Purchase

Magnolia Bank's website CloseYourOwnLoan.com is your premier source for online pre-qualifications. 

Whether you are a first time home buyer or an experienced pro, you want to be sure you are getting the best loan on the market and not just take the first loan that is offered to you.  In other words, you need to Close Your Own Loan.

According to a recent survey, the #1 reason for cancellation of the purchase transaction was a lack of communication or commitment from the lender.  Do not let a communication breakdown determine the fate of your next home purchase.  Here at Magnolia Bank you will have access to your own secure online account detailing exactly where you are in the process any time, day or night.

Getting Your Online Pre-Qualification

Once you view your new interest rate and payment and complete the simplified online loan application, you will be assigned a Loan Originator and one of our experienced Processors will take over.  Your Loan Coordinator and Processor will have an underwriting decision issued by our automated underwriting system and a loan pre-qualified letter will be issued at this time.   

Offer Accepted

Once you find a home and the seller has accepted your offer, your Loan Originator and Processor will order your appraisal, submit your loan for final approval, draw your final loan documents and handle the entire process from the time the application is received to the time your loan is funded.  Remember, you are skipping the salesman, not the mortgage company.

Simply click Get Rates to view your loan program and interest rate options, follow the step by step instructions to complete the simplified online loan application and your Loan Originator and Processor will handle the rest.      

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. 

**Loan Qualifying Assumptions:
All online rate and payment quotes issued by the online mortgage system assume a middle credit score of 740 or higher and a debt to income ratio under 43%. There may be adjustments to the terms depending upon your actual credit score, debt to income ratio, county loan limits, etc. The minimum credit score required is 620. Not all applicants will qualify.