Movement Mortgage Review 2023

How Bankrate scored Movement Mortgage 

To create its Bankrate Score, Bankrate’s editorial team rated Movement Mortgage on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.). We derived its overall score by considering three basic factors.

• Affordability: Movement Mortgage’s fees vary by loan. You’ll need to fill out a form to learn what rate offers might apply to your situation.
• Availability: This lender works with borrowers in all states, offering products beyond the basics, including condo loans and construction loans.
• Borrower experience: You can initiate a request for a rate quote and apply for a mortgage via the Movement website. The lender promises super-fast response times.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate's methodology page spells out our rating process in greater detail.

Affordability: 3/5

Loan cost is a deciding factor for many borrowers.  The affordability nature of loans differ from lender to lender, so comparing costs is key.

The lender’s mortgage rates aren’t available through its website. Borrowers must fill out an online rate quote form and then wait for contact from the lender to see what rate they qualify for.

Availability: 4/5

Availability factors can make the overall mortgage-application process smoother or more challenging.

Movement Mortgage provides conventional loans as well as FHA, VA and USDA loans, along with options to refinance your existing mortgage. It’s also equipped to work with borrowers looking for condo loans, construction loans and home equity lines of credit. The lender operates in all states and has an extensive branch network.

Borrower experience: 4.3/5

Customer experience factors can help you know what to expect when you work with a specific lender. Movement Mortgage was established in 2008 and is accredited by the Better Business Bureau, with an A+ rating from the organization. Aside from the business end of things, the lender is known for its charitable endeavors, funneling its profits to its nonprofit Movement Foundation. 

If you qualify for a Movement loan, you can get complete underwriting in as little as six hours after applying online, and the lender’s Movement Mobile app allows you to manage your loan, send files and more, all in one place. The lender also has e-signature capabilities and offers many calculators through its website to assist you with your decision-making. While it offers a wide variety of loans, some products are “brokered out”: that is, they are originated in Movement’s name but contracted out to third-party lenders.

How to apply for a mortgage with Movement Mortgage

You can apply for a purchase loan or a refinance in person at one of the physical branches, or on Movement Mortgage’s website. The company’s process is similar to other online lenders’, though Movement makes a point of specifying how fast it can be, aiming 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.  (six hours to process an application, etc.). 

Here are some tips for streamlining Movement’s already-speedy process:

Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

Gather personal and financial documents. With any lender, you must supply documentation proving your income, assets and debts. These documents typically include:

• Pay stubs from at least the past 30 days
• W-2s from the past two years
• Proof of any other income sources (such as bonuses or commissions, child support or rental revenue)
• Account statements, including checking, CDs and retirement savings, from at least the past two months
• Documents detailing any loans you currently have
• Letters explaining any new loans you’ve taken out recently
• Letters from anyone giving you a gift to use for a down payment
• Explanation (signed and dated) of any deposits over $1,000 other than normal pay into accounts.
• Court records if you’re recently divorced or dealt with something like bankruptcy or foreclosure
• Contact info for your landlords if the lender wants to verify payment
• ID (such as a driver’s license or passport), so lenders can verify your identity and that you’re a U.S. citizen. Foreign nationals can get financing, but it’s much more complicated.

Those who are self-employed might also need to include additional information and undergo an income audit. This might include asking an accountant to verify your income is stable by speaking with customers; reviewing business records, like P&L statements; or taking other steps.

Provide details about the property. If it’s a purchase mortgage, you’ll need to supply the address of the home you’re buying and submit to an appraisal. If you’re refinancing, you may or may not need an appraisal.

Refinancing with Movement Mortgage

This lender refinances existing mortgages, and its refi process is similar to the purchase process. Before you start, think about your goals. Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can apply through the lender’s website or via its call center.