Movement Mortgage Homestyle Refinance Loan

[Account Closed]

Hey BP,

Someone referred me to Movement Mortgage. I'm looking for a homestyle refinance loan for a flip. The representative seemed caring and competent. There facebook reviews were awful. They had more bad reviews than good. I'm looking to move fast. I cant waste anymore time. Has anyone had luck using Movement Mortgage?

[Don Spafford]

Yes, I just spoke with Movement Mortgage yesterday about the Renovation Loans they call them. They are intended for flips but more long term like for a BRRRR. However they are not hard lenders so don't expect to close in 2 weeks. They still will require a minimum of 45 days. But you will get a much better interest rate. The best benefit though is all you pay is 15% of the purchase price, they pay for the rehab then at the end do an appraisal and assess your final LTV for your loan and you don't have to pay any payments until the end of the rehab. Saves you the hassle of finding a lender for the purchase then another lender for the rehab and paying two places high interest until you can refi. Down side is you have to hold it for 6 months. But if you are planning to hold it long term like a BRRRR then it saves you the trouble of doing a refi at the end anyway and you can just leave it there as a long term loan. For anybody in Idaho I refer you to call Toni Rigby. She is in the Idaho Falls office but can do loans all over Idaho. She is great and can answer your questions. If she doesn't know the answer she'll find out for you. Please tell her I referred you :) PM me and I can provide you her contact info.

They are a nationwide company and are surprisingly pretty large and can do some things that other banks can't. They just don't advertise and instead keep that marketing cost to do other things to better the communities. The Renovation Loans are pretty cool.