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CloseYourOwnLoan.com Mortgage Rates Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
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CloseYourOwnLoan.com is Magnolia Bank's automated underwriting engine. Since 1919, Magnolia Bank has operated as an independent community banking institution offering personal and commercial services across the United States. CloseYourOwnLoan.com takes a different approach to online mortgage quotes by doing away with exploitative sales tactics and streamlining the underwriting experience for consumers.
 
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How Do We Rate CloseYourOwnLoan.com?

Breakdown

4.0/5
Lender Types
4.5/5
Available Mortgage Types
4.5/5
Customer Experience
4.5/5
Reputation & Transparency

Our Overall Rating: 4.4 / 5 (Excellent)

With CloseYourOwnLoan.com, getting the latest mortgage and refinance rates is safe, quick, and easy. Unlike other aggregators whose approach is to give away consumers' information indiscriminately to all their partners, CloseYourOwnLoan.com shops for rates and loan programs on your behalf, according to your specifications. The company's system is truly streamlined for greater consumer convenience while their approach no-steering approach is consumer-friendly. Although it's easy to shop for quotes and compare options with automated services, we advise prospective borrowers to evaluate their loan offers thoroughly before making a final decision.

CloseYourOwnLoan.com Loan Specifics

Available Mortgage Types - 4.5 / 5

CloseYourOwnLoan.com provides access to thousands of loan programs and a variety of mortgage loans and refinance options. They offer such options as VA, FHA, HARP, Jumbo, and conventional loans with fixed and variable interest rates. Since they can match borrowers with several different loan programs, their terms are also quite varied, ranging from 10 to 30 for fixed rate loans and three to seven years for adjustable rate mortgages.

Types of Mortgage Loans Offered

  • Fixed Rate 10 Year
  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year
  • 3/1 ARM
  • 5/1 ARM
  • 7/1 ARM
  • Jumbo Fixed Rate
  • Jumbo Adjustable Rate
  • VA Fixed Rate
  • VA Adjustable Rate
  • FHA Fixed Rate
  • FHA Adjustable Rate

CloseYourOwnLoan.com Customer Experience

Customer Experience - 4.5 / 5

CloseYourOwnLoan.com's online mortgage application is simple and requires minimal information from the consumer at the start of the process. Prospective borrowers looking to refinance only have to provide their basic loan details to view their interest rate and savings. Once they have chosen a loan program and interest rate and created an online account to complete their application, they will be able to print out their loan disclosures and obtain a list of the documents required from them. Once all formal disclosures and necessary documents are submitted, consumers can receive formal approval in 48 to 72 hours. The company's website is a little outdated with regard to graphics and design, yet the information they provide through their guides and FAQs is accurate and to the point.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Help Articles
Document Checklist
Check Today's Rates
SSN Required for Quote
No

Decision and Closing Times

48-72 hours

CloseYourOwnLoan.com Qualification Requirements

Qualification Requirements - 4.6 / 5

All online quotes generated by CloseYourOwnLoan.com's automated underwriting system assume a middle credit score of 740 or higher and a debt-to-income ratio under 43%. Rates may vary depending on the applicant's actual credit score, debt-to-income ratio, county loan limits, among others. The minimum FICO credit score required is 620.

Key Requirements at a Glance

Minimum FICO Score
620
Debt-to-Income Ratio
43.0 out of 100

CloseYourOwnLoan.com Lender Reputation

Reputation & Transparency - 4.5 / 5

CloseYourOwnLoan.com has no regulatory actions with the Nationwide Mortgage Licensing System. The company has an A+ with the BBB and doesn't appear to have any complaints with the CFPB.

Key Facts

Lender Type
Marketplace
Year Founded
1919
BBB Rating
A+
Trustpilot Rating
0.0 out of 5
Collection Date
2018-05-22

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
423028
The Nationwide Mortgage Regulatory Actions
0
Consumer Financial Protection Bureau Complaints
0

Company Profile

Full Name
CloseYourOwnLoan.com Mortgage Rates
Company Website
http://www.closeyourownloan.com/
Headquarters
31726 Rancho Viejo Road Suite 206, San Juan Capistrano, CA, 92675

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