Established in 2008, Motion Mortgage is a privately owned mortgage lender that has grown from a small enterprise to a sturdy, nationwide enterprise. The corporate has mortgage officers in additional than 775 areas, providers loans in all 50 states and has over 4,500 workers. The lender presents a wide range of mortgage applications, together with FHA loans, VA loans and traditional mortgages.
Whether or not you’re trying to find VA mortgage ideas or are already on the hunt for the finest VA loans, there are a selection of necessary elements to think about when deciding which lender to make use of. On this evaluate, we discover Motion Mortgage’s lineup of mortgage merchandise, pricing, buyer satisfaction and accessibility.
Learn on to search out out if Motion Mortgage VA loans are the best match for you.
Finest VA mortgage for veterans with honest credit score
In the event you’re a veteran with honest credit score, Motion Mortgage VA loans stand out among the many competitors as a number of the finest choices in the marketplace. Whereas many VA lenders have minimal credit score rating necessities of 620 or larger, Motion Mortgage VA loans as much as $1 million solely require a minimal credit score rating of 580.
Amongst VA mortgage lenders, Motion Mortgage options one of many decrease minimal credit score scores for qualification, making it a gorgeous selection in case you’re a veteran with less-than-perfect credit score.
Motion Mortgage VA loans execs and cons
- Low credit score rating requirement for loans beneath $1 million
- Quick turnaround instances
- Obtainable in all 50 states
- Larger minimal credit score rating for loans over $1 million
- Software required to see mortgage charges
- No residence fairness loans
Professionals defined
Low credit score rating requirement for loans beneath $1 million
Motion Mortgage VA loans require a minimal credit score rating of 580 for all loans as much as $1 million. It is a considerably decrease credit score rating requirement than many different VA mortgage lenders, making it a wonderful possibility in case your credit score rating is within the honest to good vary.
Quick turnaround instances
Motion Mortgage is dedicated to offering quick turnaround instances on its mortgage purposes. The corporate strives to finish the underwriting course of inside six hours, end processing your mortgage inside seven days and shut inside at some point. These timeframes are extremely quick in comparison with different mortgage lenders, with the common closing interval falling between 35–40 days.
Obtainable in all 50 states
Motion Mortgage VA loans can be found to energetic members of the navy, veterans and single surviving spouses of veterans in all 50 states, making the lender a powerful possibility in case you reside in a state with restricted VA mortgage choices.
Cons defined
Larger minimal credit score rating for loans over $1 million
Motion Mortgage VA loans require a minimal credit score rating of 680 for all loans between $1 and $2 million. This implies you possible gained’t qualify for such a mortgage with a good credit score rating. Nonetheless, with round 8% of houses within the U.S. valued at or above $1 million, this larger credit score rating requirement shouldn’t be a deterrent for almost all of potential patrons.
Software required to see mortgage charges
In contrast to many different VA lenders, rates of interest aren’t publicly displayed on the Motion Mortgage web site. With the intention to study what charges are provided, you’ll must contact the corporate. This makes it tough to match its rates of interest with different lenders with out going by way of the applying course of.
No residence fairness loans
Motion Mortgage doesn’t supply residence fairness loans. In the event you’re in search of a product that permits you to take out a mortgage towards the fairness you’ve constructed up in your house, you’ll must analysis different lenders.
Motion Mortgage choices
Though residence fairness loans are notably lacking from its lineup, Motion Mortgage presents an array of different mortgage merchandise, together with typical loans, VA loans, jumbo loans, FHA loans, USDA loans, building loans and cash-out refinance loans. These numerous loans serve completely different wants and include various rates of interest, so perceive your choices earlier than making use of.
The next part examines every of those mortgage merchandise intimately.
Typical loans
Motion Mortgage presents a fixed-rate typical mortgage product for these seeking to buy or refinance a house. These loans can be found by way of 10, 15, 20 and 30 years. Motion Mortgage maintains a minimal credit score rating requirement of 620 for all these loans.
VA loans
The corporate’s VA loans are a gorgeous possibility. The lender imposes a minimal credit score rating requirement of 580 for loans as much as $1 million, which can be found by way of 15 and 30 years, and a minimal credit score rating of 680 for loans between $1 million and $2 million, that are solely obtainable in 30-year phrases.
Along with its VA residence buy mortgage merchandise, Motion Mortgage additionally presents VA cash-out refinance loans and VA rate of interest discount refinance loans (IRRRL), that are also known as streamline loans. In the event you’re eligible, the cash-out refinance loans could permit you to take out as much as 100% of your private home’s fairness as money, whereas the VA streamline loans allow you to refinance your current VA mortgage at a decrease fee.
