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Close Your Own Loan mortgage review

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An online application and automated underwriting could simplify your home purchase.

A division of Magnolia Bank, Close Your Own Loan lets you get a new mortgage entirely online. But there aren’t many reviews available, and the website is a bit out of date.


Loan products offeredPurchase, Refinance, Fixed, Adjustable, Jumbo, FHA, VA
Minimum down payment3%

What types of loans does Close Your Own Loan offer?


Close Your Own Loan offers conventional fixed-rate mortgages with terms between 10 and 30 years. You can also get a three-, five- or seven-year adjustable-rate mortgage.


You can refinance your home with or without a cashout option. If you’ve built up equity in your home or improved your credit, you may be able to qualify for a more competitive interest rate.


You can get approved for an FHA loan with as little as 3.5% down and you can often qualify with a lower credit score than you’d need for a conventional mortgage. You’ll need to fall below a certain income threshold based on your household size to qualify.


Available to military service members, veterans and some military spouses, VA loans can get you a house with $0 down.


A jumbo loan is any home loan too large to be bought out by Fannie Mae or Freddie Mac, the two largest government lenders. As of 2020, any home above $510,400 will need a jumbo loan.

Close Your Own Loan fees

While Close Your Own Loan can’t provide you with the exact amount you’ll be expected to pay at closing, it does offer potential borrowers an online loan estimate calculator.

Based on a 30-year $300,000 mortgage with a 10% down payment, you can expect the following fees:

Interest3.75% APR
Underwriting fee$850
Processing fee$695
Appraisal fee$420
Estimated title and escrow fees$1,055
Credit report$49
County recording fee$65
Flood certification$6

*Rates obtained August 2019 and can vary by location

Special programs

Close Your Own Loan offers a $1,000 rate guarantee. If you find a more competitive interest rate with a different provider within 30 days of closing, the company will pay you $1,000 cash. But in order to qualify, you’ll need a loan estimate and a signed and executed rate lock agreement, which you may require you to get preapproved for another loan, meet with a lender and/or pay a fee.


To qualify for a home loan with Close Your Own Loan, you’ll need a minimum credit score of 620. You’ll also need to be ready with a down payment of at least 3%. Some loans may require a much higher credit score and/or down payment to be approved.

Required documentation

The documentation you may be required to submit includes:

  • Pay stubs from the past two months.
  • Bank statements from the past two months.
  • Personal tax returns from the past two years.
  • W2s or 1099s for the previous two years.
  • A copy of your driver’s license.
  • A copy of your homeowners insurance policy, if refinancing.
  • Current mortgage statements, if refinancing.

Close Your Own Loan reviews and complaints

Online reviews about Close Your Own Loan are scarce, which makes it hard to gauge how past borrowers feel about the company.

While Close Your Own Loan is not an accredited business with the Better Business Bureau, its parent company, Magnolia Bank, is accredited and receives an A+ rating.

Pros and cons of Close Your Own Loan


  • Fully online application. Unlike other providers that boast easy online applications only to ask for in-person follow-ups, Close Your Own Loan’s process takes place almost entirely online.
  • Automated underwriting. Automated underwriting generally leads to quicker decisions, and you’ll likely hear back within 48 hours.
  • $1,000 best-rate guarantee. Close Your Own Loan is so confident about its competitive interest rates, if you find a better interest rate with another provider within 30 days of closing, it pays you $1,000.


  • Limited support. Close Your Own Loan’s customer support is only available by email and by phone.
  • Difficult-to-navigate website. The website can be hard to navigate, with no search feature and dated information. For example, as of August 2019 the application’s dropdown menu still lets you apply for a HARP loan, despite the fact that the HARP program expired in 2018.

Compare mortgage lenders

Name Product Loan products offered State availability Min. credit score
(NMLS #330511)
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
Online preapproval in minutes and no origination fees with this direct lender.
(NMLS #1136)
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
Connect with vetted home loan lenders quickly through this online marketplace.
(NMLS #1121636)
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
No hidden fees, multiple loan terms, and member discounts available.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).

Compare up to 4 providers

Ready to compare lenders?
View mortgage, refinance and home equity rates from multiple lenders and apply online.

Need help? Talk to a customer specialist


How to get a home loan with Close Your Own Loan

To start the process of getting a new mortgage:

1. Go to Close Your Own Loan’s site and select the type of loan you’d like to apply for and your state of residence. Then click Get Rates.

Close Your Own Loan mortgage step 1

2. Enter the purchase price of the property you’re interested in, your down payment and the loan program you’d like to apply with. Click Get Rates.

Close Your Own Loan mortgage step 2

3. Review your loan proposal. Click Select Interest Rate and Go To Application.

Close Your Own Loan mortgage step 3

4. Create an account with Close Your Own Loan with your full name, address, phone number and email. Create a username and password, and click Create User.

Close Your Own Loan mortgage step 4

5. Review Close Your Own Loan’s interest rate disclosure and select Yes. Click Continue.

Close Your Own Loan mortgage step 5

6. Review the items you’ll need to submit to Close Your Own Loan, including recent pay stubs, personal tax returns and a copy of your driver’s license.

Close Your Own Loan mortgage step 6

7. Gather the necessary documents and submit them to Close Your Own Loan by fax, email or uploading to your online account. Close Your Own Loan prefers that you submit documentation within 48 hours of your initial application request.

After you submit your documents, you’re assigned a loan coordinator to assist you with the rest of the home loan process. Keep track of your updated progress through your online account.

What is Close Your Own Loan?

Close Your Own Loan is an online mortgage experience offered by Magnolia Bank, which was founded in 1919 and based in Kentucky.

Magnolia Bank is accredited with the BBB and has an A+ rating, but it has only a small handful of reviews on the BBB and none on Trustpilot. Close Your Own Loan has very few reviews online, so it’s difficult to gauge how previous borrowers have felt about the process.

Frequently asked questions about Close Your Own Loan

Expert review

Shannon Terrell

Review by

Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

Expert review

For those seeking autonomy and convenience when applying for a mortgage, Close Your Own Loan can offer an entirely online application process, quick turnaround and competitive rates. But it offers limited support only by email and phone. And it’s website is difficult to navigate.

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