Introduction to Movement Mortgage
Movement Mortgage was founded just over a decade ago. In its few years of existence, this company has worked its way up to become one of the most reliable mortgage lenders in the United States. The company has even been mentioned five times as one of the fastest-growing mortgage lenders in the US by Inc.
What is the reason behind the continued success of this company? What sort of services can you source from Movement Mortgage and are they any different from what other lenders in the market provide? Most importantly, is the lender right for you?
Movement Mortgage Overview
Movement Mortgage was founded in 2008 by the former vice president of National City Mortgage Toby Harris and Casey Crawford a former super bowl champion. The company brags of having a highly efficient mortgage application process suitable for all home buyers and real estate agents. All loan applications are underwritten within six hours of submitting applications. They will then go ahead and process the loan, and according to their reports, 75% of all these applications are processed in less than seven business days.
Movement Mortgage Products
Movement Mortgage offers various loan products ranging from conventional loans to government-backed loan products such as FHA, USDA and VA loans.
Conventional loans are not backed by the government, and hence they tend to have a bit more eligibility requirements. To qualify for the conventional loans offered by Movement Mortgage, you’ll have to pay a 20% down payment or get private mortgage insurance. You must also have a good credit score to qualify for this loan.
On the bright side, a conventional loan comes with good rates and terms. If you have private mortgage insurance, you can start with a down payment of as low as 3%! Conventional loans from Movement Mortgage are also offered under different programs that can benefit both moderate and low-income earners. Some of the most popular programs include the Freddie Mac Home Possible, Fannie Mae HomeReady and the Movement Assistance Program.
Additionally, Conventional Loans have no property restrictions as is the case with government-backed loans.
Conventional loans from Movement Mortgage are also available in both fixed and adjustable rates.
Federal Housing Administration Loans (FHA)
FHA is a great mortgage loan for everyone with limited income and a not-so-good credit score. Movement Mortgage provides this loan, but it is secured by the US Federal Housing Administration. With the loan, you can use gift funds or down payment savings of as little as 3.5% to get the loan processed. If the down payment is below 20%, you will be required to pay a monthly insurance premium and mortgage insurance. The low down payments and favorable requirements make this loan a great alternative to conventional loans.
Jumbo loans are perfect for people who want to buy a costly one-unit property in an expensive housing market. This is because the loans have a higher limit which makes it easier for you to purchase such a home. The loan limit here may range from $453,100 to as much as $679,000 depending on location.
The downside with Jumbo loans is the mandatory 20% down payment.
VA loans are for service members, veterans, National Guard and Reserve personnel. These loans come with favorable terms and friendlier qualification requirements. Private mortgage insurance and down payments are not necessary when applying for this particular product. VA loans also don’t carry any lender fees.
To get a conforming VA loan from Movement Mortgage, you will need a credit score of at least 580 and more than 620 to qualify for a loan above the limit.
Movement Mortgage also provides VA loan refinancing. This product is meant for everyone looking to reduce the interest rates of their existing VA loans. They refer to it as VA Interest Reduction Refinancing Loan Program.
United States Department of Agriculture
USDA loan program is designed for everyone who wants to buy a home in a designated or eligible rural area. These loans are aimed for moderate and low-income earners. They require no down payment, and the seller can also decide to contribute to the closing costs.
Movement Mortgage will provide this loan, and the government will secure it.
Reverse Mortgage is designed to turn one’s equity into cash. The loan is available to people who are over 62 years old.
Fannie Mae HomeReady
Fannie Mae is a Movement Mortgage conventional loan product. This loan is meant for individuals with no down payment savings but with a stable job and a good credit history. Both moderate and low-income earners can easily qualify for this loan. Movement Mortgage provides Fannie Mae HomeReady loan at a fixed rate.
Freddie Mac Home Possible Advantage
Freddie Mac Home Possible Advantage is yet another incredible mortgage program for the low and moderate-income homebuyers. This loan program can finance as much as 97% of the total price. Unlike Fannie Mae HomeReady, this particular program offers the loans in specific areas, and you will also need a credit score of at least 660 to qualify.
Condo loans are for everyone who wants to buy a condo. Movement Mortgage provides this loan under their conventional loan products Freddie Mac and Fannie Mae. They also have government-backed condo loans under USDA, FHA, and VA.
If you have a credit score of 580 or more, you can get either a limited or FHA 203(k) standard renovation loan. The loan is available to people with HomeStyle for Investors and HomeStyle Renovation mortgages.
Cash Out Refinance
To qualify for the cash out refinance offered by Movement Mortgage, you must have a credit score of at least 620. The maximum loan amount is around $417,000.
This option can refinance your home, and you can cash out as much as 85% of your equity.
How to Apply for a Mortgage from Movement Mortgage
Movement Mortgage has made the loan application process quite easy. Everyone should be able to understand and submit accurate information with no difficulties. There is even a three-minute video from the CEO who helps you to know how the mortgage process works and the importance of ensuring that you stay within your financial limits.
After watching the video, you can click on the proceed to application option found just below the video. This will redirect you to their highly secured and easy to use EasyApp that you can also open from your phone and tablet.
After opening the app, you can proceed to fill out the vital information to create your profile. This includes contact information, social security number, and date of birth. You will be required to submit information about purchase price, down payment, loan amount, income information, asset information, and veteran status.
A loan officer from Movement Mortgage will use this information to calculate the type and exact amount that you qualify for. The officers will then contact you and give you comprehensive information on your options.
With that information in mind, you can go ahead and submit financial documents such as personal bank statements, purchase agreement, tax returns of the previous two years, identifications, current pay stub, two years of W-2s and Asset statements on mutual funds, brokerage, 401k, etc. The sooner you submit these documents, the faster your loan will be underwritten and processed.
Their loan officers will process your loan and provide the final underwrite reviewing the loan you qualify for and the conditions of the loan. You can then review the loan and go through the conditions. If you are satisfied with the draft, you will sign all the paperwork and just like that you will be the new homeowner in the block.
Some of the biggest drawbacks of Movement Mortgage is the difficulty in accessing information regarding interest rates and the comprehensive terms of their loans. Getting these details is very difficult, and this can make it tough for one to decide whether they would want a mortgage from the company.
Other than that, everything else is really good about this non-bank lender. They have a wide variety of mortgage options to choose from, and the best part is that they are available across the United States. The entire application process is also very streamlined, efficient and convenient. In summary, Movement Mortgage is a decent option, and you should check them out.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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