06 May Movement Mortgage Review
Frankly speaking, there is no such thing as the best lender for VA home loans. Choosing the right lender truly depends upon your needs, the quotes you get, and your credit history.
Established with a humanitarian approach in 2007, Movement Mortgage is an online mortgage provider that offers a variety of loan options, including VA home loans, conventional loans, refinancing loans, and reverse mortgages.
While the lender does not offer land loans and home equity lines of credit, it is known for providing free customized rate quotes and quick loan procedures.
Read on to find out more with our Movement Mortgage review below.
Related Article: VA Loan Eligibility—7 Uniformed Services, Spouses & Reserves
About Movement Mortgage
Available in all US states, Movement Mortgage offers VA home loans at a credit score of 580 and conventional loans at a credit score of 620. It has comprehensive branch connectivity all over the US and also offers VA cash-out refinance loans and home renovation loans, in addition to VA mortgages and conventional loans.
Their website offers a user-friendly interface and allows you to e-sign most documents while applying for a loan.
In addition to this, the organization follows a 6-7-1 process. Meaning, the website claims that upfront underwriting is conducted within six hours, the loan is processed within seven days, and closing happens within 24 hours. In short, Movement Mortgage offers a fast loan procedure and a quick application process.
However, the lender does not offer online quotes or prequalification services. For that, you would have to get in touch with them directly through mail or the company’s website.
Movement Mortgage Home Loan Types and Rates
Movement Mortgage offers a variety of home loans, ranging from conventional loans to new construction loans and mortgages for condos and renovation.
Here’s a brief on the most popular services offered by the lender-
New Construction Loans
Movement’s new construction loan is a perfect option for someone looking to purchase new construction. Real estate agents and builders can also go for this loan. The site claims to make the entire loan application seamless and hassle-free. However, it does not list the rates at which you can borrow the loan.
In addition to this, Movement Mortgage also offers an extended rate lock program of 360 days, during which you can lock your interest rate while your new house is under construction.
This loan is not available for manufactured homes.
A condo or condominium is a residential complex separated by individual units. Each unit is separately owned by an individual. Besides owning a particular unit, condo owners also have joint access to common areas like a pool, garage, elevators, and gym.
If you are looking to purchase a condo, you can get a quote from Movement Mortgage’s condo program.
In addition to offering condo loans and jumbo condo loans of up to $3 million, Movement Mortgage also provides professional assistance through in-house teams who can help you during the loan closing.
Fannie Mae Homeready
Have an outstanding credit score but not enough cash to make a downpayment. Movement’s Fannie Mae Homeready might be a great choice.
Designed especially for families with low to average income, this loan is available at a credit score of more than 620. Moreover, unlike conventional loans where you would have to pay a huge downpayment, this loan only requires you to make 3% as a downpayment.
While the Movement’s site does not offer online quotes, the lender promises flexible guidelines and up to 97% financing.
Conventional Purchase Loans
Unlike other government or FHA loans, conventional purchase loans by Movement Mortgage allow you to purchase any type of home, given that you qualify for the loan.
The lender offers two types of loans under conventional purchase loans-
- Fannie Mae HomeReady, which finances up to 97% of the loan amount and is available at good credit scores.
- Freddie Mac Home Possible & Home Possible Advantage, which allows you to purchase a home or refinance an existing loan in targeted areas.
Movement Mortgage’s high balance loan lets you purchase a home that is located in a high-cost area. These loans are available for both government loans and conventional loans.
A reverse mortgage or Home Equity Conversion Mortgage by Movement Mortgage allows borrowers above 60 to tap into their home’s equity and turn it into cash. This cash can help them throughout their retirement.
The mortgage provides tax-free funding through which a borrower can purchase a new house that would be more fit for their needs.
Federal Housing Administration loan by Movement Mortgage is a great way to purchase your new home even if you lack a good credit score, reasonable downpayment, or outstanding credit history.
Unlike a conventional loan, this loan requires you to make only a 3.5% downpayment and allows up to 6% seller’s contribution. Meaning, the seller can contribute up to 6% of the total loan amount.
When it comes to buying a home above the confirming limit, Movement’s jumbo loan can help you borrow a mortgage for a high-end house located in the nation’s priciest housing markets.
