Movement Mortgage Review

Movement Mortgage Ratings at a Glance

Movement Mortgage Review: Is It Any Good?

One of the largest financial obligations you will take on is a mortgage, which you repay for many years. Finding a trustworthy lender and a loan that suits your requirements is crucial. 

It's important to weigh different lending programs and evaluate terms like mortgage rates, fees and closing periods before choosing a lender. In the U.S., you can choose from around 11,000 mortgage lenders, so finding the right one can be a challenge.

If you are looking for the best mortgage lenders for self-employed people, you can find many options to choose from.

One provider that has gained popularity recently is Movement Mortgage. This company was founded in 2008 and since then, it has already expanded into a sizable lender with over 4,500 employees and a service area spanning all 50 states.

Movement Mortgage is well-known for its favorable customer reviews. But borrowers should be aware of the lack of transparency surrounding mortgage rates.

Headquartered in South Carolina, the company can serve mortgage loans in all 50 states including the District of Columbia, thanks to its more than 775 offices nationally.

Although not the lowest in the industry, its rates and fees are nonetheless competitive. But given that it appears to be more accommodating about credit ratings than many other mortgage businesses, this company is considered to be among the best in the industry by many experts.

The average rate may also increase if more borrowers with poorer credit are involved. Movement Mortgage offers several loans, such as:

• Conventional 
• United States Department of Veterans Affairs (VA) 
• Federal Housing Administration (FHA) 
• USDA 
• Jumbo 
• New construction 

It provides refinancing, including cash-out and rate-and-term refinancing loans. If you're looking for all sorts of mortgages, this company could be a great choice for you.

As far as the customer experience is concerned, the Better Business Bureau has granted Movement Mortgage an accreditation and an A+ rating. In addition to providing mortgage loans, the lender is renowned for its charitable endeavors and donates its proceeds to the nonprofit Movement Foundation.

One drawback for the company is that many borrowers have expressed serious concerns about Movement Mortgage's lack of transparency with regard to mortgage rates. In comparison with some other lenders, Movement Mortgage needs borrowers to complete an application or speak with a loan officer to acquire rate information. 

Because of this lack of transparency, it may be difficult for borrowers to compare rates and calculate the total cost of their loans prior to submitting an application.

Customer Service and Phone Number

Customer service at Movement Mortgage may be reached at 855-979-1084. Its customer support representatives are accessible Monday to Friday from 8 a.m. to 7 p.m. to help borrowers with inquiries and provide support during the loan process. 

Customers can contact this company at the following email address: servicing@movement.com.

It's worth noting that contacting the company directly through its official methods, such as the website or published phone number, is the most dependable means to reach the customer support team.

Most borrowers appreciate the company's responsive and experienced staff for providing useful information throughout the loan procedure. Some customers have reported delays in response times or difficulties in obtaining accurate and timely information.

When you apply for a loan, Movement Mortgage will check your credit score, which is one of the key qualification factors. While these are not absolute requirements, in general, this company expects a 580 credit score for its VA loans and a 620 credit score for conventional loans.

The approval for other loans such as Jumbo and FHA will be determined by your financial status. The usual rule of thumb for conventional loans is that a credit score of 740 or above will get you the best loan terms. FHA loans typically accept credit scores of approximately 580 and above. 

Although there are lenders that do not require tax returns, Movement Mortgage does. Tax returns help confirm income, determine financial security and guarantee compliance with financing requirements. 

Besides tax returns and credit scores, this company considers your debt-to-income (DTI) ratio as well. A continuous revenue stream and a stable employment history are required for loan acceptance.

Borrowers are frequently asked to submit proof of income in the form of pay stubs or tax records. The lower your DTI, the more likely you are to qualify for a home loan with reasonable terms. Another significant component in qualifying for a house loan is saving for a down payment. While no down payment is required for a VA or USDA loan, FHA loans require at least 3.5%. 

To avoid paying private mortgage insurance, conventional loans need a 20% down payment. The higher your down payment, the more value you have in your house. For example, a 20% down payment also increases your chances of getting favorable loan terms.

When it comes to mortgage lenders for bankruptcies, situations differ. While Movement Mortgage might consider clients with unusual financial histories, it is best to contact its support team personally or look into other specialized lenders who cater to people with a bankruptcy record.

