Movement Mortgage Review for 2022

Movement Mortgage is a digital lender with a wide range of mortgages and competitive rates. It may help customers with borderline credit scores or debt qualify for a mortgage.

Movement Mortgage
Minimum down payment3%
Minimum credit score580
Loan Products Offered

Conventional mortgages
Jumbo mortgages
FHA, VA, and USDA
Renovation loans
New construction loans

Best Features

  • Can process many loans within a week
  • Competitive mortgage rates and fees
  • Wide range of mortgage products

Drawbacks

  • Must fill out an application to see rates; they're not listed online
  • Must be comfortable with a digital process

Overview

Movement Mortgage was established in just 2008. But it's already grown into a massive lender that serves 50 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.

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.


Movement Mortgage rates

Movement Mortgage doesn’t have the lowest lender 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 loan underwriting costs in the table below, you’ll see the difference between Movement’s and some more established lenders’ is minimal.

Just remember that mortgage rates are specific to each borrower. So you’ll need to request a rate quote to see what Movement can offer you.

Average mortgage rates at major lenders

Movement MortgageRocket MortgageWells FargoFreedom Mortgage
Avg 30-Yr Interest Rate, 202113.12%3.00%3.14%2.66%
Median Total Loan Costs, 20211$4,289$4,670$3,600$3,880
Median Origination Fee, 20211$1,295$2,430$1,330$0

Average rate and fee data was sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

Movement Mortgage review for 2022

Movement Mortgage, LLC is headquartered in South Carolina. With over 700 branches nationwide, it can service mortgage loans in all 50 states and Washington D.C.

Its rates and fees are competitive rather than the lowest in the industry. But that’s understandable because it seems to be more flexible about credit scores than many other mortgage companies. And a larger percentage of lower-credit borrowers can push up the average rate.

Flexible credit score requirements

When it comes to credit, Movement Mortgage is pretty lenient. You really can apply 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 higher credit scores for a jumbo mortgage, which is any loan over $ in most parts of the U.S.

Lenient debt-to-income ratios

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 Mortgage 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 its closing date within one further business day.

The company explains: “By working to a 7 day goal we can have closing documents out weeks before closing and avoid all the last minute craziness.”

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.

Online mortgage process

Most applicants won’t need much help navigating Movement’s straightforward online application process. Just be sure to keep your application documents handy, such as pay stubs, tax returns, and bank statements.

If you do need a hand, Movement Mortgage has over 700 branches across all 50 states and the District of Columbia. 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 8:30 a.m. and 7 p.m. (ET), Monday through Friday. Movement Mortgage’s phone number is (855) 979-1084.

Movement Mortgage customer service reviews

This lender seems to be well-liked by its customers who appreciate Movement’s 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 2021 than most lenders, even when you allow for the number of loans serviced.

Customer service reviews at major lenders

CFPB Complaints, 20214Complaints Per 1,000 Mortgages, 20215J.D. Power Satisfaction Score, 20216
Movement Mortgage170.11855/1,000
Rocket Mortgage3760.24876/1,000
Wells Fargo4880.58832/1,000
Freedom Mortgage2620.35829/1,000

Of course, every organization with so many customers has a few who are disgruntled. And you can find some customer satisfaction complaints on online forums. But, reading through them, you’re unlikely to be bothered much.

Mortgage loan products at Movement Mortgage

Movement has a broad portfolio of mortgage options. Most home buyers will likely find a loan that suits their needs.

  • Conventional mortgages: A loan conforming to guidelines set by Freddie Mac and Fannie Mae. First-time home buyers can qualify with as little as 3% down payment and 620 minimum credit score. You can usually stop paying private mortgage insurance (PMI) after a few years
  • FHA loans: You can put down as little as 3.5% of the home purchase price. But you’ll have to pay mortgage insurance premiums (MIP) each month until you sell or refinance. This is a popular loan type for first-time home buyers
  • VA loans: Ideal for veterans, active-duty service members, and others who are eligible. Zero down payment, easier credit, competitive rates, and no mortgage insurance
  • USDA loans: This type of loan is available for low- to moderate-income borrowers in qualifying rural and suburban areas. USDA loans require 0% down and have competitive rates
  • Fannie Mae HomeReady: Fixed-rate loans with a 3% down payment for low-to-moderate income buyers
  • Freddie Mac HomePossible: Fixed-rate loans with a 3% down payment for low-to-moderate income buyers
  • FHA 203(k) loans: Purchase a fixer-upper home and then renovate it, all with one renovation loan
  • Fannie Mae Homestyle: A conventional renovation loan. Choose between Homestyle Renovation and HomeStyle for Investors
  • New construction loans: This loan option is ideal for those building their own homes. Extended rate-lock program available
  • Jumbo loans: Higher loan amounts than conforming mortgages, generally for mortgages over $.
  • Fixed-rate mortgages (FRMs): Fixed-rate loans offer regular monthly payments over the life of the loan term, often 15 or 30 years
  • Adjustable-rate mortgages (ARMs): Adjustable-rate loans have a fixed interest rate for the first few years. Then — within limits — their rates can float up and down with wider interest rates
  • Reverse mortgages: When you’re 62 years or older and want to access some of your home equity to enhance your retirement. Zero monthly payments

That’s an impressive range of home loans — much broader than other mortgage lenders. Chances are, if you’re looking for a specific type of loan, Movement offers it.

Refinancing with Movement Mortgage

Homeowners who are looking to refinance their mortgage can choose between several refinancing options:

  • Rate-and-term refinance: Exchange your original mortgage with a new one that offers more favorable loan terms or a lower interest rate
  • Cash-out refinance: Access your home equity by replacing your current mortgage with a new, larger loan amount, and then receiving the difference as a lump sum of cash
  • VA cash-out refinance: Similar to a conventional cash-out refi, but allows qualified borrowers to access 100% of their home equity
  • VA IRRRL: Also known as the Veterans Affairs Interest Rate Reduction Refinancing Loan, this is a low-doc, low-cost refinance option
  • FHA Streamline Refinance: Similar to the VA IRRRL, but designed for homeowners with an FHA loan

Homeowners who want to tap their home equity without refinancing may need to look elsewhere. This underwriter doesn’t offer home equity loans or home equity lines of credit (HELOC).

Movement Mortgage FAQ

Does Movement Mortgage offer refinance loans? 

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 loan options. If you need a cash-out refinance, Movement will still be able to help. But the process (as with all lenders) will be more like a normal mortgage application.

Is Movement Mortgage a direct lender? 

Yes, it’s a direct lender.

Is Movement Mortgage a good company? 

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.

Does Movement Mortgage have low rates? 

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 of 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.

What's the minimum credit score needed for Movement Mortgage? 

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 loans need an even higher credit score.

Where can I get a mortgage with Movement Mortgage?

The easiest way is to apply online. Movement Mortgage is available in all 50 states and Washington D.C.

If you’d like to chat through your needs with a loan officer before applying online, there’s a lookup tool on Movement.com to help you find a branch. With over 700 branches nationwide, there’s a good chance you could find one near you.

Is Movement Mortgage the best lender for you?

Movement may well be the best mortgage lender for you. But that’s going to depend on your personal circumstances.

No lender is “the best” for everyone. And the only way to be sure is to get rate quotes from multiple lenders. That way you can compare offers and decide on the one that’s best for you. Speak with your real estate agent or Realtor about mortgage companies that are suited to your needs.

Sources:

  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using TheMortgageReports.com mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings