Is Movement Mortgage A Direct Lender

Before Choosing A Direct Lender

Before deciding on cooperation with a specific financier, you should pay attention to some aspects of different direct lenders:

• Reputation: First of all, read the history of the direct lender to be sure of its reliability and financial protection.
• Conditions. Pay attention to the terms of borrowing, especially interest rates and other loan payments, because there is a risk of getting big debt.
• Convenience. Is it easy to request a bond issue? What are the requirements for the applicant? These are the questions you need answers to.

How To Find A Mortgage Broker

Mortgage brokers tend to be more localized, so the best place to start your search is by asking friends, family, and your real estate agent for referrals. You can also submit an inquiry on a website like LendingTree, and brokers will contact you directly. If you prefer not to get dozens of calls from brokers, you can search for them directly through sites that aggregate local, independent mortgage brokers throughout the country. Some lender sites, such as Rocket Mortgage, also have a search engine that will connect you with local mortgage brokers.

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Movement Mortgage Vs Fairway Independent Mortgage Corporation

Movement Mortgage sometimes lets you apply with alternative credit if you don’t have a credit score. But Fairway Independent Mortgage Corporation tends to be a little more lenient with this rule, and you could qualify to apply with alternative credit even if you just have a bad credit score. Every situation is different, though.

Fairway Independent also gives you the option to close digitally instead of in person.

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Would You Qualify For A Mortgage From Movement

The easiest financial marker to look at for mortgage qualification is your FICO credit score. Movement Mortgage will pull your credit score when you apply for a loan and its one of the main qualification considerations. While these are generally not completely set in stone, in general, Movement requires at least a 580 for a VA loan and a 620 for a HomeStyle® renovation loan.

For the rest of the loan offerings, such as conventional, jumbo and FHA, itll depend on your financial situation. The general rule of thumb for conventional loans is that 740 or higher will give you the most favorable loan terms. FHA loans can generally accept credit scores around 580.

Along with credit score, your debt-to-income ratio is an important financial gauge. Your DTI is expressed as a percentage indicating your monthly debts to your monthly income. To calculate your DTI, add all your monthly debt payments and your projected monthly mortgage payment. Divide by your pre-tax monthly income and multiply by 100 for your percentage.

The lower your DTI the more likely youll qualify for a home loan and decent terms. A high DTI indicates your budget doesnt have much wiggle room which can mean a higher risk of loan default or missed payments.

The Price Of Convenience

If you choose to work with a mortgage broker over a direct lender, you have to keep in mind that they have to get paid somehow.

That usually comes in the form of a mortgage fee based on the amount you borrow. There are some shady brokers that will write other costs into the loan that you may not even be aware of.

Youll want to know exactly what the mortgage broker charges and see a list of any additional fees for the loan and closing costs.

With direct lenders, what you see is what you get. They are typically transparent about their fees and wont try to hide anything.

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What Are The Cons Of Working With A Direct Lender

For one, you must apply individually with each lender. When dealing with direct lenders, there are no brokers to assist in the tasks of gathering documents and assessing your financial status.

Another drawback is the approval of your application. Direct lenders have their own underwriting and loan terms. If there are problems with your application that they cannot overcome, then your loan application could be denied. If this happens, youll have to start a new application with a new lender.

We Love & Valuepeople

Movement was created to be different. Founded in 2008, amidst one of the biggest financial meltdowns in American history, Movement set forth on a mission to create a Movement of Change in our industry, in corporate cultures and in communities.

First, we pioneered a unique approach to home loans centered around helping homebuyers, quickly and easily. Then, we created a model so that our profit creates a long-term positive impact in communities both close to home and around the globe.

For our borrowers, we commit to building relationships based on communication. We get it home loans can be confusing and stressful But they dont have to be. And we work to make sure they arent.

It all comes back to our mission, to love and value people in everything we do.

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The Direct Lender Still Has Control

When you work with a mortgage broker, they really dont have control over the process. They can use their experience to put you in the best position to get approved. Ultimately, its up to the bank to decide whether or not youll get the loan.

