About Movement Mortgage
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Movement Mortgage is a reputable company with 650+ locations across all 50 states. It offers several loan types, including conventional, FHA and USDA rural loans. Its online application and rate calculator are easy to use, although information about upfront pricing and loan requirements is limited. Its quick turnaround process is ideal for most buyers, especially in an overcrowded buyer’s market.
- Multiple locations
- Low-income choices
- Quick turnaround
- Unclear requirements
- Limited pricing info
Movement Mortgage offers a wide variety of loan types at its 650+ locations. Its pricing and requirements are unclear, but the online application is easy to use. Most borrowers should be able to find a suitable option for them.
What is Movement Mortgage?
Movement Mortgage is a mortgage bank with more than 650 locations across 50 states. It offers online and in-person mortgage and refinance applications, 75% of which are processed in just seven business days. In addition to helping build its community through homeownership, Movement also donates time and money to various community initiatives. Since its inception, the Movement Foundation has invested more than $60 million in communities.
How does Movement Mortgage work?
When applying for a Movement Mortgage loan, homebuyers and owners first meet with a loan officer to assess their creditworthiness and discuss their financing options. The loan officers then help facilitate the application and documentation process. After an appraisal, Movement offers upfront underwriting, which can help homebuyers stand out in a crowded buyer’s market.
Movement’s goal is to provide underwriting results within six hours of receiving an application, to process loans in seven days and to close in one day. In some cases, however, the process may be longer.
Movement Mortgage loans
Movement Mortgage offers a wide variety of loans, each with its own requirements and time frames. The company isn’t upfront about its requirements for credit score or income levels, but its multiple options mean there should be a loan type for nearly every borrower.
- Conventional loans
- Conventional loans are the most common type of loan. They include a variety of options for things like down payments and interest rates.
- Federal Housing Administration (FHA) loans
- FHA loans are good for those who don’t have a lot of extra money for a down payment. This kind of loan allows buyers to pay for their entire 3.5% down payment with a gift. It’s also possible to qualify for an FHA loan with a lower credit score because it’s backed by the government. Buyers can choose from a fixed-rate or adjustable-rate mortgage.
- Fannie Mae HomeReady Mortgage
- This program offers fixed-rate loans for low- to moderate-income borrowers. The down payments can be as low as 3%, but other benefits include the ability to use secondary sources of funding, like gifts or grants, for down payment and closing costs.
- Jumbo loans
- These are specifically for loans over $548,250 in most housing markets ($822,375 in more high-price areas).
- VA loans
- Actively serving military members or veterans can get a VA loan through Movement Mortgage. These loans offer 100% financing without a mortgage insurance requirement and may include property tax reductions. Movement doesn’t charge any lender fees for these mortgages, but borrowers must have a credit score of at least 580.
- Condo loans
- Movement Mortgage offers condo loan programs, including jumbo loans, up to $3 million.
- USDA loans
- USDA loans through Movement offer low- to moderate-income borrowers the option of buying a home in a designated rural area with $0 down. Sellers can also contribute to closing costs.
Movement Mortgage rates
Movement’s rates can depend on several factors, including home location, credit score and market valuation. Movement does charge a variety of fees based on its fee schedule, which can vary by the type of loan selected. Other fees include a title search fee, which can be up to $750, and a 2% to 5% late fee.
Movement Mortgage FAQ
- How long does it take to close a Movement Mortgage loan?
- About a week. Movement Mortgage aims to provide underwriting results within six hours of receiving an application, to process loans in seven days and to close in one day.
- Can I refinance with Movement Mortgage?
- Yes. Movement offers three refinancing options: VA loan, FHA 203(b) Streamline and fixed-rate conventional refinancing. Its loan officers can help walk you through each one to figure out which is best.
- Where is Movement Mortgage available?
- Throughout the nation. Movement Mortgage is licensed in all 50 states and is one of the largest purchase mortgage lenders in the U.S.
- Is Movement Mortgage a direct lender?
- Yes. Movement Mortgage is a direct lender, not a broker.
- Who owns Movement Mortgage?
- Movement Mortgage is a privately owned company. Casey Crawford is the co-founder and CEO. The company is majority-owned by its nonprofit, Movement Foundation.
Is Movement Mortgage a good company?
Movement Mortgage is a direct lender with offices across all 50 states. Customers can choose from one of its many loan types to find the one that works for them, whether they need a high-value jumbo loan or a loan designed for low-income individuals. Some may find its lack of information about credit and income requirements frustrating, but because it offers an online rate calculator, it’s actually pretty easy to get a customized quote through its site. And its fast turnaround, with underwriting results available within just six hours, is a huge bonus for individuals who want to stand out in a crowded housing marketplace.
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Movement Mortgage Company Information
- Company Name:
- Movement Mortgage
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