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Magnolia Bank Mortgage Refinance Review


ConsumersAdvocate.org Rating: 4.6 / 5 (Excellent)
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Based in Hodgenville, KY, Magnolia Bank is a provider of FDIC-insured loan products in all 50 states and is one of the top 20 bank originators in the country.

Its San Juan Capistrano branch offers a variety of mortgage refinance options including VA, FHA, Fixed Rate, and Adjustable Rate Mortgages. The bank is BBB accredited with an A+ rating and features numerous positive reviews online.
 
VIEW RATES

How is Magnolia Bank rated?

Breakdown

4.9/5
Loan Variety
4.5/5
Ease of Process
4.3/5
Customer Service and Reputation
4.5/5
Discounts and fees

Overall Rating: 4.6 / 5 (Excellent)

Magnolia Bank is a good alternative to those looking online for refinancing their home mortgage.

Thanks in great part to the variety of their loans and programs, borrowers have the liberty of choosing a refinancing strategy that best suits their individual needs and financial situation. And with a strong reputation and solid financials backing it up, the bank is a noteworthy competitor in the mortgage refinance market.

Overall, we find Magnolia Bank excellent and recommend it for its overall selection of plans, simple application process, and trustworthiness.

Loan Options

Lender Type
Bank
Loans Offered
Rate & Term
Cash-out
Loan Programs
FHA
VA
Conventional
Jumbo
Maximum Loan Size
2,000,000
Fixed Year Terms
30 Year Fixed
25 Year Fixed
20 Year Fixed
15 Year Fixed
Adjustable Rate Mortgage Terms
7/1 ARM
5/1 ARM
3/1 ARM

Loan Variety - 4.9 / 5

Magnolia Bank is an online lender and, as such, has access to a broad range of mortgage and refinance options. The bank offers both rate & term and cash-out loans, with programs for FHA, VA, fixed, adjustable, and jumbo loans.

Its fixed programs feature a wide term range, from as little as five years to as long as thirty. On the other hand, its adjustable programs have terms of 7/1, 5/1, and 3/1 ARM. Loan amounts are also quite varied, ranging from $100,000 to $2,000,000.

Application Process

Minimum Credit Score
620
Maximum Debt-to-income ratio
55
Closing Time
30 days or less

Ease of Process - 4.5 / 5

Consumers applying for a mortgage refinance program with Magnolia Bank's will find its application process quick and hassle-free.

The application itself can be completed in as little as five minutes. After providing basic loan details, borrowers can view their options for interest rate and payment savings. They can create an online account once they have chosen a loan program and interest rate.

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 expect to a receive approval in 48 to 72 hours.

Before applying for mortgage refinance with Magnolia, consumers should check to see if their credit score is at least 620. Most of the bank's loans are closed in thirty days or less.

Magnolia Bank Reputation

Memberships & Regulatory Info.

Memberships
Federal Home Loan Bank
FDIC
Nationwide Mortgage Licensing System ID
423028
Nationwide Mortgage Regulatory Actions
0
NMLS Collection Date
2018-10-01
CFPB Total Mortgage Complaints
0
CFPB Collection Date
2018-10-01
Total VA Loans Written (Q1 2017)
102 loans
Total VA Loan Amount (Q1 2017)
$18,372,936

Online Reviews

BBB Rating
A+
Date Collected
2018-10-01

Customer Service and Reputation - 4.3 / 5

Magnolia Bank has a strong reputation overall. The bank is a member of both the FHLB and FDIC. It also has no regulatory actions with the Nationwide Mortgage Licensing System.

Magnolia Bank doesn't have a Trustpilot page, but it does currently hold an A+ with the BBB, where it has several positive reviews. It is also accredited with the Bureau. The bank does not appear to have any complaints with the CFPB.

Contact & Additional Information

Homepage URL
https://www.mblending.mortgage
Company Phone
(800) 276-2965
Headquarters Address
23046 Avenida De La Carlota Suite 615, Laguna Hills, CA, 92653
Year Founded
1919

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Customer Comments & Reviews

Loading Reviews ...
Tarik Y
1/3/2020
Robert Lowrie is the worst loan officer ever! I really don't know where to start... The first thing I have to say is that his first work sheet he provided to me did NOT match the final numbers at all. I have to say the numbers were off by at least 3-4 thousand dollars. When we connected first time on September 11th, he said that we would be closing within 30 days, but we closed on November 22nd (yes, more than 60 days). He changed certain things on the loan which caused us to have second appraisal which also delayed the closing date by 7 days. Most of the time, he was not telling the truth about everything which I discovered by the end. He pulled our credits total of 3 times and kept... Read More

Brian N
7/16/2019
first of all I'm a veteran trying to get the best mortgage possible and this guy kyle k did my estimate and the estimate was so far off I thought I was getting ripped of, but in actuality kyle k did not do his homework like other companies which first estimate was the actual closing number. and with that he said know one can match another lie. the guys is a terrible mortgage guy. I would never recommend this company, because they don't care such a car salesman shisty

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