Step By Step

With the advent of the internet and our use of an innovative automated underwriting engine, the home loan process has never been easier.  Here at Magnolia Bank we have streamlined the process to just a few simple steps.  No more long winded sales pitches to endure, no more calling all over town to get a simple rate quote, no more bait and switch techniques and no more high pressure sales tactics.  Not all applicants will qualify. 

Step 1) Get started
Click Get Rates, enter your basic loan details and view your interest rate and payment savings.  You will be able to quickly and easily view your new 30 year fixed rate, monthly payment and total savings versus your current payment as well as view different loan programs if you wish. 

Step 2) Reserve your rate and complete application
Once you have chosen your loan program and interest rate, click on Select Interest Rate And Go To Application.  You will then be asked to create an account.  Once you have chosen a login and password, you will be directed to the full loan application section where you will complete your loan application using our secure server with encryption technology.  It usually only takes as little as 5 minutes to complete the application and you will know the information that is needed off the top of your head.  No need to gather bank statements or W2 forms just yet. 

Step 3) Submit application and print disclosures
Once you have completed your application, click Submit Application and Print Disclosures.  This will send your completed loan application securely to one of our expert Processors.  This will also provide you with all of your loan disclosures as well as an Items Needed Letter detailing what is needed from you.  A copy of these disclosures will also be e-mailed to you along with your Loan Originator and Processor’s contact information.  Keep in mind that you will be able to view this information at any time by logging in to your secure personal account. 

Step 4) Gather your information
You now must gather the basic information from the Items Needed Letter and fax it along with your signed disclosures to your Loan Originator.  Originals are not necessary.  A scanned or faxed copy is fine. 

Step 5) Automated approval
Once we receive your application, disclosures and items needed, your experienced Processor will submit your loan application to the automated underwriting engine.  This automated underwriter will issue an underwriting decision detailing what is necessary to complete the transaction.  Once this decision is issued, your Processor will order an appraisal from one of our preferred appraisers.  The appraiser’s contact information will be e-mailed to you and the appraiser will contact you in as little as 24 hours to set up an appointment. 

Step 6) Appraisal received and loan submitted for final approval
Once the appraisal has been received, your Processor will submit your loan for final approval.  The final underwriting decision will be issued in as little as 48-72 hours. 

Step 7) Final approval
Once the final approval is received from underwriting, your Processor will review any additional items required so we can draw your final loan documents for signing.

Step 8) Sign final loan documents
Once the final loan documents have been drawn, an estimated closing statement will be e-mailed to you for your review.  This closing statement will detail all of the distributions to be made through the loan as well as any cash to you.  A notary will contact you to schedule a time to bring the loan documents to your home or office to complete the signing at your convenience. 

Step 9) Fund
Once we have received the signed loan documents back, your loan will be put in line for funding.  Once your loan funds and records, a final closing statement will be sent to you and the proceeds of the loan will be disbursed. 

It’s amazing that a process that can take 6-8 weeks or longer at other mortgage companies has been simplified to just a few simple steps by Magnolia Bank.  Remember, you can check the status of your loan at any time by simply logging into your secure account. 
 

 Click Get Rates to instantly view your new interest rate and payment. 

 *Interest rates are subject to change and may not be available at time of loan commitment or lock in. 

Speak With A Loan Originator

Would you prefer to speak with a Loan Originator over the telephone?  Please call us directly at   1-800-276-CYOL(2965) and choose option 1.  Or, click here to have one of our experienced representatives contact you directly.