To study extra about this course of, learn our full information on easy methods to refinance a VA mortgage.
Jumbo loans
Motion Mortgage’s jumbo mortgage product is for loans that exceed the conforming mortgage limits mandated by Fannie Mae and Freddie Mac. The lender states that the brink is $647,200 in most housing markets however it might begin at $822,375 in some higher-priced markets. Whereas the corporate doesn’t checklist any particular minimal credit score rating requirement for jumbo loans, lenders usually require a considerably larger rating because the loans carry elevated danger.
FHA loans
Motion Mortgage’s FHA loans can be found as fixed- or adjustable-rate mortgages. The lender enforces a minimal credit score rating requirement of 580 for all these loans and presents a low down cost possibility of three.5%. The corporate’s Motion Enhance program may help you cowl the required 3.5% down cost and a portion of the Motion Mortgage closing prices (not obtainable in New York) in case you qualify. It’s necessary to notice that down funds of lower than 20% will lead to non-public mortgage insurance coverage (PMI) prices.
USDA loans
The USDA’s rural improvement residence loans are designed to assist low- to moderate-income people or households buy houses in rural areas with little or no down cost. Apart from revenue, different {qualifications} for USDA loans embody sustaining the property as your main residence and the placement having a inhabitants of fewer than 35,000 residents. Motion Mortgage’s USDA mortgage product has a minimal credit score rating requirement of 580 and comes with phrases of 10, 15, 20 and 30 years.
Development loans
In the event you’re involved in constructing your personal residence, Motion Mortgage additionally presents building loans. These loans are available in a number of completely different kinds, together with:
- Development-to-permanent
- Typical buy
- FHA loans
- VA loans
- Condominium loans
A wide range of phrases are provided for a lot of of those mortgage merchandise. Motion Mortgage additionally presents prolonged rate-lock applications of as much as 360 days on new building mortgage merchandise.
Money-out refinance loans
If you wish to refinance your present mortgage and take out money from the fairness constructed up in your house, Motion Mortgage presents a cash-out refinance mortgage product. Such a mortgage permits you to entry and use your private home fairness for any objective. For its cash-out refinance loans, Motion Mortgage has a minimal credit score rating requirement of 620 and a minimal loan-to-value ratio (LTV) — a measure evaluating the quantity of your mortgage with the appraised worth of the property — of 80%.
Motion Mortgage pricing
Motion Mortgage doesn’t supply particular pricing, charges or mortgage fee data on its web site. With the intention to get hold of this data, you need to apply for a mortgage with the lender or communicate with Motion Mortgage mortgage officers. This makes it tough to match the corporate’s present charges with different mortgage lenders.
Motion Mortgage monetary stability
Not one of the three main enterprise credit standing companies — Fitch, Moody’s or S&P World — have assigned a score to Motion Mortgage. The corporate does declare to have grown its operations and worker base in 2022 and states that it funds about $30 billion in residential mortgages annually. Whereas this isn’t definitive proof of the corporate’s stability, it’s a constructive signal.
In 2018, a federal investigation was initiated as a consequence of a whistleblower lawsuit filed beneath the False Claims Act by two former Motion Mortgage workers. This investigation discovered that the corporate violated the False Claims Act in originating loans way back to 2008 by failing to adjust to this system necessities set out by the FHA, VA and Division of Housing and City Growth. Whereas it possible solely accounts for a small proportion of the corporate’s total revenue, in June 2023, the lender was ordered to pay $23.75 million again to those companies for its violations.
Motion Mortgage is the sixth-largest retail mortgage lender in the USA and has generated $1.1 billion in annual income. In 2022, the corporate acquired Mortgage Community and Superior Charge Mortgage of New England, which is demonstrative of its monetary wellbeing.
Motion Mortgage accessibility
Availability
Motion Mortgage offers residence loans in all 50 states and Washington, D.C. For individuals who dwell in states with few choices for mortgage lenders, the corporate presents a dependable possibility for housing-related financing.
Contact data
Motion Mortgage doesn’t supply 24/7 buyer help. Nonetheless, it does make it straightforward to get in contact with a mortgage officer or customer support consultant by way of both telephone or electronic mail. In the event you’re a present Motion Mortgage buyer, you possibly can attain the mortgage servicing division by telephone at 855-979-1084 from 8:30 a.m. to 7:00 p.m. EST, Monday by way of Friday. Alternatively, you possibly can contact the corporate through electronic mail at servicing@motion.com.
Consumer expertise
Motion Mortgage’s web site presents a simple person expertise with clear navigation and an intuitive design. The homepage prominently shows hyperlinks to its numerous mortgage applications, in addition to a calculator that can assist you decide how a lot you would possibly count on your month-to-month cost to be for a given mortgage quantity. There are additionally useful sources obtainable to debtors, reminiscent of a glossary of phrases and ceaselessly requested questions.
