The primary service available through Movement Mortgage is a community-focused home loan system that aims to provide clear and affordable mortgages to new home buyers across the country, as of 2015. The service promises to approve most loans within seven days and focuses on working directly with the buyers and real estate agents to expedite and simplify the process.
Movement Mortgage is a financial institution that specializes in home loans, known as mortgages. This special type of loan allows individuals to purchase a property, such as a home, without having to pay the entire balance up front. Instead, Movement Mortgage works with the buyers and the real estate agent to identify the value of the home and lend the appropriate amount of money to make the purchase. The bank begins by examining the buyers to understand their financial solvency, including the amount of money the buyers are able to pay out of pocket, and assess the potential risk that lending to them poses.
Once Movement Mortgage approves the buyers for the loan, it draws up a contract that outlines the terms of the agreement, such as the date by which the buyer must repay the loan and how much interest they must also pay. If the buyer defaults on the loan, Movement Mortgage then has the right to repossess the home to cover the lost investment.