Magnolia Bank Mortgage Review

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Magnolia Bank

rating: 5
  • A respected brand with a lot of experience
  • An array of home loan options
  • Both fixed-rate and adjustable-rate possibilities for various loan types

Magnolia Bank Mortgages

BEST MORTGAGES

Magnolia Bank gives Mortgages the needed meaning to ensure customer satisfaction at all costs.

By Aleksandar Spasov | 17th December 2018

Magnolia Bank is one of the most refined mortgage providers in the country for the whole spectrum of US homeowners. Their rates are extremely competitive as they have been in business for quite some time. Closing in on a century of banking services, Magnolia Bank has fixed-rate, FHA, VA, and even Jumbo loans available for their customers. With an average closing time of fewer than 30 days, the bank provides express mortgage options, with instant quotes for a minimum amount of information provided. It is FDIC insured and comes with an A+ BBB rating.

We recommend Magnolia Bank to customers who have a bit of experience in the mortgage field. Cutting out the middleman in the home loan process saves us money and time, and it can be easily established by joining forces with them. The upfront, fast pre-approvals are just a plus to the aforementioned, and the qualification requirements enable even people with poorer credit score to accomplish their goals.

What kinds of Mortgages does Magnolia Bank offer?

As we have mentioned, Magnolia Bank has a lot to offer when it comes to mortgage variety. Conventional loans can have fixed-rate periods of 10, 15, 20, and 30 years. They are dedicated to customers with high credit score and clean mortgage history.

ARMs (Adjustable Rate Mortgages) here have a 3/1, 5/1, and 7/1 options – this means that we can have a mortgage with a fixed interest rate for 3, 5, or 7 years and then change it to an Adjustable form. This lets borrowers pay less towards the end of their mortgage loan depending on their previous payment amounts.

VA Fixed-Rate mortgages are reserved for military members, both current and veterans. If you or your spouse has served in the army, you can get a no down payment, low-interest rate mortgage to suit your real-estate-property preferences. Those also come with adjustable options, just like conventional mortgages – 3, 5, or 7 years before we reach the adjustable interest rate.

Federal Housing Administration (or FHA) loans are also present at Magnolia Bank. They cover customers with lower credit score, especially for houses in rural areas. FHA loans pack both fixed rate and adjustable rate options so even the less fortunate borrowers can still land a great loan to acquire their desired house or flat. The minimum loan amount on any type of mortgage is $25,000.

Mortgage Eligibility

Mortgage qualifications at Magnolia Bank aren’t as thorough as one would expect. For a bank established in 1919, they are pretty simple with their mortgage requirements – we can apply for a loan over the phone or via their website with as little personal information as possible. Date of birth, social security number, address, and monthly income are the four basic metrics to share with them.

Most mortgages at Magnolia Bank require a minimum FICO score of 620 but there are a few which go down to 580 – all of them are FHA loans. Non-traditional credit history is the only special item considered at the bank, even for Jumbo Loans which may grant us up to $10,000,000.

Customer Support

Customer Support at Magnolia Bank can be reached by phone or email at any time during business hours. Customer reviews on their services are splendid as they have put up a lot of time and effort to reach their current state. Responses to email are fairly quick unless we send them an issue during the night while phone contacts come up with a resolution before the 10-minute mark.

Conclusion

Magnolia Bank is one of the oldest mortgage vendors in the industry. They operate with a high level of efficiency for all types of provided home loans. Be it Conventional, FHA, VA, or Jumbo, they pack a comprehensive list of mortgage options to suit even the pickiest borrowers. Competitive interest rates and a friendly customer support are more than capable of aiding us in minimizing our expenses, and the fast closing time on any inquiry makes them perfect for both new homeowners and experienced buyers. And overall respectable mortgage provider with a promise to improve even more in the modern future.

Reviewed by
Aleksandar Spasov
Aleksander is a freelancer from Bulgaria. He's travelled and is still travelling around the the world and has been writing and studying as he goes. He describes himself as a bit of a word freak and this is clear from his studies in English and Journalism.Although he is knowledgeable in a lot of areas, he has been researching and writing about anti-virus as his most recent interest. Read more.
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