A relative newcomer in the world of mortgage offerings, Movement was founded in 2008 during the financial crisis. The company is based in South Carolina and has expanded rapidly to have a presence in 47 states. Movement is accredited by the South Carolina Better Business Bureau, with an A+ rating.
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Movement Mortgage Background
Compared to many other mortgage providers, Movement is much newer, but its scale is already approaching that of the established industry leaders.
The company now operates over 775 locations. Movement promotes its offerings with a socially conscious image, calling its mortgages a “Movement of Change” and defining them in opposition to the practices that contributed to the financial crisis in 2008, around the time of the Movement’s founding.
The bank’s digital offerings are numerous, including an online application form, and several calculator tools. Depending on whether an individual wants to determine a loan’s amortization schedule, figure out the relative affordability of a home, or map the effects of refinancing, there is a website feature for this purpose.
The bank states that it was named the fastest-growing mortgage provider by Inc. Magazine and that its long-term goal involves serving 1 in 10 homebuyers in the U.S. by 2025. It is attempting to couple this expansion with community assistance and charity, coordinated through an organization called the Movement Foundation.
This is obviously low compared to the maximum value but is higher than many of its competitors. It suffered a temporary stop to its activities in California in late 2017 following state-level legal action.
Movement Mortgage Rates
Movement Mortgage Loan Options
The movement has plenty of options for mortgage loans. Here is a breakdown of each.
Fixed-Rate Loans
One of the main types of mortgages is a fixed-rate loan. This loan will always reflect the monthly payments and rates at the time it was taken out and is ideally suited to those who appreciate this stability or want to lock in a great rate. Whether applying for a 15-year or 30-year mortgage, prospective homeowners can plan out their next steps with a fixed-rate home loan.
Adjustable-Rate Loans
ARM loans have fixed rates for a specific period (usually between 5 and ten years), after which they fluctuate yearly according to market values. Movement indicated on its corporate blog that when borrowing rates are low, as has been the case for the past few years, fixed-rate mortgages remain more popular than adjustable-rate mortgages.
ARMs aren’t just for rate maximization, however. Individuals who plan to pay off a loan quickly, during the initial period before an ARM’s rate starts fluctuating, can get savings benefits by going the adjustable rate route. Furthermore, homeowners who want to spend time paying off other debt or using their money for purposes other than loan repayment can do so during this initial part of an ARM.
Jumbo Loans
When it’s time to get a loan that goes beyond the maximum amounts backed by federal agencies ($1,089,300 in some states, up to $726,200 in others) there are still loan options available. This is where jumbo loans come in. Movement offers several high-value options, some of which are backed by the government, while others are offered outside of qualified mortgage programs.
FHA Mortgage Loans
One of the through-lines between multiple mortgage types is that they call for sizable down payments. This can impede individuals who are getting ready for homeownership but don’t have large amounts of cash ready on hand. This is where the Federal Housing Authority’s financing options come in. The movement offers access to this program, which allows the use of gift funds for a down payment and lets buyers pay as little as 3.5 percent upfront.
USDA Loans
The U.S. Department of Agriculture isn’t just about promoting farms; this governmental agency also offers assistance to people trying to move to rural areas, even if they aren’t planning on farming. Borrowers who have low to moderate-income levels and want to move into a new house in the country can link up with the USDA through Movement Mortgage.
VA Loans
Designed for active duty armed forces personnel, veterans, and military family members, loans from the U.S. Department of Veterans Affairs offer several perks beyond the standard offerings. Movement’s VA loans don’t have lender fees, and these loans allow 100 percent financing with no mortgage insurance.
Cash-Out Refinancing
Cashing out is a type of refinancing designed to give homeowners access to funds right away. By borrowing against the amount of money they’ve already paid off, these individuals get the funds they may need to perform a major transaction such as settling a significant debt. This process involves refinancing for a higher amount than the current, partially paid value of the loan.
Movement Mortgage Loan Options Overview
| Loan Option | Description |
|---|---|
| Fixed-Rate Loans | • Stability in Monthly Payments and Rates • Ideal for Those Seeking Rate Lock-In • Available for 15-Year and 30-Year Mortgages |
| Adjustable-Rate Loans (ARMs) | • Fixed Rates for 5-10 Years, Then Fluctuate Yearly • Suitable for Those Who Want Savings or Short-Term Loans • Flexibility for Other Financial Goals During the Initial Period |
| Jumbo Loans | • For Loans Exceeding Federal Agency Limits • Multiple High-Value Options, Some Government-Backed • Options Outside Qualified Mortgage Programs |
| FHA Mortgage Loans | • Low Down Payment Options (as Little as 3.5%) • Allows Use of Gift Funds for Down Payment • Ideal for Those With Limited Cash on Hand |
| USDA Loans | • For Moving to Rural Areas, Not Just Farming • Available for Low to Moderate-Income Borrowers • Linked With the U.S. Department of Agriculture |
| VA Loans | • Designed for Active Duty Personnel, Veterans, and Military Families • No Lender Fees • 100% Financing With No Mortgage Insurance |
| Cash-Out Refinancing | • Access Funds by Refinancing for a Higher Amount • Useful for Major Transactions or Debt Settlement • Borrow Against Paid-Off Portion of the Loan |
Movement Mortgage Customer Reviews
The BBB in South Carolina, where Movement’s headquarters is located, has offered the bank accreditation and gave it a rating of A+. There have been 105 customer reviews in the past 3 years and 40 complaints closed in the last 12 months and it holds a consumer rating of 4.76/5 stars.
