If you are interested in buying a home or a property, you must know what a mortgage loan is. A mortgage is a loan used to maintain or buy a home or any real estate property.
Like any other loan, the borrower needs to pay it back depending on the rate discussed in the loan process.
There are many places where you can get a loan. However, the usual place is through banks or mortgage lenders.
Although both ways can assist you, many opt for mortgage lenders rather than banks. Mortgage lenders offer more flexibility, and it is less strict than banks in terms of payment schemes.
Read this review to know more about Movement Mortgage, one of the leading mortgage lenders out there.
Also, you can watch this video for a more detailed discussion about mortgage loans.
What are Mortgage Banks?
Before discussing Movement Mortgage, it is important to define first what a mortgage bank is.
These banks specialize in offering loans to clients interested in buying real estate property, especially private home residences. A mortgage bank also uses its capital as funding for the borrowers’ loans.
Additionally, mortgage banks collect their payment either by interest or by selling them to a secondary market. The following agencies absorb the credit risk of the loan:
- Federal National Mortgage Association (Fannie Mae)
- Federal Home Loan Mortgage Corporation (Freddie Mac)
- Government National Mortgage Association (Ginnie Mae)
Every mortgage bank works under banking laws in each state where they operate. Besides that, the funds they got from selling the mortgage are used again to pay their warehouse lines of credit.
Once the warehouse lines of credit are paid, it will help the mortgage bank continue lending.
Mortgage lenders also offer other advantages such as:
- Providing more loan options.
- They have deep knowledge about mortgages.
- Less strict than banks.
- Can customize your loan depending on your financial scenario.
Brief Background of Movement Mortgage
The Movement Mortgage pioneered in 2008 by Casey Crawford, a Super Bowl Champion, and a former football player. It is ranked as one of the best mortgage lenders in 2021 because it offers various loans.
In addition, they also process your home loans in a week or less and help the community. The business has more than 500 offices in all 49 states except for the state of Montana.
Since they started, they have provided services and helped more than 9500 families get their new homes. Moreover, the dividend they received is also given to the Movement Foundation.
A Review of Movement Mortgage
Movement Mortgage has received its fame from its fast transactions as it can process major home loans within seven days. They also offer different kinds of loans that will surely accommodate many consumer needs.
Above all, it is a good company for low to moderate-income borrowers who want to get a loan. They also offer extra guidance on the loan application process and procedure.
The agency also has flexible payment schemes for those who have problems with their loan repayment.
Pros
- Application online and over the phone is possible.
- They offer a wide range of loans.
- You can get a customized rate quote.
- They can also do the appeal writing within 6 hours.
- A loan request can be processed within seven days.
Cons
- They lack information on their website.
- Rates are also not presented on their site.
- Customer service is not that great.
- Unable to see or compare rates without finishing an application.
How Does It Work?
The application with Movement Mortgage is simple and faster than other mortgage lenders. One of the reasons why it is popular with many consumers.
To know more, here are the following procedures in Movement Mortgage:
- Conversation – here, you will converse with an officer in Movement Mortgage about financing options, expectations about the loan, and checking of creditworthiness.
- Application – the steps where all necessary information is gathered.
- Document submission – you will be required to submit documentation that will help you get approved.
- Appraisal – the company will work with an appraisal company to help with your loan request. It is also to check the market value of the property you want to buy.
- Upfront Underwriting – all the documentation is reviewed and checked. You will also get conditional approval at this stage, and the process usually takes 6 hours only.
- Approved with Conditions – in this stage, you are almost done with your papers, and you need to submit additional items.
- Seven Day Processing – this will be the last stage of your application. You will need to wait for about seven days or less for it to get approved.
- Final Underwriting – all information and documentation will have a final review for closing.
- Closing – to finalize your appeal, the company will work with an attorney for the closing process.
Products
As mentioned earlier, Movement Mortgage offers various kinds of loans that cater to every consumer. Some of them are listed below:
- Conventional Loans – a standard mortgage credit that is not secured by a government entity. You will need an average credit score and a 20% down payment to qualify for this offer. It doesn’t have any property restrictions so that you can do things on the property. With this one, the company offers adjustable and fixed-rate interest.
- Jumbo Loans – if you are thinking of buying an expensive home, then you can opt for a jumbo loan. The mortgage limit is up to $510,400 and usually has a 20% down payment requirement.
- Veterans Affairs Loans – this lending is a government-sponsored program for veterans, National Guards, Reserve personnel, and service members. The borrower can get this loan without giving a downpayment and no lender fee.
- United States Department of Agriculture Loans – this one benefits people who have low to moderate-income. The qualification for the loan is an average credit score, stable income, and property in a rural area.
- A Reverse Mortgage – is a loan where it uses the unencumbered value of the property for the use of the borrower. To qualify for this, the borrower should be 62 years old and up.
- Federal Housing Administration Loans – Movement Mortgage also has an FHA loan that helps consumers with low credit scores qualify for a conventional loan. However, the borrower needs to have a 20% down payment and mortgage insurance with this type.
- Renovation Loans – this mortgage will allow you to do any renovation you want to do in your house. If you have a 580 credit score, the Movement Mortgage can offer FHA 203(k) standard and limited credit.
- Fannie Mae HomeReady Loans – are suited for borrowers with good credit standing but don’t have enough money to pay down payment. The mortgage offers a fixed-rate loan and a 3% down payment.
- Refinance – refinance is possible with your convention, FHA, and VA loans. With this one, Movement Mortgage will give cash to borrowers with a 620 credit score or a fixed-rate conventional mortgage refinance.
Customer Service
Although the company lacks information on its website, many still like to get loans or mortgages in Movement Mortgage. They have received fewer complaints and unsatisfied customers, unlike other banks and mortgage lenders.
The company’s website doesn’t display any rates and charges because the cost changes per customer.
Movement Mortgage also offers great loan options and a faster application process. Usually, underwriting may take three days, while the processing is 40 to 50 days with other companies.
Additionally, the company’s loan processing may take only 6 hours for upfront underwriting and seven days of document processing. Hence, customers are satisfied with working with Movement Mortgage.
How to Connect With Movement Mortgage
Getting in contact with Movement Mortgage is easy since they have more than 500 physical offices except in Wyoming, South Dakota, and North Dakota. They have also licensed mortgage lender companies in most states except in the state of Montana.
Customers can also apply online if they want to register in the convenience of their own homes. You can also finish the application and send the document within 30 minutes, like when you do it in their office.
Final Thoughts
Overall you can say that Movement Mortgage is a good mortgage lender company. They offer various kinds of loans, and you can even get a customized rate with them.
Their branch offices are available in most states, so you won’t have a hard time searching for them. Further, they also have great officers with in-depth information about mortgages to help you with your loans.
You can even go online to make an application if you don’t have time to go to their office. Registration is also fast in Movement Mortgage since, within seven days, they can close your request with no problem.
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