The lender has a group of investors who are willing to help you purchase your dream home through jumbo loans.
With a primary goal to help Veterans and active military members purchase the house of their dream, the US Department of Veterans Affairs‘ VA home loans allows applicants to borrow the loan without making any downpayment o paying for Private Mortgage insurance. In addition to this, these loans are available at competitive rates and are pretty easy to qualify for.
Movement requires you to have a credit score of 580 to pass the credit requirements for the loan. You must also obtain the VA COE to qualify for the loan.
The United States Department of Agriculture Loan allows applicants with low-to-moderate income to purchase a home in rural areas. These loans do not require you to make a downpayment and are available at lower interest rates.
Movement Mortgage offers several renovation loan options that help you renovate any property into your dream home without having to worry about loan approvals.
Here are the types of renovations loans offered by Movement-
- FHA 203(k) Standard & Limited
- HomeStyle® Renovation Mortgage
- HomeStyle® for Investors
Related Article: VA Loan Assumption: An Overlooked Benefit
Movement Mortgage Pros and Cons
Besides other financial products, Movement Mortgage offers many home loan facilities to qualifying applicants. Wondering if the lender is right for you?
Here are some pros and cons to help you make a choice-
Pros of Movement Mortgage
- The lender follows the “6-7-1” process, which allows you to borrow the loan as soon as possible.
- While the website does not offer online quotes, they offer free customizable quotes depending on your individual needs.
- You can e-sign most of the documents online, saving time during the loan closing.
Cons of Movement Mortgage
- The site does not provide online quotes.
- You can not get prequalified for the loan.
- The lender does not offer lot/land loans and home equity lines of credit.
- Their website does not provide much transparency regarding loan quotes and interest rates.
Movement Mortgage Application Process
To make the loan application simple, streamlined, and stress-free, Movement Mortgage follows a nine-step application process. Here’s how it works at Movement-
You get in touch with a loan officer and provide them with the necessary details, including what service you are looking for. The loan officer will then let you know your financial options and assess your credit score and history.
After getting in touch with the loan officer, you would be required to provide them with as much information you can to streamline your process.
The next step would be to gather important documents like pay stubs, employment history, bank statements, and W2s.
The lender will send an appraiser to evaluate the actual worth of the property. For this, they would consider at least two like properties and assess their worth.
To avoid any last-minute hassles, Movement’s underwriting is initiated at the starting stage of the loan application. The underwriters would take about six hours the evaluate the loan application and then provide an underwriting.
After getting the underwriting, the loan application will be forwarded by processing.
The lender would take about seven days or less to process the loan amount.
The final underwriting of the loan will take place to make sure you accept the terms and conditions of the loan.
The final step would be loan closing, where you would be required to sign the important documents, ensure you know the movement mortgage closing cost you are responsible for, and confirm the total funds.
Related Article: VA Loan Calculator—See How Much You Can Afford
Movement Mortgage Refinancing
Movement Mortgage also offers refinancing options that allow you to qualify for even lower rates and improve the existing terms and conditions of your loan.
Movement Mortgage Alternatives
If Movement does not feel like the right choice for you, you can go for the following alternatives-
BNC National Bank
Like Movement Mortgage, BNC National Bank does not offer online quotes or presents its rates on the website. However, the lender provides a variety of loan options ranging from VA home loans to USDA and FHA. You would need a credit score of 640 to qualify for their loan.
If you are looking for a prequalification option or receiving online quotes, Quicken Loans might be a wise choice. They offer a fully online loan application process and are known for an easy application process.
From home improvement loans to manufactured home loans, Guild Mortgage offers a variety of mortgage options, however, at a comparatively higher rate.
Related Article: Steps to Buying a Home With a VA Loan
Movement Mortgage Transparency
Movement’s website offers easy-to-access features and lists everything you need to know about the loan application process. However, when it comes to online quotes and Movement Mortgage rates on interest, the site does not have much to offer. To get your customized quote, you would need to get in touch with a loan agent.
If you are looking for easy-to-access features and a variety of loan options, Movement Mortgage is the company for you. Known for its customization and quick loan procedures, you’ll move through the nine-step application from initial conversation to closing in a breeze. Speak to a loan agent for your customized quote if you are interested.