I recently closed on my mortgage with Movement Mortgage on March 3rd. Like most homebuyers, I expected the first payment to be due the month after 30 days of living in the home, which is industry standard. Movement Mortgage deviates from this standard with a policy stating that if you close before the 7th of the month, your first payment is due the following month. To "skip" a month before your first payment, they require you to close after the 7th--something that was not clearly explained to me.
The original closing was set for late February, but I pushed it to March 3rd under the impression that my first payment would be due May 1st, not April 1st. When I mentioned to the loan officer, Jason Adams moving the closing to March to ensure my first payment wouldn't be due until May, Jason Adams, did nothing to correct that assumption, letting me believe that would be the case. As a result, I had to pay extra rent for my apartment for the days I stayed in March, $19K in closing costs on March 3rd, and a full mortgage payment on April 1st--something I could have planned for differently had I been properly informed.
I took a home-buying class to educate myself as much as possible, and even the home-buying course Movement Mortgage required me to take explained that mortgage payments are paid in arrears, meaning your first payment is due after you've lived in the home for 30 days. For them to deviate from tools they utilized is unsettling.
Movement Mortgage was also the builder's preferred lender, so I trusted them to guide us correctly through the process. Unfortunately, the lack of transparency on this important detail led to unexpected financial strain.
Transparency is crucial in the home-buying process, and this detail should have been clearly communicated, especially since my closing date was moved specifically to avoid an April payment. I strongly urge Movement Mortgage to improve communication on this policy to prevent future homebuyers from experiencing the same frustration. read more
