First-time buyer loans
- Can process many loans within a week
- Competitive mortgage rates and fees
- Wide range of mortgage products
- Must fill out an application to see rates; they're not listed online
- Must be comfortable with a digital process
Movement Mortgage was established in just 2007. But it's already grown into a massive lender that serves 49 states and has over 4,000 employees.Borrowers tend to like Movement for its generally low mortgage rates, fair closing costs, and leniency when it comes to credit scores and debt ratios. And it probably doesn't hurt that the CEO is Casey Crawford (yep, the football player and NFL Super Bowl champion). Besides being a good lender, the company's profits are paid out as dividends to the Movement Foundation. So far, that has reinvested more than $60 million into schools and communities worldwide, according to Movement's website. So borrowers who choose Movement can feel good about their investment, too.
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Movement Mortgage rates
Movement Mortgage doesn’t have the lowest fees or average mortgage rates. But it’s still very competitive — especially for buyers with moderate or lower credit scores.
Indeed, if you look at monthly payments in the table below, you’ll see the difference between Movement’s and some more established lenders’ is minimal.
Average 30-year mortgage rates at major lenders
Average 30-Year Interest Rate, 2019
Monthly P&I Payment*
Median Loan Costs, 2019
Median Origination Charge, 2019
Average rate and fee data were sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).
*Monthly principal and interest payment based on a $250,000 home price, with 20% down, at each company’s average 30-year interest rate for 2019. Your own rate and monthly payment will vary.Verify your new rate (Sep 18th, 2020)
Movement Mortgage review for 2020
We can’t find much to dislike about Movement Mortgage.
Its rates and fees are competitive rather than the lowest in the industry. But that’s understandable because it works with more borrowers with credit issues than many other lenders. And a larger percentage of lower-credit borrowers can push up the average rate.
When it comes to credit, Movement Mortgage is pretty lenient.
You really can apply to for an FHA or VA purchase loan with a credit score as low as 580 (620 for refinances).
And a 620 score also works for conventional mortgages (ones backed by Fannie Mae and Freddie Mac). But you’ll need 700 or higher for a jumbo mortgage, which is any loan over $510,400 in most parts of the U.S.
Movement is similarly helpful when it comes to helping borrowers with higher debt-to-income ratios.
For example, for FHA loans, Movement allows housing costs to take up 46.9% of your income. And your total debts — housing plus other monthly payments — can be up to 56.99% of your gross monthly income.
For comparison, many lenders cap total housing and other monthly debt payments to just 43% of your income.
Movement is also happy to work with state and local housing agencies, entities, and nonprofits that provide down payment assistance to homebuyers who need it.
Working with Movement Mortgage
Movement seeks to be quicker at turning around your loan than most other lenders.
Its “6-7-1 process” aims to have an application underwritten (verified and approved) within six hours, processed within seven days, and prepared for closing within one further day. The company explains:
“We aim to have every loan ready at least two weeks prior to the finish line to ensure a seamless and stress-free one-day closing.”
Of course, no lender could possibly stick to that timetable for every single loan. But, if your case is straightforward, that might be a reasonable expectation.
Most applicants won’t need much help navigating the straightforward online application process.
But if you do need a hand, Movement Mortgage has 650 branches across 49 states. And, no doubt, they each have helpful people, willing to give you a hand with your application.
There’s also a call center that can answer queries between 9 a.m. and 5 p.m. (ET), Monday through Friday.
Movement Mortgage customer service reviews
This lender seems to be well-liked by its customers and to have ethical standards. It is an accredited business with the Better Business Bureau and gets an A+, the BBB’s highest rating.
As important, very few of Movement’s customers complain about it to the Consumer Financial Protection Bureau (which keeps track of official mortgage complaints).
It had way fewer of those complaints filed in 2019 than most lenders, even when you allow for the number of customers served.
Mortgage-related complaints at major lenders
Mortgage Originations 2019
CFPB Complaints 2019
Complaints Per 1,000 Mortgages
2019 JD Power Rating
Of course, every organization with so many customers has a few who are disgruntled. And you can find some complaints on online forums. But, reading through them, you’re unlikely to be bothered much.
