Movement Mortgage

About

Movement Mortgage is a lender company which specializes in providing mortgage, home loans and refinancing options using AMI (Alternative Mortgage Instruments). The unique feature of this company is the ability to accept alternative forms of credit such as proof that customers will pay bills on time.

Founded in 2008 by Toby Harris, a former vice president at National City Mortgage, the company is headquartered in South Carolina. Movement Mortgage is licensed in all 50 states and has over 700 branches and over 4,000 employees, making it a large and well-established lender. The company is also backed by significant financial resources, which allows them to offer competitive rates and loan products..

Movement Mortgage is a registered trademark of Movement Mortgage, LLC, a Delaware limited liability company.

Key Features

Some key features of Movement Mortgage include:

1. Wide range of loan products. Movement Mortgage offers a variety of loan programs, including conventional, FHA, VA, USDA, jumbo, and renovation loans. They also offer down payment assistance programs to help first-time homebuyers.
2. Fast loan processing. Movement Mortgage uses technology and streamlined processes to expedite loan processing, with some loans closing in as little as seven days.
3. Personalized service. Movement Mortgage loan officers work closely with borrowers to find the right loan program and guide them through the home buying process.
4. Community involvement. Movement Mortgage is committed to giving back to the community and has a strong philanthropic focus. The company has a foundation that provides support to charitable organizations and also encourages employees to volunteer in their communities.
5. Online tools and resources. Movement Mortgage provides a variety of online tools and resources to help borrowers understand the home buying process and navigate the loan application process.

Overall, Movement Mortgage offers a range of loan products and personalized service, with a focus on using technology and streamlined processes to make the home buying process as fast and easy as possible. Additionally, their commitment to community involvement and philanthropy is a unique feature that sets them apart from other mortgage lenders.

Pros and Сons

Pros

1. Personalized customer experience. Movement Mortgage places a strong emphasis on providing a unique and personalized customer experience, which can be beneficial for customers who want a more personalized approach to the mortgage lending process.
2. Wide range of mortgage products. Movement Mortgage offers a wide range of mortgage products, including conventional, FHA, VA, and USDA loans, as well as renovation and jumbo loans. This can make it easier for customers to find a mortgage product that meets their individual needs.
3. Charitable foundation. Movement Mortgage operates a charitable foundation that supports various causes, which can be appealing to customers who want to work with a company that gives back to the community.
4. Commitment to sustainability. Movement Mortgage is committed to sustainability and has implemented several environmentally friendly initiatives, which can be beneficial for customers who are concerned about the environment.
5. Innovative technology. Movement Mortgage utilizes innovative technology to streamline the mortgage process and provide a seamless experience for customers. This can make it easier for customers to manage their mortgage application and stay informed throughout the process.

Cons

1. Limited physical locations. Movement Mortgage is primarily an online lender, which means they have limited physical locations. This can make it difficult for customers who prefer to work with a local lender.
2. Potentially higher interest rates. Depending on the individual customer's circumstances, Movement Mortgage's interest rates may be higher than those of other lenders. It's important for customers to compare rates from multiple lenders to ensure they are getting the best deal.
3. Limited availability of some mortgage products. While Movement Mortgage offers a wide range of mortgage products, they may not offer all the products that some customers are looking for. This can make it difficult for customers who have specific needs or preferences.
4. Limited track record. Movement Mortgage is a relatively new lender, having been founded in 2008. Some customers may prefer to work with a more established lender with a longer track record of success.

Products

Movement Mortgage offers a range of loan products to meet the needs of home buyers and homeowners who are looking to refinance their existing mortgage. Some of the loan products offered by Movement Mortgage include:

1. Conventional loans. These are traditional mortgages that are not backed by the government. They typically require a higher credit score and down payment than government-backed loans.
2. FHA loans. These are mortgages that are insured by the Federal Housing Administration and are designed to help first-time homebuyers and borrowers with lower credit scores.
3. VA loans. These are mortgages that are guaranteed by the Department of Veterans Affairs and are available to eligible military service members, veterans, and their spouses.
4. USDA loans. These are mortgages that are backed by the US Department of Agriculture and are designed to help borrowers in rural areas purchase homes.
5. Jumbo loans. These are mortgages that exceed the conforming loan limit set by Fannie Mae and Freddie Mac, which is $548,250 in most areas.
6. Renovation loans. These are loans that can be used to finance home renovations and repairs.

