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Close Your Own Loan mortgage review

Automated underwriting could simplify your home purchase, but little is known about the service you’ll receive.

Close Your Own Loan is a division of Magnolia Bank that uses an automated underwriting engine to analyze your qualifications and streamline the mortgage loan process. But there aren’t many reviews available, and the website is a bit outdated.

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Loan products offeredConventional, Jumbo, FHA, VA, Refinance
Minimum credit scoreConventional - 620
Minimum down payment (Conventional)3%
State availabilityAvailable in all states
NMLS #423028

Close Your Own Loan Requirements

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.


The documentation you may be required to submit includes:

  • Pay stubs and 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

Costs and fees

Close Your Own Loan claims its automated process results in lower fees than other lenders. However, its website doesn’t provide the exact amount you’ll be expected to pay at closing, so you can’t do your own comparison. But it does offer potential borrowers an online loan estimate calculator that includes possible closing cost amounts. You can expect the following fees:

  • Underwriting fee
  • Processing fee
  • Appraisal fee
  • Estimated title and escrow fees
  • Credit report
  • County recording fee
  • Flood certification

How to apply for a mortgage with Close Your Own Loan

Follow these steps 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 hit Get Rates.
  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. Select Get Rates.
  3. Review your loan proposal, then choose Select Interest Rate and Go To Application.
  4. Create an account with Close Your Own Loan with your full name, address, phone number and email. Create a username and password, and select Create User.
  5. Review Close Your Own Loan’s interest rate disclosure and choose Yes. Select Continue.
  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.
  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, so it may be a good idea to have all your documents gathered before you apply.

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 types of mortgages can I get through Close Your Own Loan?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

How Close Your Own Loan’s mortgage products compare to other lenders

This lender’s automated underwriting works with loans that have set criteria, such as conventional fixed-rate and ARM mortgages, FHA and VA loans. Close Your Own Loan also offers refinance options, but no specialty loans.

Close Your Own Loan has 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 to qualify, you’ll need a loan estimate and a signed and executed rate lock agreement, which may require you to get preapproved for another loan, meet with a lender or pay a fee.

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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 (BBB), it has an A+ rating as of April 2022 for closing two customer complaints related to the reasons their applications were rejected. The lender has no customer reviews.

Its parent company, Magnolia Bank, is accredited with the BBB and has an A+ rating.

Pros and cons of Close Your Own Loan


  • Online application process. 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, which means 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, phone and contact form on the website.
  • Difficult-to-navigate website. The website can be hard to navigate, with no search feature, broken links and dated information. For example, the application’s dropdown menu still lets you apply for a HARP loan, despite the fact that the HARP program expired in 2018.
  • Limited customer reviews. With so few reviews available online, it’s hard to know what potential problems you might face with this lender.

What is Close Your Own Loan?

Close Your Own Loan is an online mortgage experience offered by Magnolia Bank, founded in 1919 and based in Kentucky. This division was created to support the automated underwriting engine and only uses loan officers to organize appraisals, documentation and communicate the engine’s results.

Review by

Shannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

For those seeking autonomy and convenience when applying for a mortgage, Close Your Own Loan can offer a no-pressure, online application process, a quick turnaround and competitive rates. But researching this company can be difficult as it’s website is outdated and difficult to navigate, and there are limited customer reviews available online. Borrowers looking for a vetted lender may want to shop around.

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