Magnolia Bank is an online home loan moneylender that offers advances for home buy and renegotiating. The organization approaches a huge number of various program alternatives and utilizations a streamlined procedure to convey the best rates to every client.
Magnolia Bank prides itself on offering a “business free low-weight condition,” which means you won’t be pushed to close an advance by sales reps you don’t really trust; rather, you’re given advance alternatives and you get the chance to choose which one is best for you.
- Minimal information required to get rates
- $1,000 Best Rate Guarantee
- Not everyone is comfortable with online loan applications
- Minimum credit score of 620 required
Magnolia Bank at a Glance
Loan TypesPurchase, refinance, cash-out refinance
Featured loansFHA, HARP, VA, fixed, ARM
Repayment Terms10- to 30-years fixed, 3-7 years adjustable
Minimum down paymentNo minimum
Credit score620+, recommended 740
Best ForExperienced homebuyers who want to cut out salespeople
Experienced buyers who want to cut out the middleman (salespeople) and save both time and money and feel comfortable handling the mortgage process online.
Borrowers Â who want upfront, fast, pre-approvals.
Borrowers with good to excellent credit and a debt-to-income ratio of 43% or less.
Magnolia Bank offers 2 sorts of advances: Home buy and renegotiate. Inside these more extensive credit classes are various kinds of advances, similar to FHA and VA advances.
Clients need to choose for themselves which advance is best for them; be that as it may, your decisions will most likely be limited by the credits you really meet all requirements for. In the event that you have a poor credit rate, you most likely won’t fit the bill for a $500,000 10-year fixed advance. On the off chance that all the diverse credit types are Greek to you, Magnolia Bank flaunts a proficient client bolster group with master advance processors that are accessible to control you through the procedure and help figure out which advance is best for your conditions.
The Application Process
The application procedure is genuinely direct and basic; additionally, the site has a well ordered guide that lets you know precisely what’s in store at all times.
The initial step is to tap on Get Rates, which guides you to a page where you round out negligible data including the expense of the house and measure of up front installment; at that point the framework figures a credits proposition for you, and you can look over a choice of loan costs.
When you discover an advance and financing cost that suit you, you’ll be coordinated to the advance application. Some portion of the application expects you to present the accompanying documentation:
Last 2 pay stubs
W2 or 1099 of previous 2 years
2 years of personal and business tax returns
Copy of driverâ€™s license
Signed Borrowerâ€™s Certification and Authorization
For refinancing: Copy of homeownerâ€™s insurance policy declarations page and current mortgage statements
It’s a smart thought to accumulate this data before you discover a credit and rate that you need, in light of the fact that once you discover it, you just have 48 hours to present every one of the records.
When you present all the fundamental things, you will be doled out a processor, who will be your go-to individual all through the application procedure. Your processor will initially present your application for pre-endorsement through the organization’s computerized financier, a propelled PC framework that investigates your pay, credit, resources, and different things so as to evaluate on the off chance that you fit the bill for the advance you need. Utilizing the robotized financier, pre-endorsement can occur inside minutes rather than days or weeks.
Once your pre-endorsement is issued, your processor will arrange an evaluation from one of the organization’s favored appraisers. You’ll get the appraiser’s contact data and they will get in touch with you inside 24 hours to set up an arrangement. When the evaluation has been gotten, your processor will present your advance for definite endorsement, and you’ll get a last guaranteeing choice inside 48-72 hours.
You’ll at that point be messaged the last credit archives, and a public accountant will plan an opportunity to arrive to your home so you can finish every one of the marks.
All through the application procedure, you can be in contact with your processor whenever
Pros and Cons
While a few people might be reluctant to utilize an online home loan moneylender, Magnolia Bank is a presumed FDIC bank that goes back to 1919. Magnolia Bank offers various advantages that different loan specialists don’t.
To begin with, getting credit rates is super-simple and requires insignificant data. Besides, the framework approaches many credit choices, and Magnolia Bank is so sure about its rates that it offers a $1,000 Best Rate Guarantee.
When you’ve discovered the best rate and need to check whether you qualify, you’ll have to submit different archives, which will at that point be put through the organization’s mechanized financier. The robotized guarantor does basically everything of an average credit official, however without space for errors. The product decides in minutes whether you qualify and can issue forthright pre-endorsement.
Magnolia Bank likewise prides itself on not utilizing pushy sales reps, which alleviates buyer weight and removes extra costs like commission.
Rates and Terms -The Bare Basics
There are different rates and terms accessible, however the advance you pick truly relies upon your money related circumstance. The following are the advance sorts and terms that are accessible; rates fluctuate as indicated by numerous variables, including FICO rating, up front installment, and that’s just the beginning.
10-, 15-, 20-, 25-, 30-year fixed loans
HARP 15- and 30-year fixed loans
FHA 15- and 30-year fixed loans
VA 15- and 30-year fixed loans
3, 5, and 7 ARM (adjustable rate mortgage) loans
Each loan comes with its own repayment terms, so even if 2 customers both opt for a 30-year fixed loan, their repayment terms will most likely be different. This is because the terms depend on the following factors:
The borrowerâ€™s credit
The amount of the loan
The amount of the down payment
The timeâ€”loan rates can literally change from day-to-day, so even 2 people with very similar financial backgrounds can get different repayment terms if they apply 6 months apart
Help & Support
When you start your underlying application, you’ll be doled out a Loan Coordinator who will deal with your case and who you can contact legitimately. When you present all your desk work, you’ll be doled out a processor, whose immediate contact data will likewise be sent to you. You can contact both your Loan Coordinator and processor by email or telephone whenever all through the advance procedure.
If youâ€™re in need of a home purchase loan or refinancing loan, Magnolia Bank is a good option, providing that you have a minimum credit score of 620. The main benefits of choosing Magnolia Bank are:
An automated underwriter
Access to thousands of loan options
A no-sales-pressure environment
Faster approval than typical lenders
794 Old Elizabethtown Rd
Hodgenville, KY 42748-9406