Updated about 6 years ago on . Most recent reply
Movement mortgage
did anyone try movement mortgage? They write on the website that their loans take only one week... That can have a huge value in real estate deals
Anyone tried them?
Most Popular Reply
Supposedly they underwrite and process the loans in 7 days and fund by the 8th. Their claim is that 72% of the loans nationwide are completed in 7 days with the remainder of the 28% taking 15-21 days.
Keep in mind this 72% is probably really smooth files such as 740+ fico, primary occupant, W2 salary only income, long stable history for employment, income, and residency.
I know you're probably thinking shoot if I can close in 8 days I might be able to compete with cash investors on properties right? Well investor transactions typically take a lot longer and have much more documentation.
In theory, however if you work with someone who can help you plan and obtain all documents in advance you could get pre-underwritten meaning a loan approval with all financing conditions cleared, subject only to "finding a property."
This type of approval or often called a TBD loan approval can be very advantageous. It can definitely give you a huge speed advantage but keep in mind it is subject to the property and having an acceptable appraisal. These two areas are areas where many things can go wrong.
Hope that sheds some insight on the quicker closings, because this is how they are usually done so that when you find a property all we as lenders have to do is to open escrow/title, order appraisal on rush (1-3 days instead of 5-7), pull title report, underwrite the file to the property chosen, ensure appraisal meets value needed, then clear all conditions, orderdocs, sign/fund/record/close.