An entirely online application process and automated underwriting could simplify your next purchase.
Shopping for a mortgage isn’t just time-consuming — it’s also tedious. Once you’ve selected a provider, you then gather required loan documents, submit your application and wait weeks for a decision on your pending mortgage.
Or you could take care of the process yourself online, from the comfort of your home. This is the convenience you could find with a mortgage through Close Your Own Loan, a division of the Peoples Bank.
|Product name||Close Your Own Loan mortgages|
|Fixed-rate terms||10–30 years|
|Adjustable-rate terms||3, 5 and 7 years|
|Repayment type||Principal and interest, interest-only ARM loans|
|Fees||Varies by state|
|Loan purposes||Owner occupied, investment, refinancing|
|Customer service||Phone and email|
What does Close Your Own Loan do best?
- 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 really takes place online.
- Automated underwriting. Close Your Own Loan automates its underwriting to assess your documentation and provide a decision within 48 hours.
- Range of loans. From fixed-rate financing and ARMs to FHA and VA loans, Close Your Own Loan can provide financing that best suits your needs.
- $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.
What can I expect with a Close Your Own Loan mortgage?
- High maximums. Access conforming loans of up to $417,000 and super conforming loans of up to $625,000. Maximum nonconforming jumbo loan amounts vary depending on your state.
- Flexible repayments. Close Your Own Mortgage offers fixed-rate, interest-only home loans that allow you to pay just the interest for the first 10 years of the loan.
- Discounts. Close Your Own Loan works to offer the lowest interest rates possible. If you find lower interest rates with another provider within 30 days of closing, Close Your Own Loan hands you $1,000 cash.
What types of fees come with this loan?
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 20% down payment, you can expect the following fees:
|Estimated title and escrow fees||$835|
What are customers really saying?
Finding a mortgage is complicated. But if there’s one thing borrowers love about Close Your Own Loan, it’s undoubtedly its personally tailored customer service.
Online reviews rave about a high degree of care, communication and attentiveness exhibited by loan coordinators. However, several borrowers suggest that the proposed interest rates quoted online didn’t reflect the actual interest rates they were offered on their home loans.
The Better Business Bureau and Trustpilot do not have sufficient information on Close Your Own Loan to conduct full reviews. Its parent company, Peoples Bank, earns an A+ rating from BBB.
How do I apply for this loan?
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.
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.
3. Review your loan proposal. Click 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 click Create User.
5. Review Close Your Own Loan’s interest rate disclosure and select Yes. Click 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 licence.
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.
- Credit score of at least 620.
- Minimum 3.5% down payment.
- 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 licence.
- A copy of your homeowners insurance policy (if refinancing).
- Current mortgage statements (if refinancing).
Compare home loans
I got the loan. Now what?
- Sign up for autopay. Streamline your mortgage by automating payments through your Close Your Own Loan account.
- Get support. If you have any questions about the status of your home loan, reach out to your loan coordinator or call 800-276-2965.
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 alongside personable customer service.
But before making a decision, make sure you look into other loan providers near you to find the best loan and rate for your needs.