Movement Bank

What to Expect

Products

I don't have a lot of money for a down payment

Movement Bank offers the Federal Housing Administration Loan (FHA) to assist borrowers who may need a low down payment and flexible mortgage guidelines. The FHA loan is a great product that helps many people refinance or become homeowners.

• Low down payment required - Can be a gift; see your Movement Bank Loan Officer for details.
• Under the FHA streamline program, current FHA loan borrowers can refinance with no appraisal.
• Seller can contribute to the purchase price toward the borrower's closing costs..

I want to buy a house that needs some repairs

As renovation and home improvement loans become more and more popular in today's housing market, Movement offers products such as 203k Streamline to provide our homebuyers with an exceptional market advantage. This product allows homebuyers to:

• Finance additional monies into their mortgage to improve or upgrade their home before move-in
• Quickly and easily tap into cash to pay for property repairs or improvements, including those identified by a home inspector or FHA appraiser

I have an existing FHA Mortgage, and would like to reduce my monthly payments

Movement Bank offers the Federal Housing Administration Loan (FHA), to assist borrowers who may need a low down payment and flexible mortgage guidelines. The FHA loan is a great product that helps many people refinance.

I want to make sure my rate stays the same

One of our most popular mortgage products is a traditional fixed rate loan. This product gives homebuyers the comfort and ease of a consistent interest rate that will not change throughout the life of their loan. A fixed rate mortgage also provides our homebuyers with better control and flexibility to budget their finances.

• Low down payment options available for qualified borrowers.
• Provides for cash-out refinances.
• Loan amounts available up to $417,000.00
• 10, 15, 20, and 30 year terms available.

I'm 62 or older and interested in capitalizing on the equity in my homes to secure financial independence

Movement Bank is one of the nation's most trusted originators of Reverse Mortgages. We help homeowners, ages 62 and older, capitalize on the equity they've built in their homes to secure financial independence and peace of mind. The Reverse Mortgage Program allows these individuals the ability to access equity within their home, by receiving tax-free* advances to spend as they choose.

Ways you can use a Reverse Mortgage:

• Meet healthcare expenses
• Remodeling or home repairs
• Reducing credit card debt
• Planning for long-term care needs
• Purchasing a second home
• Paying off an existing mortgage

*Please consult with a tax professional

Mortgage Calculator

Purchase Price

Down Payment

Mortgage Term

30 year
15 year

Interest Rate

Estimated Monthly Payment:    $455.93

This calculator is made available to you as a self-help tool. All examples are hypothetical and for illustrative purposes only. Any calculations assumes the theoretical borrower will have excellent credit and are based on information you have provided. Any amount calculated is an estimate only. These payments do not include amounts for taxes and insurance premiums, if applicable, and that the actual payment obligation will be greater. This information was prepared by an independent third party, and accuracy is not guaranteed. We encourage you to seek personalized advice from qualified professionals regarding all financial issues and needs.

FAQs

What price point is right for me?

While keeping your financial health our main priority, Movement Bank will determine your borrowing power after considering multiple factors such as your monthly income, employment history, credit score, and overall credit-worthiness. One of our most valuable pieces of advice is that only you can determine the mortgage debt that you're willing to bear, based on your future financial goals. Movement Bank provides expert advice to assist you with how much you can comfortably afford to borrow.

Can I still buy a home without 20% to put down?

Absolutely. Movement Bank offers a large variety of available financing options for potential buyers with little or no down payment. We've even received recognition and an award for helping borrowers get financed with federal programs which offer forgivable down payment assistance.

Are there any upfront costs I need to budget for? If so, how much should I budget?

Yes. Movement Bank suggests a thorough conversation regarding all fees and closing costs associated with sealing the deal of your home. To avoid any last minute surprises, it is essential to plan in advance for various out of pocket costs such as an appraisal, title insurance, and other costs depending on your specific loan situation. For example, some sellers will pay for all or some of your closing costs.

Is getting pre-approved better than getting pre-qualified?

YES. A common mistake homebuyers make, is assuming that getting pre-qualified is substantial enough in a busy market full of other buyers all vying for the same home. In today's market, pre-approval is the way to go.

How much do I need for a down payment?

Depending on the type of loan you are financing, you may be required to make a down payment ranging from 0 to 20%. There are many advantages to both small and large down payments, including income tax benefits and keeping a portion of the funds available as a financial cushion. Our Loan Officer's provide guidance to our borrowers on their options and the outcomes of each.

How does my credit score affect my borrowing power?

Your credit score in addition to other significant factors such as employment history, debt, and monthly income, all play a role in determining your credit-worthiness to the lender. Movement Bank offers valuable advice and encourages borrowers to get pre-approved first, increasing their borrowing power for their future purchase.

What if I have more questions?

If you have more questions or were unable to find the answer to your question here, please give us a call. This is one of the biggest purchases of a lifetime, and Movement Bank believes in the importance of educating and arming our borrowers with as much knowledge as possible so they may comfortably and confidently purchase their dream home.