistent payments. Customers may refinance up to 95% of their primary home’s value with a minimum credit score of 620 on these loans. FHA home loans are government-insured loans with flexible options and less requirements and qualifications. VA home loans are designed for veterans, members of the military or their spouses, and customers may refinance up to 100% of their home’s primary value with these loans. Jumbo loans offer high-end financing up to $10,000,000 for those looking for luxury properties.

Magnolia Bank’s FHA home loans and VA home loans offer fixed rate terms up to 30 years, and 5-year adjustable rate mortgages. The bank’s Jumbo home loans also offer fixed and adjustable rates. Customers may apply online, or simply get an instant quote, with no obligations, which is a great option for those who are shopping around.

Types of Mortgage Loans Offered

  • Fixed Rate 10 Year
  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year
  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM
  • Jumbo Fixed Rate
  • Jumbo Adjustable Rate
  • VA Fixed Rate
  • VA Adjustable Rate
  • FHA Fixed Rate
  • FHA Adjustable Rate

Minimum Loan Amount

$100,000

Magnolia Bank Customer Experience

Customer Experience - 4.5 / 5

Magnolia Bank has received numerous positive customer reviews online regarding the bank’s excellent customer service. The bank’s website is pretty straightforward and has helpful tools such as mortgage calculators, articles, and detailed explanations of the products they offer, to help customers decide which product is right for them. Customers may apply online, or get a free quote, with no obligation.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Help Articles
Check Today's Rates
SSN Required for Quote
No

Loan Closing Time

30 days or less on most loans

Magnolia Bank Qualification Requirements

Qualification Requirements - 4.5 / 5

With Magnolia Bank, customers have the option to apply for the loans online or over the phone. The application asks for standard personal information like the customer’s address, social security number, date of birth, and income, among other things. The bank asks for a minimum credit score of 620 for most of their loans. In any case, customers should contact Magnolia Bank to find out all the requirements to qualify for each loan, since each application is dealt with on a case-by-case basis.

Key Requirements at a Glance

Minimum FICO Score
620
Non-Traditional Credit History Considered?
Yes

Magnolia Bank Lender Reputation

Reputation & Transparency - 4.8 / 5

Magnolia Bank has a solid reputation overall and a positive outlook. The bank is insured by the FDIC and the BBB rates it A+, which is excellent. There are no regulatory actions against the bank with the Nationwide Mortgage Licensing System and no complaints have been filed against it with the CFPB. Additionally, the bank has numerous positive customer reviews on several outlets.

Key Facts

Lender Type
Bank
Year Founded
1919
BBB Rating
A+
BBB Positive Reviews
5
BBB Negative Reviews
2
Trustpilot Rating
4.4 out of 5
Collection Date
2018-10-01

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
423028
The Nationwide Mortgage Regulatory Actions
0
Consumer Financial Protection Bureau Complaints
0

Company Profile

Full Name
Magnolia Bank Mortgage Rates
Company Website
https://www.mblending.mortgage
Headquarters
23046 Avenida De La Carlota Suite 615, Laguna Hills, CA, 92653

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Customer Comments & Reviews

Loading Reviews ...
bee3dgifts
8/3/2021
I don’t even know where to begin! This company is so shady! If you are first time home buyers and or self employed. I would stay very clear. Also, if you want to close in a timely manner, forget Magnolia all together. They completely steered us in the wrong direction and set us up for failure. Now we have to pick up the pieces and it will take 4 to 5 months to fix! Let me start by dealing with the loan officer David Payne. Nice guy. Fairly easy to talk to, easy going. But you will rarely hear from him. No updates, nothing. When you do hear from him, it is usually blowing smoke. They do not communicate with each other at all! David got all my pre approval paperwork and noticed I had a... Read More

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