Mortgage loan products at Movement Mortgage
The lender has a broad portfolio of loans and refinances, including:
- Conventional mortgages — The “standard” mortgage starting at 3% down. There’s no mortgage insurance if you put at least 20% down
- Fannie Mae HomeReady — 3% down payment
- Freddie Mac HomePossible — 3% down payment
- FHA loans — 3.5% down payment and easier credit requirements
- VA loans — Zero down payment for veterans and service members
- USDA loans — Zero down payment for rural and some suburban home buyers
- FHA 203K loans — Renovation mortgages for fixer-upper homes
- Fannie Mae Homestyle — A conventional renovation loan
- Fannie Mae 2/1 Buydown — Low initial mortgage rate
- Fannie Mae Manufactured Housing — Manufactured home loans
- Freddie Mac HomeOne — For first-time buyers
- Freddie Mac Medical Professional — Deals for doctors and other medical professionals
- Freddie Mac IMAGIN — A new form of mortgage insurance
- Streamline refinances — Low-doc, low-cost mortgage refinances for FHA, VA, and USDA loans
That’s an impressive range and wider than many. Chances are, if you’re looking for a specific kind of mortgage, Movement offers it.
Movement Mortgage FAQ
It certainly does. Movement offers standard rate-and-term refinances to help homeowners lower their mortgage rate and save money.
With government-backed loans, Movement can facilitate streamline refinancing. Streamline refinancing requires less paperwork, lower costs and fewer headaches than other refinances. However, you can’t get cash out with these.
If you need a cash-out refinance, Movement may still be able to help. But the process (as with all lenders) will be more like a normal mortgage application.
Yes, it’s a direct lender.
Looking at public data and customer reviews, it seems Movement is a good and ethical company. It generally has fair rates and well-rated customer service. Certainly, the BBB seems to think so with its A+ rating.
Meanwhile, the company’s charitable giving pretty much puts it in a class of its own.
We’d call Movement’s rates “competitive” rather than “low.” But it’s difficult to compare them with those of other lenders. Because, unlike many, this lender works with a lot borrowers who have lower FICO scores. And that’s bound to skew comparisons.
But all that really matters is whether Movement offers you a low rate. So ask for a quote while you’re applying to other lenders. Then you can do a side-by-side comparison to see if Movement has the lowest mortgage rate for you.
Movement Mortgage requires a minimum FICO score of 580 for many of the purchase loans it offers. But, if you want to refinance or if you require a conventional loan, you need 620 or higher. Those requiring larger (“Jumbo”) mortgages need a score of 700 or better.
Where can I get a mortgage with Movement Mortgage?
The easiest way is to apply online. Movement Mortgage is available in 49 states, with Montana being the only exception.
If you’d like to chat through your needs with a loan officer before applying online, there’s a lookup tool on the website to help you find a branch.
Currently, Movement Mortgage has branch locations in these states: AK, AL, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, NC, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY.
Is Movement Mortgage the best lender for you?
Movement may well be the best lender for you. But that’s going to depend on your personal circumstances.
No lender is “the best” for everyone. And you need to find one that’s comfortable dealing with applicants like you.
So the only way to be sure is to get quotes from multiple lenders. That way you can compare offers and decide on the one that’s best for you.
- Interest Rate: The rate you pay in interest per year based on the current loan balance.
- APR: The total cost of getting the loan including the interest rate and closing costs.
- Discount Points: Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. - Read More
- Mortgage Originations: The number of mortgages this lender closed. The most recent data available is from the 2017 Mortgage Market Activity and Trends, Consumer Financial Protection Bureau (CFPB), published May 2018.
- CFPB Complaints: The number of mortgage origination or closing related complaints filed with the Consumer Financial Protection Bureau in 2018. We ignore complaints about issues that don't concern mortgage applications and closings, such as loan servicing, since some lenders don't service loans and therefore would have an unfair advantage in complaint numbers.
- Complaints per 1000 mortgages: The number of mortgage-related complaints compared to this lender's total mortgages originated. Due to data availability, we're comparing 2017 originations with 2018 complaints to arrive at the number of complaints per 1000 mortgages originated.
- JD Power Rating: On a 1,000 point scale, consumer insight company JD Power scores large banks across six factors: channel interactions, deposit accounts, credit accounts, investment accounts, convenience, and problem resolution.