Movement Mortgage Mortgage Review 2020
By Erik J. Martin
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Bankrate Score
3.9
0.0
Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
Founded in 2008, Movement Mortgage is an online and brick-and-mortar lender that provides a variety of mortgage options and loans for homebuyers, including:- Conventional fixed-rate and adjustable-rate mortgages (ARMs)
- FHA, VA and USDA fixed-rate loans
- Dream to Own home loan with no mortgage insurance required, and down payment and closing costs assistance included
- Jumbo fixed-rate loans
- Conventional co-op and condo loans
Nationwide availability
Available in all U.S. states except Montana
Minimum credit score
580 for conventional mortgages; 580 for FHA loans; 580 for VA loans; 580 for jumbo mortgages
Loan types
Conventional fixed-rate and adjustable-rate mortgages (ARMs), FHA, VA and USDA fixed-rate loans, Dream to Own home loan with no mortgage insurance required and down payment and closing costs assistance included, jumbo fixed-rate loans, conventional co-op and condo loans, land/lot loans and renovation loans; refinancing options include rate-and-term refinancing and cash-out refinancing
Pros
- Apply for a loan online or by phone
- Free customized rate quote
- Aims for what it dubs a “6-7-1” process: upfront underwriting within six hours of submitting application, loan processing within seven business days and closing in one day
- Offers Dream to Own home loan: no mortgage insurance required, and down payment and closing costs assistance included
- Most documents can be e-signed early, saving time at closing
Cons
- Land/lot loans and home equity lines of credit (HELOCs) are brokered out
- Loans aren’t available in Montana
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Movement Mortgage overview
Loan types
- Conventional fixed-rate and adjustable-rate mortgages (ARMs)
- FHA, VA and USDA fixed-rate loans
- Dream to Own home loan
- Jumbo fixed-rate loans
- Conventional co-op and condo loans
Lender fees
Movement Mortgage loan fees, including origination fees, vary by loan type.
Minimum borrower requirements
Movement Mortgage adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA) and the U.S. Department of Agriculture (USDA).
For conventional loans, key requirements include good credit (typically a FICO score of 580 or higher). Depending on the loan, a minimum down payment of 3.5 percent is typically required (zero down for VA or USDA loans).