Movement Mortgage provides a variety of lending choices to meet the needs of homebuyers. Take a look at its plans and pick the one that is right for you.

Conventional Loans

These are standard home loans that are not government-backed or insured. Conventional loans need a higher credit score and a 20% down payment, but they have flexible terms and low interest rates. 

Jumbo Loans

You can look into jumbo loans if you want to buy a house in an expensive neighborhood. These loans are best for those that exceed the conforming restrictions established by Freddie Mac and Fannie Mae, two government-sponsored mortgage companies. In most places, the cap is $766,550. Usually, a 20% down payment is required for these loans. 

Veteran Affairs (VA) Loans

Aimed towards veterans, service members, National Guard and military personnel, VA loans provide favorable terms for property ownership. There is no down payment requirement and private mortgage insurance is not charged.

Federal Housing Administration (FHA) Loans

With just 3.5% in down payment savings, you can be approved for an FHA loan. People who don't have strong enough credit to get approved for a traditional loan can benefit from FHA loans. The disadvantage is that if you put less than 20% down, you must pay upfront mortgage insurance as well as a monthly insurance cost.

USDA Loans

These loans are guaranteed by the USDA and are intended to encourage ownership in rural and suburban regions. USDA loans provide 100% financing, which means there is no down payment required. On top of that, they frequently have more lenient credit standards.

Renovation Loans

Movement Mortgage provides standard and limited renovation loans to borrowers with a credit score of 580 or higher, as well as HomeStyle for investors and HomeStyle Renovation mortgages, which typically require a credit score of 620 or higher.

Factors to Consider With Movement Mortgage

Numerous factors come to mind when thinking about getting a mortgage. Take a look at them before you make the choice of getting a plan from a lender. 

Interest Rates

The total cost of your mortgage is directly impacted by the interest rate. To guarantee you get the best price, compare rates from various lenders. Over the course of the loan, a lower interest rate may enable you to save thousands of dollars. To find information about Movement Mortgage's rates, you will have to submit an application. 

Loan Term

The loan term is the period of time in which you must pay back the mortgage. Typical terms include 15 and 30 years. While shorter terms frequently require larger monthly payments, they can ultimately result in lower interest costs. When selecting a loan term, take your financial objectives and budget into account. 

Down Payment

The down payment is the first sum of money you put down on a house. A greater down payment can lower your loan balance, which could cut your monthly payments and eliminate the requirement for private mortgage insurance. Determine the ideal down payment amount by analyzing your finances and savings.

Financial Strength

Even though financial strength ratings might not be readily available for all lenders, look into the company's financial reputation and evaluate it. This process can give some indication of the lender's capacity for keeping its word and rendering dependable service. As a result, you will get an idea of what to expect. 

Movement Mortgage vs. Competitors

After learning about Movement Mortgage, you might want to compare with the competition. Use these quick reviews to learn more about other mortgage providers that might work for you.

Why You Should Trust Benzinga

With its in-depth analysis of mortgage-related topics, Benzinga has been a reliable and trustworthy source of financial information for over a decade. Its staff includes financial specialists with expertise in the mortgage sector, ensuring the accuracy and dependability of the information they offer.

The best part is that Benzinga is committed to transparency and offers facts only, empowering readers to make correct decisions based on in-depth knowledge of the issue. 

And because of its track record of providing high-quality financial advice, Benzinga has maintained a solid reputation among investors and those looking for trustworthy information about mortgages.

Its staff's knowledge of this sector enables them to offer analysis and insights that are beneficial for borrowers navigating the complexity of house loans.

The question is whether Movement Mortgage is a good lender, and it can't be answered in one word. The good news is that this company provides a variety of mortgage alternatives and has received favorable online customer ratings, particularly for its affordability and readiness to deal with customers who have lower credit scores. 

With credit ratings as low as 580, the company's USDA loan program stands out as one of its strongest points. As compared to many providers, its rates and fees are still competitive. It's important to keep in mind that Movement Mortgage lacks transparency when it comes to mortgage rates, requiring the submission of an application or a phone call with a loan officer in order for borrowers to learn the exact costs.

Despite this restriction, it is a good idea to think about getting preapproved with several lenders so you can compare offers and be sure you're getting the best bargain. Movement Mortgage might be a good option for people looking for a government-backed plan. 

Frequently Asked Questions