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Rating: 9.5 / 10 (Excellent)
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Founded in 1919 in Hodgenville, KY, Magnolia Bank has been servicing its community for over 100 years. The bank offers its wide range of services to both businesses and individuals. These services range from checking and savings accounts to home equity loans and secondary market mortgage loans, including Veterans Administration Home Mortgage Loans.
 
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How Do We Rate Magnolia Bank?

Breakdown

4.8/5
User Experience
4.8/5
Tools & Resources
4.8/5
Expertise

Our Overall Rating: 4.8 / 5 (Excellent)

Magnolia Bank offers a variety of VA Loan options, including 30-, 20- & 15-year fixed-rate and 5-year ARM loans, Jumbo VA loans, and VA streamline refinance. Borrowers who qualify for the bank's VA loans can borrow 100% of the value of their homes without making any down payments. With over 100 years of experience and an A+ rating with the Better Business Bureau, Magnolia Bank has established itself as a reputable, customer-driven organization. The bank has also been a member of the Federal Deposit Insurance Corporation (FDIC) since 1919.

Magnolia Bank Tools & Resources

Lender Type
Bank Lender
VA Loan Types
Purchase
Rate & Term Refinance
Cash-out Refinance
Property Types
Single Family Home
Multi-family Unit
Townhome
Condo
Mobile/Manufactured Home
Term Lengths
30 Year Fixed
20 Year Fixed
15 Year Fixed
Adjustable Rate Mortgage Terms
5/1 VA ARM

Tools & Resources - 4.8 / 5

Magnolia Bank's VA Loans allow all eligible consumers to borrow up to 100% of the value of their homes with $0 down payments. Because the bank works as a direct lender, it has fewer restrictions on who it offers loans to, making it ideal for prospective borrowers looking for more flexible qualification requirements. Magnolia Bank's VA loans can be used to purchase or refinance a home. The bank also offers FHA, conventional, and jumbo loans and claims it closes most loans in 30 days or less.

Magnolia Bank User Experience

Closing Time
30 days or less

User Experience - 4.8 / 5

Magnolia Bank's website lacks specific information regarding fees and minimum credit scores, although the website mention's borrowers "may qualify for fast approval and a hassle-free loan even with less than perfect credit." Prospective borrowers can fill out information on Magnolia Bank's website for a no-obligation rate and payment quote before talking to one of the bank's mortgage specialists. Prospective borrowers can also call the bank directly to begin their VA loan application process.

Magnolia Bank Expertise

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
423028
NMLS Collection Date
2019-03-06
CFPB Collection Date
2019-03-06

Online Reviews

Trustpilot Rating
4.3 out of 5
BBB Rating
A+
Date Collected
2019-03-06

Expertise - 4.8 / 5

Magnolia Bank has over 100 years of experience and has been an FDIC insured bank since 1919. The bank carries an A+ rating with the Better Business Bureau, and although there are only about 10 customer reviews on their BBB profile, it's worth pointing out that most of these are extremely positive 5-star reviews regarding the reliability and ease of working with Magnolia Bank. The company also takes the time to reply to customer feedback on its BBB page which is a sign of good customer service.

Contact & Additional Information

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

Only pay interest on what you borrow
  Cash-Out Refinance
  Ideal for any borrower considering a cash-out refi
  FDIC Bank since 1919 with A+ BBB Rating
  $100K minimun loan amount, $0 in origination fees
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