May 18, 2021

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Mortgage News

Movement Mortgage Review 2021: Quick Closings, Many Options

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Movement Mortgage is an online mortgage lender co-founded in 2008 by former NFL player and Super Bowl champion Casey Crawford. We classified Movement as one of the best mortgage lender in 2021 because it offers a wide variety of loans, closes those loans quickly, and gives most of its profits to a foundation that invests in community projects.

Headquartered in South Carolina, the lender is licensed in all 50 states and has more than 650 offices in the United States

Advantages and disadvantages of the movement mortgage

advantages

  • Three quarters of Movement Mortgage loans close within seven business days

  • The lender gives most of its profits to a foundation that supports community projects

  • Movement Mortgage operates in all 50 states

disadvantage

  • The company does not offer home equity and home equity loans

  • Prices are not listed online so you will need to contact the lender for a quote

Moving Mortgage: Loan Types and Products

While Home equity loans Movement Mortgage offers a long list of other loan options for buying a home or refinancing an existing mortgage. Movement currently offers the following types of mortgages:

Home improvement loans allow you to take out a loan to buy (or refinance) a home and fund improvements. Currently you can choose from Fannie Mae HomeStyle Home Improvement Loan, FHA 203 (k) Home Improvement Loanand VA home renovation loans.

If you want to refinance a mortgage, you can choose between an interest-bearing and fixed-term refinancing or a disbursement refinancing loan.

And while other lenders complete home loans in about 50 days, Movement aims to speed up that schedule. The lender works on a “6-7-1” process in which they can pre-approve a mortgage within six hours, fully process the loan within seven business days, and be ready to close within another day. What is impressive is that 75% of Movement’s loans are processed within seven working days.

Movement mortgage transparency

Movement Mortgage has an easy to navigate website with a straightforward application process and you can connect to a loan officer in minutes. It also has a number of tools to help you find out how much home home you can afford, as well as a number of guides that explain loan types and terms. Movement clearly lists the loans it offers, but does not include the requirements to qualify for these loans, such as: B. Creditworthiness and debt to income ratio.

Moving Mortgage: Interest Rates and Fees

Movement Mortgage’s website is easy to navigate. You can find out what type of loan is right for you on the Find a Loan page. But the lender doesn’t advertise on a daily basis Mortgage rates on its website, like some of its competitors, and does not publish a list of the closing costs borrowers may pay.

The minimum Credit score requirements vary depending on the type of loan you are applying for. According to a representative from Movement Mortgage, FHA loans require a score of 580 while traditional loans require a minimum score of 620. However, in order to get the best mortgage rate, borrowers need a score good to excellent credit.

Movement Mortgage says none of the loans have application or prepayment fees, and you can set your interest rate for up to 90 days at no charge. However, there is an origination fee on completion and a late fee if a borrower is more than 15 days late with a mortgage payment.

Refinancing with a movement mortgage

Movement Mortgage funded approximately $ 30 billion worth of mortgages in 2020, and approximately 40% of those loans were for refinancing, from government-funded loans to conventional mortgages and jumbo mortgages. An average refinancing takes about 30 days, and regular customers receive “special prices”.

Pro tip

If you want to minimize your upfront refinancing costs, you can include the closing costs in the loan. This is sometimes referred to as “free refinancing”. While it’s convenient, it costs more in the long run because you end up paying interest on your closing costs.

To get a full breakdown of all the fees you will have to pay, you will need to submit a refinancing application. However, if you want to minimize your upfront costs, you can Roll your refinancing close costs in your new mortgage.

Movement Mortgage Compared to Other Mortgage Lenders

Movement Mortgage Fairway Independent Mortgage Corp. LoanDepot
Minimum score 580 (some mortgage programs may require a higher score) 620 for conventional loans; 660 for jumbo loans; 600 for FHA loans; 600 for VA loans 620 for conventional loans; 700 for jumbo loans; 580 for FHA loans; 620 for VA loans
Minimum deposit 0% to 3.5% 0% to 5% 0% to 5%
Where does the lender operate? All 50 states All 50 states All 50 states
Major Loan Types Conventional, Jumbo, VA, FHA, USDA, Various Home Improvement Loans, Floating Rate, Fixed Rate, Refinance, Payout Refinance, Reverse Mortgage Conventional, Jumbo, VA, FHA, USDA, Various Home Improvement Loans, Floating Rate, Fixed Rate, Refinance, Payout Refinance, Reverse Mortgage, Home Loans, Home Equity Lines Conventional, Jumbo, VA, FHA, FHA 203 (k) Home Renovation Loans, Floating Rate, Fixed Rate, Refinancing, Payout Refinancing

How To Shop Around To Get The Best Mortgage Rate

A 2018 study by Freddie Mac found this to be the case Almost half of mortgage buyers stop at the first mortgage rate quote they receive – but that means they could leave money on the table. According to the study, mortgage applicants can save up to $ 3,000 over the life of the loan if they receive at least five interest rates.

You can save even more by using your negotiation skills. Once you have submitted your mortgage applications, you will receive one from the lender Mortgage loan estimate. Use these documents to compare the interest rate, the annual percentage rate, and the lender fees Discount points on every loan. Send the best offer to another lender and ask them to beat the interest rate or closing cost. Lenders can be ready to compete for your business, especially when you have strong credit.

While these mortgage applications can cause a tough query on your credit reports, the credit rating companies know that consumers are looking. FICO treats all mortgage inquiries made within 45 days as just one inquiry. Try to submit your mortgage applications in this window to minimize the impact on your bankroll.

Bottom line

Movement Mortgage is a fierce competitor when looking to take out a mortgage or refinance an existing loan. You need to apply for a quote and a list of the fees you may pay. This can be a deal breaker if you just want to get pre-qualified.

However, the website is easy to navigate and you can easily complete the mortgage application online or get help at one of hundreds of offices around the country. It’s also a lender you can feel comfortable with as they dedicate most of their profits to a foundation that supports local communities.