Movement Mortgage was established in just 2008. Since then, it has already grown into a massive lender that serves 49 states and has over 4,000 employees.
With a vision to serve 1 out of every 10 homebuyers in the country by 2025 and over 75 percent of our loans are processed in just 7 business days, Movement is committed to making the experience simple and enjoyable from beginning to end.
Before we go into details about Movement Mortgage, take a look at the table of contents below.
What Is Movement Mortgage All About?
Movement Mortgage provides mortgage loans with ease to deserving clients that help them live their dream lives.
Movement Mortgage was created in 2008 despite the financial tumult facing America at that time. As a company, they are committed to a Movement of Change in the mortgage industry, in corporate cultures, and in communities. Through their unique process, they create a referable experience for both homebuyers and real estate agents.
The movement has grown from a small team of 4 to over 4,000 employees with more than 650 locations across 47 states. Inc. Magazine recognized Movement Mortgage as the fastest-growing mortgage bank in the country.
How Does Movement Mortgage Work?
Movement Mortgage is committed to ensuring that the process of buying a home is as seamless as it can be. As such, the process of how Movement Mortgage works have been delineated into stages.
It is at this point that you initiate a conversation with a Movement loan officer that aims to assess your creditworthiness, establish expectations and discuss possible financing options.
#2 Application & Documentation
After you must have reached a consensus, the next step to take is to apply. At this point, Movement moves to obtain relevant information from you which will help them process the loan. You will team up with your loan officer to collect items such as W2s, Pay Stubs, Bank Statements, and Employment History.
At this point, they team up with an industry-leading appraisal management company that helps them keep the ball rolling. By maintaining a high standard for who they partner with, they can streamline what is often an extremely time-consuming endeavor.
#2 Upfront Underwriting
Movement Mortgage underwrites every loan at the beginning of the loan process. This gives you a major advantage in a crowded market and helps prevent any last-minute rushing.
Their “reverse” approach is unique and allows you to bypass an industry full of stressful and slow lenders. Underwriters assess the loan and aim to have it released from Underwriting within 6 hours.
Once the underwriters have assessed the loan and underwritten them, just know that your loan has been approved conditionally. Conditions are like little red flags that show there are still items to address. You will work with your loan officer and resolve these. Now it’s time to move forward into processing.
#2 7-Day Processing
Their process is goal-oriented rather than deadline-oriented. Most lenders attempt to just work towards a closing date or deadline. This often leads to problems and rushing around hours before closing or even missing the closing date. At Movement, things are done differently.
The 7-day goal enables them to process all and close all relevant documents.
#1 Final Underwrite
The Underwriter will now review your loan and verify that all conditions have been taken care of. The loan process is now complete and is ready for closing.
The movement works alongside the closing attorney to assemble the final paperwork and confirm the total funds needed for the closing day.
Everything they do leading up to this point ensures that the closing table is a smooth and exciting experience. Now, enjoy the moment as you receive the keys to your new home.
Quite interesting, right? Click here to apply for a Movement mortgage.
What Kind Of Mortgage Can I Get With Movement Mortgage?
Here’s an outline of the type of mortgages you can get with Movement Mortgage lender.
This is the standard mortgage loan. You need a 20% down payment to avoid paying private mortgage insurance and a decent credit score to qualify for a conventional mortgage.
This type of loan does not have property restrictions, a downside of many government-backed loans. The movement offers conventional fixed-rate and adjustable-rate mortgages.
If you’re looking to buy a home in an expensive housing market, you may need to opt for this type of loan.
Jumbo loans are loans above the conforming limits set by Fannie Mae and Freddie Mac, two government-sponsored home loan entities. The limit in most areas is $510,400. These types of loans generally require a 20% down.
Veterans Affairs (VA) loan
Aimed at veterans, service members, National Guard, and Reserve personnel, VA loans offer homeownership opportunities under favorable terms.
You don’t need a down payment and the loan does not come with private mortgage insurance.
Movement doesn’t charge lender fees for VA loans. You’ll need a credit score of at least 580 for a conforming VA loan and 620 for a loan above the limit to qualify for a VA loan through Movement Mortgage.
Federal Housing Administration (FHA) loan
You can qualify for this type of government-backed loan with down payment savings (or gift funds) of just 3.5%. FHA loans help those who don’t have credit scores high enough to qualify for a conventional loan.
The downside is that you have to pay upfront mortgage insurance and a monthly insurance premium if you put less than 20% down.
United States Department of Agriculture (USDA) loan
Low-to-moderate income homebuyers can benefit from this government loan option that requires no down payment. The property must be in a designated rural area to qualify.
Fannie Mae HomeReady
This home loan is for those who lack down payment savings but have a good credit history and stable job. The HomeReady program offers fixed-rate loans to low-to-moderate income homebuyers and down payments as low as 3%.
Designed for individuals 62 or older who need income, home equity conversion mortgages, known as reverse mortgages are offered by Movement Mortgage. This loan turns your equity into cash.
Movement Mortgage offers FHA 203(k) standard and limited renovation loans for those with a 580 credit score or higher, HomeStyle Renovation mortgages, and HomeStyle® for Investors, which in most cases requires a FICO score of 620 or above.
You can refinance your VA loan, FHA loan, or conventional loan at Movement Mortgage. Products offered include a fixed-rate conventional mortgage refinance or cash out for those with a 620 credit score, the VA Interest Rate Reduction Refinancing Loan (IRRRL), and FHA 203(b) streamline refinances.
Does Movement Mortgage do refinance?
It certainly does. Movement Mortgage offers standard rate-and-term refinances to help homeowners lower their mortgage rates and save money.
With government-backed loans, Movement can facilitate streamlined refinancing. Streamline refinancing requires less paperwork, lower costs, and fewer headaches than other refinances. However, you can’t get cash out with these.
What Are The Requirements To Borrow From Movement Mortgage?
Movement Mortgage adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA).
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher). Depending on the loan, a minimum down payment of 3.5 percent is typically required (zero down for VA or USDA loans).
Is Movement Mortgage Legit or Scam?
From all indications, Movement Mortgage is a reliable platform that has over the years proved its competency by providing mortgages to wannabe homeowners.
In other words, Movement Mortgage is a solid choice for prospective buyers who want to own a home but don’t have enough for a down payment. Alternatively, the lender has different mortgage options for different kinds of people and options.
I hope this article satisfies your search intent. Do well to make the best out of it.