Magnolia Bank Review

In a Nutshell

Magnolia Bank is an online home loan moneylender that offers advances for home buy and renegotiating. The organization approaches a great many distinctive program alternatives and utilizations a streamlined procedure to convey the best rates to every client.

  • 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
Down PaymentNo minimum
Credit Score620+, recommended 740
Best ForExperienced homebuyers who want to cut out salespeople



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 credit alternatives and you get the opportunity to choose which one is best for you.

Best For?

  • Experienced purchasers who need to remove the broker (sales reps) and set aside both time and cash and feel great taking care of the home loan process on the web.
  • Borrowers who need forthright, quick, pre-endorsements.
  • Borrowers with great to incredible credit and an obligation to-salary proportion of 43% or less.

Credit Features

Magnolia Bank offers 2 sorts of credits: Home buy and renegotiate. Inside these more extensive advance classifications are various kinds of credits, similar to FHA and VA advances.

Clients need to choose for themselves which advance is best for them; notwithstanding, your decisions will likely be limited by the advances you really meet all requirements for. In the event that you have a poor credit rate, you most likely won’t meet all requirements for a $500,000 10-year fixed advance. In the event that all the distinctive advance sorts are Greek to you, Magnolia Bank flaunts a proficient client bolster group with master advance processors that are accessible to manage you through the procedure and help figure out which advance is best for your conditions.

The Application Process

The application procedure is genuinely clear and straightforward; 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 insignificant data including the expense of the house and measure of up front installment; at that point the framework computes a credits proposition for you, and you can look over a choice of financing costs.

When you discover an advance and financing cost that suit you, you’ll be coordinated to the credit application. Some portion of the application expects you to present the accompanying documentation:

  • Last 2 compensation stubs
  • W2 or 1099 of past 2 years
  • 2 years of individual and business assessment forms
  • Duplicate of driver’s permit
  • Marked Borrower’s Certification and Authorization
  • For renegotiating: Copy of property holder’s protection approach presentations page and current home loan explanations

It’s a smart thought to assemble this data before you discover an advance and rate that you need, on the grounds that once you discover it, you just have 48 hours to present every one of the reports.

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 robotized financier, a propelled PC framework that examines your pay, credit, resources, and different things so as to survey in the event that you fit the bill for the advance you need. Utilizing the robotized guarantor, pre-endorsement can occur inside minutes rather than days or weeks.

Once your pre-endorsement is issued, your processor will arrange an examination 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 examination has been gotten, your processor will present your credit for definite endorsement, and you’ll get a last guaranteeing choice inside 48-72 hours.

You’ll at that point be messaged the last advance reports, 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.

Upsides and downsides

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 moneylenders don’t.

To begin with, getting credit rates is super-simple and requires insignificant data. Additionally, the framework approaches many advance alternatives, 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 records, which will at that point be put through the organization’s mechanized financier. The mechanized guarantor does basically everything of a run of the mill credit official, however without space for slip-ups. 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 eases customer weight and removes extra costs like commission.

Rates and Terms – The Bare Basics

There are different rates and terms accessible, however the credit you pick truly relies upon your monetary circumstance. The following are the advance sorts and terms that are accessible; rates differ as indicated by numerous elements, including financial assessment, initial installment, and that’s only the tip of the iceberg.

  • 10-, 15-, 20-, 25-, 30-year fixed advances
  • HARP 15-and 30-year fixed advances
  • FHA 15-and 30-year fixed advances
  • VA 15-and 30-year fixed advances
  • 3, 5, and 7 ARM (customizable rate contract) credits

Reimbursement Terms

Each advance accompanies its own reimbursement terms, so regardless of whether 2 clients both select a 30-year fixed credit, their reimbursement terms will probably be extraordinary. This is on the grounds that the terms rely upon the accompanying variables:

  • The borrower’s credit
  • The measure of the credit
  • The measure of the up front installment
  • The time—credit rates can truly change from everyday, so even 2 individuals with fundamentally the same as money related foundations can get distinctive reimbursement terms in the event that they apply a half year separated

Help and 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 straightforwardly. When you present all your administrative work, you’ll be alloted 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 credit procedure.


In case you’re needing a home buy advance or renegotiating advance, Magnolia Bank is a decent alternative, giving that you have a base FICO assessment of 620. The principle advantages of picking Magnolia Bank are:

  • A computerized guarantor
  • Access to a large number of advance choices
  • A no-business weight condition
  • Extraordinary rates
  • Quicker endorsement than normal loan specialists

Physical Address

794 Old Elizabethtown Rd

Hodgenville, KY 42748-9406