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Posted

What do you guys know about these companies? Movement Mortgage seems to be one of the larger ones. This couple I know just went to some first time home buyer meeting in a hotel and now they're getting an FHA loan and moving in at 0% down? I mean I'm all for free market and staying away from banks but could this be legitimate? Can anyone explain to me how they actually work?

Posted

Considering Credit Unions. You can usually find a good one that offers much more competitive rates than a bank, and they typically are depositor owned. Banks have regulated away Credit Unions from becoming large at a national level because people would use them instead, but locally there is usually a good one.

 

(Many offer 3% on checking accounts too)

Posted

 

yeah I came across those same items when I was looking. Basically from what I understand they are trying to fill the predatory loans niche that the banks got out of after 2007-2008. Going after first time buyers and extremely risky loans and taking advantage of FHA and Ginnie Mae in order to make big bucks on their end.Other things I've seen is often they're scams, you give them a bunch of money up front then "issues" begin to come up, you get massive interest rates way over 5%, and usually there's a balloon payment that if you're not ready for they'll take your house. All around seems like something you'd want to be REALLY careful about. 

 

 

Considering Credit Unions. You can usually find a good one that offers much more competitive rates than a bank, and they typically are depositor owned. Banks have regulated away Credit Unions from becoming large at a national level because people would use them instead, but locally there is usually a good one.

 

(Many offer 3% on checking accounts too)

 

I agree and do all of my stuff through CU's, although unfortunately there seems to be a push from the gov to get rid of most if not all of them :/ I work with a lot of different small banks and CUs and more and more seem to be disappearing every year.

 

I talked to the guy last night and they're pretty set on doing it. It still baffles me how some people can be so willing to get into so much debt on top of the massive debt they already have. Especially with something so sketchy...

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