Movement 🐎Mortgage’🍨s product portfolio includes conventional adjustable-rate and fixed-rate loans and jumbo, FHA, and VA loans. The lender operates offices in most states, enabling you to work with a dedicated loan officer, and allows you to apply for a loan online.

However, Movement lacks the online transparency and digital resources some homebuyers need. It🦄 does not publish rates online, so you must ask a loan officer for a quote. Its website offe🐻rs little information about its loan process and mortgage management and contains little mortgage educational content.

Pros Explained

• Variety of loan products: Movement offers multiple mortgage products, including fixed- and adjustable-rate 澳洲幸运5官方开奖结果体彩网:mortgages and FHA and VA loans. Additionally, Movement makes construction loans and HELOCs.
• Good customer satisfaction rating: In J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study, Movement Mortgage ranked sixth out of 26 lenders. Movement earned a 745 out of 1,000 customer satisfaction index rating, 15 points above the study average. 
• Streamlined underwriting and processing: Movement streamlines its underwriting and processing management by routing your application to an underwriter as soon as you submit it rather than later in the process. After the underwriter issues a conditional approval, Movement’s processing department verifies your supporting documents, usually within seven days. This “underwriter first” approach may ensure a faster overall process, enabling you to close faster.
• Local loan officers: Movement Mortgage makes home loans in 49 states and operates more than 775 local offices. This approach gives you the advantage of working with a dedicated loan officer.

Cons Explained

• No online rate quotes: Movement does not publish daily rates on its website. To get a rate quote, you must contact a loan officer.
• Website lacks first-time homebuyer resources: Movement Mortgage’s website contains some information about its loan process and a blog with informative articles. However, it does not offer resources for first-time homebuyers, like a homebuyer’s guide or mortgage terms library.
• Recent regulatory actions: Following a 2017 action brought by the state of California, Movement paid $1.1 million in customer refunds and penalties over allegations of overcharging borrowers and operating without a state license. In 2023, the U.S. Attorney’s Office Northern District of New York alleged that Movement violated the False Claims Act when originating and underwriting FHA and VA loans, prompting the lender to pay a $23.75 million penalty. 
• Relatively high lender fees: On average, Movement Mortgage charges $1,595 in lender fees for conforming and non-conforming loans. While a few lenders charge even higher costs, others charge between $500 and $1,000. 

Types of Mortgage Loans Offered b﷽y Movement Mortgage🌃

• Fixed-rate: A fixed-rate mortgage offers the assurance that you’ll pay the same 澳洲幸运5官方开奖结果体彩网:interest rate throughout the life of the loan. Movement offers fixed-rate terms for conforming loans. The lender offers fixed-rate loans for applicants with a credit score of at least 620 and provides options for low-to-moderate income homebuyers.
• Adjustable rate: Movement’s adjustable-rate mortgages (ARMs) feature a fixed interest rate for a specified introductory period, then adjust to market rates after the initial period. For instance, an ARM might offer a fixed rate for the first five years, then adjust every five years for the remainder of the life of the loan.
• Jumbo loans: If you need to borrow more than the conforming loan limit allows, you can take out a Movement fixed-rate jumbo loan. Investors fund Movement’s jumbo loans, which Fannie Mae and Freddie Mac do not support.
• Condominium loans: Movement’s condominium mortgages offer financing for loans up to $3 million.
• New construction: Movement offers several loan options for people planning a home build, including condominium loans, conventional purchase loans, construction to permit loans, FHA loans, and VA loans.
• Renovation loans: Movement offers renovation loans for buyers and investors. The lender extends renovation loans starting at $5,000, with no maximum limit, but doesn’t offer 203(k) self-help loans or renovation financing for manufactured or on-frame modular homes. However, Movement does offer 203(k) standard loans for major repairs and 203(k) limited loans for up to $35,000 in repair costs.
• FHA loans: Homebuyers who don’t have much money for a down payment can apply for a Movement fixed-rate or ARM FHA loan. You must pay a minimum 3.5% down payment—including up to 100% gift funds—and the seller can fund up to 6% of the dwelling’s purchase price for closing costs. An FHA loan can provide financing for borrowers who don’t meet conventional loan credit requirements, enabling them to finance upfront mortgage insurance costs.
• VA loans: Offered only to active military members, veterans, and their qualified family members, VA loans provide up to 100% fixed-rate financing, with no mortgage insurance requirement, on qualified primary residences.
• USDA loans: Backed by the U.S. Department of Agriculture and available to rural residents, USDA loans give low-to-moderate income borrowers a no-down-payment financing option when they purchase a house in a designated area. Movement also offers USDA renovation loans up to $35,000 for non-structural restorations and up to $75,000 for structural repairs.
• Fannie Mae HomeReady: Fannie Mae’s HomeReady program offers low-down-payment financing for homebuyers with good credit. With a fixed-rate HomeReady loan, qualified low- to moderate-income borrowers can make a 3% down payment and receive 97% financing.
• Reverse mortgage: With a Movement reverse mortgage, homeowners 62 and older can turn their home’s equity into cash to pay for specific needs or use the funds to purchase a new home.