If you use a direct lender, you can communicate directly with them and make sure that their concerns and questions are addressed.

Mortgage Broker Vs Lender: What’s The Difference

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When you take out a loan to buy a home, you need to choose a mortgage lender carefully.

One important decision you’ll make is between mortgage broker vs. lender. A mortgage broker helps you find a lender but it doesn’t loan you money. A lender, on the other hand, provides funding to purchase a home.

There are pros and cons to working with a mortgage broker vs. a direct mortgage lender. This guide will help you decide which option makes sense for you.

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Find Suitable Direct Lender Loans

In the event of an emergency, you may face unexpected expenses, not having enough funds in the bank account. It is impossible to postpone payments, so the speed of obtaining a loan approval is of great importance. You should familiarize yourself with the loan terms such as monthly payment, available loan amounts, prepayment fee, not to make the situation worse.

Approval services may provide you with a specific online loan proposal, but it may not be tailored to your needs. This will allow you to evaluate each lender and make sure that the conditions of the loan offer are reasonable and you will have enough money to pay back.

Types Of Direct Lender Loans

Direct lenders offer many different types of loans. They offer many different types of loans from auto loans, personal loans, and mortgage loans.

There are also direct lenders that offer short term loans, such as payday loans. These direct lender loans differ from other loans.

Theyre short terms loans for smaller amounts. For example, a payday loan may be for $500 and needs to be paid in full in 2 weeks.

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Banker Vs Wholesale Lender

Most potential homeowners are unaware that they currently, have 3 options when it comes to getting a home loan.

*If you do not want to read this , just scroll down to the 1 minute video at the bottom of the page.

While it might not be blatantly obvious to those outside of the mortgage industry, those that work within the industry share a common secret: Wholesale lending will typically give the person looking for a home loan the best rates. To the contrary, both correspondent and retail lending situations provide the most profit to the bankers.

Many homeowners make themistake of turning to banks when it comes time to get a mortgage. For many, they are the most obvious choice, mainly because home loan services are usually offered at the customers primary banking institution. But that does not mean it is the best option for the client. Pricing with many mortgage brokers can be just as competitive as a bank and most of the times better. Wholesale rates, offered by wholesale mortgage brokers, can be substantially lower than retail interest rates youll get with banks and the ONLY WAY you can access wholesale rates is through a wholesale mortgage lender.

BANKS

Examples Wells Fargo, CHASE, B of A, Navy Federal Credit Union, US Bank, Union Bank, Everbank, Citibank, Comerica Bank, USE Credit Union.

CORRESPONDENT LENDERS

WHOLESALE MORTGAGE LENDERS

FOR IMPORTANT TIPS WHEN COMPARING LENDERS

Please let me know how I can help you.

Guidance Throughout The Purchase Process

One thing that youre likely to get from your mortgage broker is guidance in the process. There are things that you are likely to do before closing that could completely jeopardize the sale.

For example, taking out new credit cards so you can purchase appliances and furniture is a big no-no. That can scare a lender away.

Any changes, such as a new car or a new job before closing the sale can also cause a lender to rescind their offer, even after preapproval.

A lot of people dont know this. A mortgage broker is more likely to walk you through the process than a direct lender and let you know of potential pitfalls.

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How Does A Direct Lender Differ From A Mortgage Broker

When youre buying a home, youre going to need a much larger loan than a typical short-term loan. You can go to a bank directly to get a loan or you can use a mortgage broker.

Mortgage brokers do a lot of the heavy lifting for you. You want to make sure that you get the best rate possible for your home loan. If you want that from a direct lender, youll have to shop around for the loan yourself.

Youll have to take the time and research different lenders and contact them for their rates. A mortgage broker does all of this work for you.

There has been a lot of movement in the mortgage industry as of late. While it seems that the industry has recovered since the 2008 housing crisis, the industry is still experiencing some instability. Thats mostly due to rising interest rates and a slowing buyers market.

