CloseYourOwnLoan.com Mortgage Refinance Review


Rating: 9 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. 
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CloseYourOwnLoan.com is Magnolia Bank's automated underwriting engine. Since 1919, Magnolia Bank has operated as an independent community banking institution offering personal and commercial services across the United States. CloseYourOwnLoan.com takes a different approach to online mortgage quotes by doing away with exploitative sales tactics and streamlining the underwriting experience for consumers.

How is CloseYourOwnLoan.com rated?

Breakdown

9/10
Loan Options
9/10
Application Process
9/10
Reputation

Overall Rating: 9 / 10 (Excellent)

CloseYourOwnLoan.com utilizes an automated underwriting engine powered by Magnolia Bank. The system streamlines the underwriting process by analyzing every aspect of a borrower's qualifications to determine which loan products best meet their needs. Instead of working with a traditional salesperson, borrowers are assigned a Loan Coordinator that guides them through finalizing the process, doing away with sales steering and misinformation. Although this approach makes it easier for consumers to shop for quotes and compare options, we advise prospective borrowers to evaluate their loan offers thoroughly before making a final decision.

Loan Options

Lender Type
Marketplace
Loans Offered
Rate & Term
Cash-out
Loan Programs
FHA
VA
Conventional
HARP
Jumbo
Fixed Year Terms
30 Year Fixed
25 Year Fixed
20 Year Fixed
15 Year Fixed
10 Year Fixed
Adjustable Rate Mortgage Terms
7/1 ARM
5/1 ARM
3/1 ARM

Loan Options - 9 / 10

As an online lender, Magnolia Bank has access to a broad range of mortgage and refinance options and thousands of loan programs, including VA, FHA, jumbo, and conventional loans. Since they can match their borrowers with a number of different loan programs, their terms are also quite varied, ranging from 10 to 30 years for fixed interest rate options and five to seven years for adjustable rate mortgages.

Application Process

Minimum Credit Score
620
FHA Minimum Credit Score
580
Maximum Debt-to-income ratio
55

Application Process - 9 / 10

CloseYourOwnLoan.com's mortgage refinance application process can be completed quickly and without great hassles. Borrowers only have to provide their basic loan details to view their interest rate and payment savings. Once they have chosen a loan program and interest rate, they can create an online account and complete their application in as little as five minutes. As soon as the application is submitted, the borrower will be able to print out their loan disclosures and obtain a list of the documents required from them. Finally, once they have gathered and submitted all formal disclosures and necessary documents, they can receive formal approval in 48 to 72 hours. Consumers should be aware that although they can obtain an underwriting decision reasonably quickly through CloseYourOwnLoan.com, actual closing times will depend on the accuracy of the information provided, the loan program being applied for, and other factors such as their availability to communicate with loan officers and notaries.

CloseYourOwnLoan.com Reputation

Memberships & Regulatory Info.

Memberships
FDIC
Nationwide Mortgage Licensing System ID
423028
Nationwide Mortgage Regulatory Actions
0
NMLS Collection Date
2018-05-22
CFPB Total Mortgage Complaints
0
Total VA Loans Written (Q1 2017)
102 loans
Total VA Loan Amount (Q1 2017)
$18,372,936

Online Reviews

BBB Rating
A+
Date Collected
2018-05-22

Reputation - 9 / 10

CloseYourOwnLoan.com has no regulatory actions with the Nationwide Mortgage Licensing System. The company has an A+ with the BBB and doesn't appear to have any complaints with the CFPB.

Contact & Additional Information

Homepage URL
Company Phone
(800) 276-2965
Headquarters Address
31726 Rancho Viejo Road Suite 206, San Juan Capistrano, CA, 92675
Year Founded
1919

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Customer Comments & Reviews

Loading Reviews ...
J
John
Irvine, California
9/6/2017
I used Close Your Own Loan.com for my last home loan and the entire team of people there were wonderful. The process was quick and easy and I actually was able to close on my new loan earlier than expected. I would highly recommend them to anyone looking for a home loan. Special thanks specifically to Greg Encarnacion. He was so nice and responded to every question quickly.



Our Partner
9.0 / 10
  • $1,000 Best Rate Guarantee
  • BBB Accredited with an A+ rating
  • No upfront personal information needed
  • 620 minimum credit score requirement
  • Member FDIC and Equal Housing Opportunity Lender