Rating: 8 / 10 (Very good)
Disclosure: We receive advertising revenue from this partner. Learn more.
Close Your Own Loan is powered by Magnolia Bank, a Kentucky-based banking institution founded in 1919. Close Your Own Loan's automated underwriting engine helps homeowners compare multiple quotes from various lenders and get pre-approved upfront, so they can choose the loan offer that best meets their needs without wasting time.

How is Close Your Own Loan rated?

Breakdown

8/10
Loan Options
8/10
Application Process
8/10
Reputation

Overall Rating: 8 / 10 (Very good)

Close Your Own Loan is 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 salesperson, borrowers are assigned a loan officer 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 - 8 / 10

As an online broker, Close Your Own Loan 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 lenders, 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
40

Application Process - 8 / 10

Close Your Own Loan'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 Close Your Own, 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.

Close Your Own Loan Reputation

Memberships & Regulatory Info.

Memberships
FDIC
Nationwide Mortgage Licensing System ID
88363
Nationwide Mortgage Regulatory Actions
1
NMLS Collection Date
2018-05-22
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 - 8 / 10

Close Your Own Loan has one regulatory action with the Nationwide Mortgage Licensing System, despite having originated quite a large number of loans via their network of lenders. The company has an A+ with the BBB and don'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
2008

Top Rated
Our Partner
8.0 / 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

Latest Close Your Own Loan 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.