Movement Mortgage Vs Rocket Mortgage

Movement Mortgage is the clear choice for a USDA, construction, renovation, condo, or reverse mortgage, because Rocket Mortgage doesn’t offer these types of home loans. There’s also a chance you can show alternative credit data, like proof that you pay bills on time, to Movement if you don’t have a credit score. Rocket Mortgage requires a credit score.

You may like Rocket Mortgage for its user-friendly online application process, including a live chat feature available seven days per week. Rocket Mortgage ranked as the top lender for customer satisfaction from J.D. Power for 11 consecutive years, and it ranked No. 2 in 2021.

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Mortgage Lender Pros And Cons

Pros:

• You’ll apply directly with the lender that issues your loan. This can save time and money in simple transactions.
• You won’t have to pay a fee to a mortgage broker. Lenders make money by charging an origination fee and/or by servicing or reselling your loan.
• You’ll have more control over the process. You decide for yourself which lenders to get quotes from.
• You may be able to get a better rate by working directly with a lender. This is especially likely if you have a pre-existing business relationship.

Cons:

• It could take more time to find a loan. If you want multiple rate quotes, you will have to submit your information directly to multiple lenders.
• You may not have access to some lenders who only work with mortgage brokers. This could limit borrowing options.
• Brokers might be able to find favorable loan terms. This is especially likely if your situation is complicated.

Mortgage Broker Vs Lender: Which Is Better For Me

You don’t have to choose between a broker or lender. If you want to use a mortgage broker, the loan process might be easier and you might get a better deal. Going it alone gives you more control and could save money on fees.

Working directly with a lender could be a better option if you prefer to shop around and compare loan rates yourself. Or if you have an existing relationship with a financial institution, that lender may be willing to provide a better rate than you could find through a broker.

If your situation is more complicated you may be better off with a mortgage broker. A broker could also help if you want to simplify your rate shopping. You only need to provide your financial credentials once. The broker can then compare options and match you with lenders.

Whether you work with a broker or lender, make sure to get mortgage pre-approval early. It will give you an idea of the size of loan you can qualify for, which will help as you hunt for a home. And use a mortgage calculator to understand what your loan payment will be.

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Shop Mortgage Options & Compare Rates

Use the quick & easy tool below to find out what you qualify for.

Having helped thousands of local homebuyers realize their dream and secure a more prosperous future for their families, I understand the complexities of our local lending market and have the tools to help you succeed! I created our team to serve you. My commitment to you is that my team WOW you every step of the way.

As a 10 year Army Veteran, I know what it takes to serve. That is exactly what were here to do serve you.

Movement Mortgage Llc Direct Lender

We are looking for customers to purchase a new primary residence, second or investment property. This includes first time home buyers, VA Veterans or present Military. We are extremely Realtor and Financial Advisor Centric.

At Movement, we believe that the mortgage industry needs a change. And were working to restore the industrys reputation by lending with integrity, offering outstanding corporate culture and embodying corporate responsibility for the well being of communities.

Since our inception in 2008, weve grown from a small team of 4 to a nearly 4,200 employees with more than 550 locations across 47 states and been listed among Inc. Magazines fastest-growing companies in the country four times. In 2015, we financed 1 in every 75 home purchases in the country, totaling $7.8 billion in originations and in 2016 Funding over 12 Billion. Our vision is to serve 1 out of every 10 homebuyers in the country by 2025. Our unique 6-7-1 process aims to deliver upfront underwriting in six hours or less, process loans in just seven business days, and close in just one business day.

PETE TORREY | MARKET LEADER40950 Woodward Avenue Suites 110 & 130Bloomfield Hills, MI 48304www.movement.com/Pete.TorreyNMLS: 1128704

PeteMovement Mortgage LLC, Direct LenderPeteMovement Mortgage LLC, Direct Lender

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What Are The Pros Of Working With A Direct Lender

Direct lenders can make funding decisions quickly since they control their own lending criteria. This allows them greater control over which customers get the funds that theyre seeking. Another advantage is that many large direct mortgage lenders are licensed nationwide, which means that they can help buyers from any state. When a borrower is looking to buy a home in another state, direct lenders can be a great source of help.