Magnolia Bank Mortgage Refinance Review

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.

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 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.