Movement is proactive about answering complaints about its products and services, though many of the reviews do not have responses from the company’s representatives. The content of these reviews ranges from worries about long waits for approval to unhappiness with the way the company deals with personally identifiable information.
Applying for a Mortgage With Movement
Regarding the technical steps required to apply for a loan, Movement offers an online application and aims to process the documents for final approval within seven days, with closing happening in one day if all goes as planned. Considering that the national average for closing is 44 days from the beginning of the mortgage process, per Ellie Mae’s data, these are ambitious speed targets.
To apply for a loan, potential borrowers should have numerous forms of financial disclosure and identification ready:
- Tax returns and W-2 forms for two years
- 1099 forms and business license if self-employed
- Pay stubs, bank statements, and explanations of deposits over $1,000 (excepting regular pay)
- A driver’s license copy
- Credit report inquiry explanations
- Mortgage statements, insurance declarations,s and tax statements for other properties owned
- If divorced, separation agreement and divorce decree
- Earnest money check and purchase contract
Movement Mortgage Grades
Movement Mortgage is registered with the National Mortgage Licensing System, (license number 39179). It is accredited by the South Carolina Better Business Bureau and has been since 2015. The BBB opened its file on the company in 2008.
There was one legal action against the lender in California in 2017. The movement had to stop serving California customers until it resolved the matter, which stemmed from overcharging borrowers for their per diem interest. The consent order was later amended in March of 2018.
Movement Mortgage Credit Requirements
Qualifying for a mortgage with Movement depends on numerous financial factors. The company’s calculators, online application, and ability to immediately ask an agent for a detailed quote allow individuals to see whether their current circumstances match the requirements.
The fact that Movement offers numerous products backed by government agencies enables it to present offerings to a broader audience. For example, FHA loans are calculated with low- to medium-income buyers in mind, and VA loans offer low or negated down payments for veterans.
| Income requirements | Down payment requirements | Gift funds allowed? | Credit score requirement | |
|---|---|---|---|---|
| None specified | 0-20% based on the loan type | Depends on loan type | 620 minimum for fixed-rate, 580 for VA |
Movement Mortgage Phone Number & Contact Info
Homepage URL: https://movement.com/
- Company Phone: (757) 227-3385
- Headquarters Address: 8024 Calvin Hall Rd, Indian Land, SC, 29707
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Movement Mortgage Review
Product Name: Movement Mortgage
Product Description: Movement Mortgage is a renowned mortgage lender recognized for its swift loan processing times and customer-centric approach. With a focus on providing home financing solutions, they cater to a broad spectrum of homebuyers, from first-time purchasers to seasoned investors.
Summary of Movement Mortgage
Established in 2008, Movement Mortgage has carved out a distinct niche in the mortgage industry, emphasizing not just rapid loan processing but also community investment. They pride themselves on their ‘7 Day Process,’ an ambitious aim to process loans within seven business days, setting them apart from many competitors. Furthermore, their commitment goes beyond just mortgages; through their Movement Foundation, they invest in various community projects. This holistic approach, coupled with an extensive portfolio of loan offerings, makes Movement Mortgage a standout choice for many homebuyers.
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Product Offerings
Overall
Pros
- Rapid Processing: Their ‘7 Day Process’ is an industry standout, aiming to underwrite loans in record time.
- Comprehensive Loan Offerings: From conventional loans to government-backed options, they cater to a wide range of homebuying needs.
- Community Engagement: Through the Movement Foundation, they have a genuine commitment to community development and outreach.
- Transparent Communication: The company emphasizes clear and open communication, ensuring clients are well-informed throughout the loan process.
Cons
- Eligibility for Rapid Processing: Not all loans or applicants may qualify for their touted ‘7 Day Process’.
- Varied Customer Experiences: As with many lenders, experiences can be inconsistent, with some customers noting challenges in the later stages of the mortgage process.
- Rate Competitiveness: While they offer an array of loan options, their rates might not always be the most competitive on the market.
- Availability: Their services may not be available in all U.S. states, potentially limiting some buyers.
