Expert Close Your Own Loan Review 2019

In a nutshell: With Close Your Own Loan, prospective homeowners can shop through a variety of rates and repayment terms for their mortgage including fixed loan programs with repayment starting at 10 years and going up to 15, 20, 25, and 30 years. Applicants benefit from a $1,000 best rate guarantee that gives cashback to those who find a better rate within 30 days after approval.

Overview

With Close Your Own Loan mortgage, prospective homeowners get a straightforward application process toward securing a mortgage loan with fair rates and repayment terms. The company has an easy online application, and applicants can submit all forms through the website or by email. This loan service even offers a $1,000 best rate guarantee. That means that applicants who find a better rate within 30 days of approval receive $1,000 in cash from Close Your Own Loan, guaranteed.

Close Your Own Loan hosts a range of loan programs including:

  • 10, 15, 20, 25, 30 year fixed rate mortgages
  • HARP 15 and 30 year fixed rate mortgages
  • FHA 15 and 30 year fixed rate mortgages
  • VA 15 and 30 year fixed rate mortgages
  • 3, 5, and 7 year ARM.

Based out of southern California and powered by Magnolia Bank, Close Your Own Loan works as a mortgage broker, serving as the middleman between the lender and homeowner. The company, Magnolia Bank, Inc., is accredited by the Better Business Bureau with an A+ rating. Close Your Own Loan is also a member of the FDIC and complies with the Equal Housing Opportunity Act.

Eligibility & Process

Close Your Own Loan mortgage has a fairly standard process for applying and securing a mortgage loan. Applicants who qualify can expect the process to take about six to eight weeks, and most of the process involves signing forms and submitting documents online. Rather than working with a loan officer, each applicant receives both a loan coordinator and loan processor. Working with both ensures that applicants don’t get misdirected into choosing high-risk or expensive loans. Meanwhile, the company uses an automated underwriter so that loans get processed quickly and accurately.

Before even applying, Close Your Own Loan has an online calculator to help prospective homeowners get an idea of rates. The calculator allows you to adjust rates according to the home value, state, county, credit score, repayment term, income, and property type. Close Your Own Loan online rates and payment quotes assume that applicants have a mid-range credit score of 740 or higher and a debt to income ratio under 43%.

After getting a quick rate estimation, the next step involves securing a rate and completing an application online. To do this, new users will need to create an account. The initial application takes about five minutes and requires some basic information. At this stage, Close Your Own Loan doesn’t need bank statements or W2 forms, but you will need to submit the application and print disclosures so have a printer ready.

Next, an experienced processor will submit the loan application to the automated underwriting engine to speed up the application process. The engine will automatically issue an underwriting decision outlining the next steps to complete the application. Close Your Own Loan will then send the appraiser’s contact information before contacting you within 24 hours. After underwriting provides the final approval, you can move forward with signing the loan documents and closing the deal.

Fees & Rates

Because Close Your Own Loan serves as a mortgage broker, applicants have a range of loan options and can secure low fees and rates. Like any other mortgage loan, fees and rates depend on the application and loan term. Close Your Own Loan has a special $1,000 best rate guarantee. This means applicants who find better rates with another legitimate lender within 30 days of closing the loan, Close You Own Loan will pay $1,000 in cash.

Payment Terms

With Close Your Own Loan, applicants can choose from a range of standard loan programs. Close Your Own Loan mortgage has fixed loan programs with repayment terms starting at 10 years and going up to 15, 20, 25, and 30 years. Close Your Own Loan also supports HARP loan programs with 15 and 30 years fixed rate payment terms. Applicants can also choose from 15 and 30 year fixed FHA loans. Veterans can also benefit from Close Your Own Loan’s 15 or 30 year fixed rate VA loans. In addition, Close Your Own Loan has ARM loans with 3, 5, and 7-year repayment terms.

Customer Support

If you’re looking to secure a mortgage loan with Close Your Own Loan, make sure to check out the website’s FAQ page. This helpful guide features important questions regarding mortgage loans such as interest rates, credit scores, a glossary of mortgage terms, and loan tips.

Close Your Own Loan offers customer support by phone, and you can also get in touch with the company directly by fax, email, or by filling in an online contact form through the website. Although the company boasts an easy application process, it does have some negative reviews on it’s BBB page.

Joe Schwartz | Mortgage Loans Editor

Our chief content editor, Joe manages a diverse team of content writers. He holds a degree in online communications and his writing has been featured in a wide range of online publications.

Top 5
1
9.9
2
8.7
3
8.5
4
8.0
5
7.9
Pros
  • $1,000 best rate guarantee
  • Easy online application
  • Online rate calculator
Cons
  • Mortgage broker, not lender
  • No live chat
Bottom Line
Supporting a range of loan programs, Close Your Own Loan offers an easy online application process with a $1,000 best rate guarantee.

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