Movement Mortgage Review 2021: Quick Closures, 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 ranked Movement one of the best mortgage lenders in 2021 because it offers a wide selection of loans, concludes those loans quickly, and pays the majority of its profits to a foundation that invests in community projects.

The South Carolina-headquartered lender is licensed in all 50 states and has more than 650 offices across the United States.

Advantages and Disadvantages of the Motion Mortgage

Benefits

  • Three quarters of Movement Mortgage loans are closed within seven business days

  • The lender donates the majority of its profits to a foundation supporting community projects

  • Movement Mortgage operates in all 50 states

The inconvenients

  • The business does not offer home equity loans or home equity lines of credit

  • The rates are not displayed online, so you will need to contact the lender for a quote.

Motion mortgage: loan types and products

While home equity loans and home equity lines of credit are missing from its lineup, Movement Mortgage offers a long list of other loan options for buying a home or refinancing an existing mortgage. . Currently, Movement offers the following types of mortgages:

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

If you are looking to refinance a mortgage, you can choose between an interest rate and term refinance loan or a cash flow refinance loan.

And while other lenders close home loans within about 50 days, Movement aims to accelerate that time frame. The lender goes through a “6-7-1” process, where they say they can pre-approve a mortgage in six hours, process the loan fully in seven business days, and be ready to close in an additional day. Impressively, 75% of Movement loans are processed within seven business days.

Mortgage Transparency Movement

Movement Mortgage has an easy to navigate site with a straightforward application process, and you can connect with a loan officer in minutes. It also offers a range of tools to help you determine how much home you can afford and a number of guides explaining loan types and terms. Movement clearly lists the loans it offers, but does not include the requirements to be eligible for these loans, such as credit score and debt-to-income ratio.

Movement mortgage: rates and fees

Movement Mortgage’s website is easy to navigate and its “Find a Loan” page helps you determine what type of loan is best for you. But the lender doesn’t advertise daily mortgage rates on its website, like some of its competitors do, and doesn’t publish a list of closing costs borrowers might 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 conventional loans require a score of at least 620. But to receive the best mortgage rate, borrowers will need good to excellent credit.

Movement Mortgage also states that it does not charge application fees or prepayment penalties on any of its loans, and you can lock in your interest rate for free for up to 90 days. But it charges a set-up fee at closing and late fees when a borrower is more than 15 days late on a mortgage payment.

Refinancing with moving mortgage

Movement Mortgage funded about $ 30 billion in mortgages in 2020, and about 40% of those loans were for refinancings, from government guaranteed loans to conventional and jumbo mortgages. An average refinance takes around 30 days to complete, and repeat customers get a “special rate”.

Pro tip

If you are looking to minimize your upfront expenses when refinancing, you can build closing costs into the loan. This is sometimes called a “no-cost refinance”. While this is convenient, it costs more in the long run since you end up paying interest on your closing costs.

To get a full breakdown of all the fees you will need to pay, you will need to submit a refinance request. But if you are looking to minimize your upfront expenses, you can incorporate your refinancing closing costs into your new mortgage.

The mortgage move compared to other mortgage lenders

Motion mortgage Fairway Independent Mortgage Corp. loan deposit
Minimum credit 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? The 50 states The 50 states The 50 states
Main types of loans Conventional, Jumbo, VA, FHA, USDA, Various Home Improvement Loans, Variable Rate, Fixed Rate, Refinance, Refinance With Withdrawal, Reverse Mortgages Conventional, Jumbo, VA, FHA, USDA, Various Home Improvement Loans, Variable Rate, Fixed Rate, Refinance, Refinance With Withdrawal, Reverse Mortgages, Home Equity Loans, Home Equity Lines of Credit Conventional Home Improvement Loan, Jumbo, VA, FHA, FHA 203 (k), Variable Rate, Fixed Rate, Refinance, Cash Refinance

How To Shop For The Best Mortgage Rate

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

You could save even more if you use your negotiation skills. After you submit your mortgage applications, the lender will provide you with a mortgage estimate. Use these documents to compare the interest rate, APR, lender fees, and discount points on each loan. Send the best offer to another lender and ask them to beat the interest rate or closing costs. Lenders may be willing to compete for your business, especially if you have good credit.

While these mortgage loan applications can trigger a serious investigation into your credit reports, credit reporting companies know consumers are shopping. FICO will treat all mortgage applications made within 45 days as one application. Try to submit your mortgage applications in this window to minimize the impact on your credit.

Final result

Movement Mortgage is a serious contender if you are looking to take out a mortgage or refinance an existing loan. You will need to submit a request for a quote and a list of fees you might pay, which could be a deciding factor if you just want to be pre-qualified.

But the website is easy to navigate, and you can easily complete the mortgage application online or get help at one of the hundreds of offices across the country. He is also a lender that we feel good about since he devotes most of his profits to a foundation that supports local communities.

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