In addition to these loan products, Movement Mortgage also offers down payment assistance programs for eligible borrowers who need help with the upfront costs of purchasing a home. These programs vary by location and may include grants or loans that can be used towards the down payment and closing costs.

Reliability

In terms of reliability, Movement Mortgage has a solid reputation as a mortgage lender. The company has been in business for over a decade and has grown to become one of the top mortgage lenders in the United States. Movement Mortgage has received high marks from industry publications and has been recognized for its commitment to customer service and innovation.

Overall, Movement Mortgage has a strong reputation as a reliable and trustworthy mortgage lender, with a focus on customer service and innovation. However, as with any financial institution, it's important to do your research and carefully review the terms and conditions of any loan before making a decision.

Funding a Loan

Movement Mortgage funds loans in a variety of ways, depending on the type of loan and the individual circumstances of the borrower. They may fund loans through their own internal funding process, or they may use outside investors to help finance loans. This flexibility allows Movement Mortgage to offer a wide range of loan products to borrowers with different financial situations and needs.

In order to fund a loan, borrowers will need to complete an application and provide all necessary documentation, such as income and employment verification, credit reports, and asset statements. Once the loan is approved and all conditions are met, the lender will provide a loan commitment and closing disclosure. At closing, the funds will be disbursed to pay off any existing liens and to cover the purchase or refinance of the property.

It is important to keep in mind that the loan funding process can be complex and may vary depending on the specific loan product and the lender's policies and procedures. It is always a good idea to work with a knowledgeable loan officer or financial advisor who can guide you through the loan process and answer any questions you may have.

Additional Services

In addition to providing mortgage loans, Movement Mortgage offers a range of additional services and programs to help their customers. Some of these services include:

1. Down Payment Assistance. Movement Mortgage offers several down payment assistance programs to help customers who may not have enough money saved for a down payment. These programs may include grants or second mortgages that can be used to cover all or part of the down payment.
2. Refinancing. Movement Mortgage offers refinancing options for customers who want to lower their monthly mortgage payments or take advantage of lower interest rates. They may also be able to help customers consolidate debt or access cash from their home's equity.
3. First-Time Homebuyer Programs. Movement Mortgage has several programs designed to help first-time homebuyers, including educational resources and counseling services to help them navigate the homebuying process.
4. Charitable Foundation. Movement Mortgage operates a charitable foundation that supports various causes, including affordable housing initiatives and disaster relief efforts.
5. Sustainability. Movement Mortgage is committed to sustainability and has implemented several environmentally friendly initiatives, such as reducing paper waste and using renewable energy sources in their offices.

Overall, Movement Mortgage aims to provide a personalized and comprehensive experience for their customers, offering a range of services and resources to help them achieve their homeownership goals.

Terms and conditions

As for conventional purchase loans and mortgages, first-time home buyers can qualify for it by contributing a 3% down payment and having a 620 minimum credit score. These loans have high LTV(Loan-to-Value). So, clientele can stop paying private mortgage insurance (PMI) only after a few years.

For FHA loans, customers have to put down 3.5% of their home purchase price. Otherwise, they have to make monthly payments of mortgage insurance premiums (MIP) until selling or refinancing. This option will be the most suitable choice for clientele who have a first-time homeownership.

Contrarily, VA loans will be optimal for veterans and active-duty service members, as they will get zero down payment, lower credit score requirements, competitive rates, and no mortgage insurance.

As for USDA loans, it is available for borrowers with low incomes in qualifying rural and suburban areas. USDA loans require 0% down and have competitive rates. Also, there is another loan type — Jumbo loans that have higher loan amounts over $647,200.

Another Movement Mortgage options—Fannie Mae HomeReady and Freddie Mac Home Possible loans which offer fixed-rate loans with a 3% down payment for low-to-moderate income buyers.

With FHA 203(k) loans, clientele will have an opportunity to purchase a home and then restore it with one renovation loan.

If customers are looking for a conventional renovation loan, Fannie Mae Homestyle may be a marvelous choice for them. They can opt for Homestyle Renovation or Homestyle options.

New construction loans will be perfect for those who are building their own home, as with those loans clientele will get an extended rate-lock program.

Another loan option is fixed-rate mortgages (FRMs) with fixed-rate loans offering regular monthly payments over the loan term of 15-years or 30-years.

Opting for Adjustable-rate mortgages (ARMs), customers get adjustable-rate loans with a fixed interest rate for the first few years.

When you’re 62 years or older and want to access some of your home equity to enhance retirement, you may opt for reverse mortgages with zero monthly payments.