Movement Mortgage Loan Features

• Mortgage calculator: Movement Mortgage’s online mortgage calculator lets you enter the home price, down payment amount, interest rate, and loan term and receive an estimate of your mortgage payment. You can also review an estimated amortization schedule, which shows the amounts you’ll pay for interest and principal throughout the life of the loan. The results do not account for some loan-specific costs, like funding fees, HOA fees, and mortgage insurance premiums.
• Affordability calculator: First-time homebuyers can use Movement’s affordability calculator to determine how much money they can borrow based on their annual income and monthly debts, home insurance costs, property tax costs, and mortgage interest.
• Refinance calculator: The refinance calculator allows you to enter your current home loan’s original loan amount, interest rate, term, and origination year to compare the costs of a new loan.
• Movement blog: Movement’s blog features articles about how inflation impacts the housing market, money-saving tips for first-time homebuyers, the importance of working with a real estate agent, and what closing costs are, among other topics.
• Purchase Advantage: Movement’s Purchase Advantage program enables qualified borrowers to take out a loan and refinance when rates drop with no lender fees. The program works by applying a lump sum credit against refinancing closing costs. The offer does not cover certain costs, such as discount points, rate lock fees, and fees from other companies.

How to Apply For a Movement Mortgage

Movement Mortgage employs a standard 澳洲幸运5官方开奖结果体彩网:mortgage application process, but the le🍌nder handles underwriting and processing in a unique way.

1. Conversation with a loan officer: Start by contacting a Movement loan officer in your area to discuss your financing options and assess your creditworthiness. You can contact a Movement loan officer for an initial consultation before or after you’ve found a house you want to buy.
2. Apply for a loan: Once you find the home you want to buy, you can apply for a Movement loan online. The online application requires you to enter your contact information and information about your assets and the home you wish to buy.
3. Submit supporting documents: You must also submit documents and information related to your assets and income, like bank statements, employment history, pay stubs, and W2s.
4. Appraisal: Movement will schedule a property appraisal with an appraisal management company in your area.
5. Underwriting: Unlike other mortgage lenders, Movement underwrites your loan when it receives your application and supporting documents. The underwriter assesses the amount of risk a borrower might pose to the lender by analyzing information such as assets, credit history, 澳洲幸运5官方开奖结果体彩网:debt-to-income ratio, and the property’s loan-to-value ratio. Movement’s underwriting process can take as little as six hours. The underwriter might approve the loan but with conditions. For instance, a condition might require you to submit additional bank statements or divorce documents from a previous marriage.
6. Processing: If the underwriter approves the loan, it moves into the processing phase. The processor will evaluate all supporting documents—like your bank statements, employment history, pay stubs, and W2s—to ensure you meet all loan requirements. Movement boasts a seven-day processing period for most loans. By setting a seven-day processing deadline, Movement can set a closing date and deliver closing documents quickly.
7. Final underwriting: At the end of the processing period, the processor returns your loan file to the underwriter, who verifies that you have complied with all conditions.
8. Closing: At closing, you and the seller will sign the required documents and pay closing costs. The lender will release the funds to the seller, an updated title will reflect new ownership, and you’ll receive the keys to your new house. Traditional closings occur in a local office. Movement also offers digital closing, which enables you to sign and notarize closing documents online.

Movement Mortgage Rates and Fees

Movement Mortg✤age does not display daily interest rates on its website. You can only obtain rates by contacting a Movement loan officer. The lender requires a minimum down payment of 3% for conventional fixed-rate loans and 15% for investment-backed loans.

Movement charges an average lender fee of $1,595 for conforming and non-conforming loans. The lender requires three months of cash reserves for non-conforming loans but does not disclose ൲reserve requirements for ꩵconforming loans.

Online Experience

Investopedia gives Movement Mortgage 3 out of 5 stars for its online experience. Tools such 🅘as the affordabilit🀅y, mortgage, and refinance calculators are helpful, but the Movement website lacks the robust resources some other lenders offer.

The site’s mortgage process page offers barebones information and doesn’🌳t address aspects such ♛as digital closing. Movement’s website does not publish daily interest rates. However, the website does enable you to apply for a loan online and find the closest loan officer.

Movement enables you to make a monthly mortgage payment on its website or using the Movement mobile app. The app focuses solely on mortgage management and does not feature educational resources or daily rates. Google Play users give the Movement app a la🌃ckluster 3.1 out of 5 star rating, while Apple users give it just 1.9 stars out of 5.

Customer Service

Before🐼 and after applying for a loan, you can contact your Movement loan officer to address your questions or concerns. Movement also operates a customer service center, which offers phone and email support.