After logging into Motion Mortgage, you possibly can view your mortgage steadiness and straight get in contact together with your mortgage officer. Moreover, by way of Motion Mortgage’s Pay My Mortgage web page, you possibly can pay on-line, view your Motion Mortgage cost historical past and arrange auto-payments.
One draw back, as beforehand talked about, is that Motion Mortgage doesn’t present its present mortgage charges or charges on its web site. With the intention to decide these, customers should contact a consultant or apply for a mortgage. Moreover, the corporate would not supply 24/7 buyer help.
Motion Mortgage buyer satisfaction
Motion Mortgage critiques are usually constructive from each clients and business specialists. The corporate has an A+ score from the Higher Enterprise Bureau (BBB) and is accredited by the group. Among the many largely constructive critiques on its BBB profile, clients cite wonderful communication, immediate responses to inquiries and useful customer support. Motion Mortgage has been fast to answer to buyer dissatisfaction and has efficiently closed out almost all the complaints filed with the BBB, leading to a score of 4.77 stars out of a potential 5 based mostly on 599 buyer critiques.
Motion Mortgage FAQs
What’s Motion Mortgage?
Motion Mortgage is a direct-to-consumer mortgage lender that makes a speciality of serving to debtors finance their houses. The corporate presents a wide range of applications for homebuyers, together with typical loans, jumbo loans, FHA loans, VA loans, building loans and government-backed mortgages. It additionally presents choices for refinancing current mortgages.
Is Motion Mortgage legit?
Sure, Motion Mortgage is a legit mortgage lender. The corporate has been in enterprise since 2008 and is accredited by the BBB with an A+ score. With billions of {dollars} in loans funded, Motion Mortgage has established itself as a dependable and trusted firm and is the sixth-largest mortgage lender in the USA.
Is Motion Mortgage a great firm?
Motion Mortgage is mostly thought-about to be a great firm with constructive person critiques. Clients report being happy with the corporate’s means to rapidly reply to inquiries, its wonderful customer support and common help all through the mortgage course of.
One notable stain on its in any other case wonderful report pertains to a current ruling from the federal authorities, which discovered that Motion Mortgage had violated the False Claims Act. Subsequently, the lender was ordered to pay $23.75 million again to the federal government housing companies it had defrauded. In line with Motion Mortgage, these loans accounted for half of 1% of the mortgages it originated throughout that point.
Does Motion Mortgage promote its loans?
Motion claims to retain servicing on almost all the loans it closes. Whereas the corporate would not disclose the precise proportion of loans it sells, it is a good indication that Motion Mortgage is devoted to servicing its clients in the long term.
Is Motion Mortgage a direct lender?
Sure, Motion Mortgage is a direct lender.
How we evaluated Motion Mortgage
To judge Motion Mortgage, we checked out quite a few elements starting from the breadth of mortgage merchandise provided and buyer critiques to the mortgage firm’s lending necessities. The next are a very powerful elements we thought-about:
- Mortgage merchandise provided: We examined the vary of mortgage merchandise provided by Motion Mortgage, together with whether or not they supply typical mortgages, jumbo loans, government-backed loans and extra.
- Buyer critiques: We evaluated buyer critiques to get an concept of the customer support and total satisfaction with Motion Mortgage.
- Lending necessities: We scrutinized the necessities wanted to qualify for a mortgage with Motion Mortgage, reminiscent of credit score rating and debt-to-income ratio.
- Consumer expertise: We evaluated the person expertise on Motion Mortgage’s web site to achieve an understanding of how straightforward it’s to navigate and apply for a mortgage.
- Buyer help: We checked out Motion Mortgage’s obtainable buyer help choices and hours of operation.
- Accessibility: We examined the place Motion Mortgage is obtainable to achieve an understanding of its accessibility.
Abstract of Cash’s Motion Mortgage evaluate
In steady operation since 2008, Motion Mortgage serviced over 170,000 loans in 2022. The corporate is the sixth-largest mortgage lender in the USA and has confirmed its means to offer high quality mortgage providers since its inception. Motion Mortgage presents a reasonably in depth vary of mortgage applications that ought to be capable to match the wants of most debtors. Whereas the dearth of printed rates of interest and costs on its web site and a current punitive regulatory motion from the federal authorities could also be regarding, constructive buyer critiques recommend that loans provided by the lender are competitively priced and well-serviced. Because of the relaxed minimal credit score rating requirement on its VA loans, the corporate is an particularly attractive possibility in case you’re presently a member of the armed forces, a veteran or an single surviving partner of a veteran.
