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  CloseYourOwnLoan.com

CloseYourOwnLoan.com

in Mortgage Brokers from Magnolia Bank · NMLS ID #423028

Unaffiliated

CloseYourOwnLoan.com

Unaffiliated

in Mortgage Brokers from Magnolia Bank · NMLS ID #423028

Net Recommendation Score +100%

SUPERMONEY NET RECOMMENDATION SCORE

+100%

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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Highlights
Community Rating

Rating not yet determined  

Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Broker Loan Origination Fees 1% - 5%
Broker Fee Payer Lender

CloseYourOwnLoan.com Review

CloseYourOwnLoan.com services are offered by Magnolia Bank (NMLS #423028), a bank founded in 1919 and based in Hodgenville, KY. CloseYourOwnLoan.com services are available in 50 states (and Washington, DC).

CloseYourOwnLoan.com FAQ

How does CloseYourOwnLoan.com get paid?

Mortgage brokers get paid either by lenders or by borrowers. However, they cannot receive compensation from both parties.

Magnolia Bank gets paid by lenders. Lender-paid compensation is the most common fee model among mortgage brokers. This fee model can help bring down the upfront costs to borrowers. However, it also gives brokers the incentive of promoting lenders that pay higher commissions.

What fees does CloseYourOwnLoan.com charge?

Although cost should not be the only factor when choosing mortgage brokers, it is smart to compare the rates, fees, and services mortgage brokers offer before making a decision.

Does CloseYourOwnLoan.com charge broker administration fees?

Yes, CloseYourOwnLoan.com charges borrowers a broker administration fee of $200.

Does CloseYourOwnLoan.com charge broker loan origination fees?

Yes, CloseYourOwnLoan.com charges borrowers a broker loan origination fee of 1% to 5%.

Does CloseYourOwnLoan.com charge broker upfront fees?

Yes, CloseYourOwnLoan.com charges borrowers an upfront fee of $100 to $500.

Does CloseYourOwnLoan.com charge a yield-spread premium?

Yes, CloseYourOwnLoan.com receives a yield-premium fee of 1% to 3%.

Brokers that are paid a yield-spread premium from lenders have an incentive to steer borrowers to lenders that offer higher commission rates even if they qualify for a lower interest with another lender. This is not always bad for borrowers as it can lower the upfront costs of a mortgage. For instance, borrowers who only plan to keep a mortgage for a few years may find this option cheaper than paying broker fees out of pocket.

CloseYourOwnLoan.com Fees
Description
Broker Loan Origination Fees 1% - 5%
Broker Upfront Fees $100 - $500
Broker Administration Fees $200
Yield-Spread Premium 1% - 3%

What mortgage programs does CloseYourOwnLoan.com offer?

CloseYourOwnLoan.com offers the following mortgage programs:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
  • Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.

What types of mortgage does CloseYourOwnLoan.com broker?

CloseYourOwnLoan.com works with the following types of mortgages:
Interest Rate Types Offered Options
Supported Options Unsupported Options
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
  • Hybrid Mortgage
  • Option ARM
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

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About CloseYourOwnLoan.com

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
Mortgage Programs
  • FHA
  • HARP
  • Jumbo

CloseYourOwnLoan.com Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

+100%

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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