Customer Satisfaction

Movement Mortgage has earned an A+ Better Business Bureau rating. The lender ranked sixth in the J.D. Power 2023 U.S. Mortgage Origination Satisfaction Study, earning a customer satisfaction rating of 745 out of 1,000, 15 points higher than the study average.

In recent years, Movement has faced two significant regulatory actions. In 2017, the lender paid $1.1 million in customer refunds and penalties to resolve issues related to loan servicing and borrower charges brought by the California Department of Business Oversight. In 2023, Movement Mortgage paid $23.75 million to settle allegations of False Claims Act violations brought by the U.S. Attorney’s Office Northern District of New York.

Account Management

Movement Mortgage enables you to 澳洲幸运5官方开奖结果体彩网:make monthly payments through auto﷽pay or by mail. The autopay enrollment process also all♎ows you to set up regular additional principal payments. You can also make a one-time payment on the Movement website or by phone.

Other Ba🍸nking Services and Loans Offered b🅘y Movement Mortgage

Movement Mortgage only makes home loans and does 💧not offe✨r additional banking or investment products.

Compare Movement Mortgage With Other Mꦿortgage Loan🍸 Lenders

The Bottom Line

Movement Mortgage offers a broad range of mortgage options, including conforming and non-conforming loans, and FHA and VA loans. Since it operates hundreds of offices in 49 states, you can rely on the personal service of a dedicated loan officer. Movement Mortgage’s online application makes it easy for you to apply for a lo💯an from home and its unique mortgage process may accelerate loan approval and closing. Although the lender has faced recent regulatory actions, it enjoys a high J.𝔉D. Power ranking and Better Business Bureau rating.

Movement Mortgage’s lender fees are higher than those of some lenders and lower than those of others. You can discuss your creditworthiness and mortgage options with a Movement loan officer before you find a home, but the lender does not offer pre-approvals. Movement’s digital experience does not stack up against some of its competitors. The poorly rated mobile app offers a few account management tools but little else. The lender does not offer online rate quotes, and its website does not provide detailed information about its loan and account management processes. While the Movement website contains a blog, it does not offer a homebuyer's guide or terms library, resources that many first-time homebuyers need.

Frequently Asked Questions (FAQs)

Does Movement Mortgage Offer HELOCs?

Yes, Movement Mortgage offers home equity lines of credit. Movement’s fix💞ed𒁏-rate HELOCs enable you to borrow up to $400,000. The lender makes HELOC loans on condominiums, single-family residences, and townhouses. You can only apply for a Movement HELOC online for fast approval and funding in as little as five days.

Does Movement Mort💜gage Offer Any Unique Mortgage Programs?

With Movement Mortgage’s Purchase Advantage program, you can purchase a home now and refinance later, with the stipulation that Movement will waive the refinance lender fees. This is a good option if you find your dream home at a 🍬time when mortgage rates are high. The program works by providing a lump sum credit when you close the refinance loan. Bear in mind that Purchase Advantage does not cover costs such as discount points, extension fees, rate lock fees, or fees from other companies, and your refinance loan must meet Movement and investor guidelines to qualify.

Is Movement Mortgage Legit?

Yes. In the J.D. Power 2023 U.S. Mortgage Origination Satisfaction Study, Movement Mortgage ranked sixth out of a field of 27 top lenders and earned a customer satisfaction index rating of 745 out of 1,000, well above the study average. The J.D. Power study fielded responses from more than 9,000 mortgage customers who had taken out new purchase 🅘or refinance mortgages in the previous 12 months.

How Do I Pay My Movement Mortgage Online?

Movement Mortgage gives you several ways to make൲ your monthly mortgage payment. You can enroll in autopay to make hassle-free payments or make a one-time payment on the Movement website or by phone.༒ You can also opt to receive a coupon book to make monthly payments by mail.

Are Movement's Mortgage Rates Competitive?

Determining whether Movement M෴ortgage rates are competitive is difficult because it does not publish dail🌞y rates online. You must speak with a Movement loan officer to obtain a rate quote.

How We Review Mortgage Lenders

In March 2024, we conducted a consumer survey of 500 current or prospective homebuyers and mortgage borrowers. We asked them 41 questions aboutܫ their home-buying and mortgage-shopping experience and learned what features and services were most important to them. Our research te꧂am analyzed the results, which fueled our list of 38 mortgage lenders and 55 criteria for our rubric.

We then collected over 2,000 data points, surveying mortgage lenders and collecting data via websites, media contacts, and customer ✱service between May 31 and June 28, 2024. To develop our list of the best mortgage lenders, we weighted 36 of the 55 individual criteria, giving higher weight to those criteria that mean the most to borrowers. The score for each company’s overall star rating is a weighted average of those crite💃ria in the following categories:

• Customer Experience: 48%
• Operational Features: 16% 
• Reputation: 14%
• Loan Types: 11%
• Loan Costs and Requirements: 11%

Read more about our process in our full 澳洲幸运5官方开奖结果体彩网:mortgage lender methodology.