With Motto Mortgage, you don’t work with a single bank or lender. Rather, you have access to a mortgage broker’s entire network of lenders to help you find the best deal. But it’s not transparent about fees and is only available in 33 states.
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Motto Mortgage mortgage review
By Kat Aoki
- Minimum credit score
- Conventional: 620
- Minimum down payment (Conventional)
- 3%
- State availability
- Not available in: CT, KS, ME, MN, MS, NE, NH, NY, ND, RI, SD, UT, VT, VA, WA, WV, WI, DC
Our verdict
This lender offers a “one-stop shop” with real estate agents and mortgage brokers under one roof, but it’s not available in all states.
If you’re looking for a lender that offers both real estate services and mortgage brokers in one place, Motto Mortgage could be an excellent choice.
Each Motto office is independently owned, and loan officers don’t steer you towards any particular loan product. Rather, they monitor lenders that adjust their rate daily based on volume and try to find the lowest rate for you as they change.
Because Motto Mortgage doesn’t advertise its current rates or fees online, you may want to call and get prequalified to see what your available rates might be. The loan officer we spoke with was extremely helpful and knowledgeable.
Details
Features
| Loan products offered | Conventional, Jumbo, FHA, VA, Reverse, Refinance |
| Minimum credit score | Conventional: 620 |
| Minimum down payment (Conventional) | 3% |
| State availability | Not available in: CT, KS, ME, MN, MS, NE, NH, NY, ND, RI, SD, UT, VT, VA, WA, WV, WI, DC |
| NMLS # | Each Motto Mortgage office has its own NMLS |
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Motto Mortgage requirements
To find out if you meet the requirements, you’ll need to get in touch with the company or start an online application.
Basic eligibility for a loan with Motto Mortgage includes:
- Residency in eligible states
- Employment history for the past two years
- A FICO credit score of at least 620 or higher
- No history of bankruptcy in the last two years
Documentation
While everyone’s situation is different, here’s the basic documentation you’ll need to apply for a home loan from Motto Mortgage.
- Photo identification
- Employment history for the past two years
- Pay stubs for the past 30 days and year-to-date
- Most recent two years’ W-2s and/or 1099 forms
- Most recent two years’ tax returns
- The source of funds for your down payment
- A list of current debts for the past three months
- Other documentation
If you’re self-employed, you’ll also need:
- Most recent two years’ business federal income tax returns
- A year-to-date P&L statement and current balance sheet
Costs and fees
Motto Mortgage doesn’t charge broker fees. But each lender that Motto Mortgage works with has its own origination fees, which typically range between $750 and $1100, depending on the lender and loan product. This fee can be paid upfront or rolled into your mortgage payment.
How to apply for a mortgage with Motto Mortgage
To apply for a mortgage with Motto Mortgage, either call the company or start an online application. To begin the process for the latter:
- Visit the Motto Mortgage website and enter your zip code in the search box to find an office in your area.
- View the list of available offices near you. Choose an office and select Visit Website.
- Select Connect under Find a Mortgage Expert to view a list of available loan officers.
- Choose a loan officer and select Apply Now.
- You’ll be redirected to mymottoportal.com, where you can start the application process.
- Answer the questions to complete the application and wait to be contacted by a loan officer.
What types of mortgages can I get through Motto Mortgage?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products offered by Motto Mortgage
Motto Mortgage also offers these specialized types of mortgages:
- Mortgage refinancing. You can use a refinance mortgage to lower your interest rate, shorten your loan’s term or to pay off expenses.
- Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM). These mortgages combine features of fixed-rate and adjustable interest rates.
- Interest-only mortgages. A good option for investors, this loan type offers lower interest-only payments for a set period of time.
- Balloon mortgages. Offers a note rate that remains fixed at the beginning, with the principal balance becoming due at the end of the loan’s term.
- Graduated payment mortgages. A loan in which your monthly payments increase yearly for a set period, like five or 10 years. Afterward, payments become fixed.
How Motto Mortgage’s mortgage products compare to other lenders
Compared with other lenders, Motto Mortgage offers a standard range of loans, plus interest-only and balloon loans for investors and high-worth individuals. What makes Motto Mortgage different from other lenders is that it offers real estate agents and mortgage brokers in one place, giving you access to multiple loan options and rates without having to shop around.
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Motto Mortgage reviews and complaints
As of July 2022, Motto Mortgage has a 4.96 out of 5 rating on Zillow from 23 customers who report receiving excellent service from their loan officers and lower-than-expected fees and closing costs. Motto Mortgage is not accredited with the Better Business Bureau (BBB).
Customers report being thrilled with their loan officers’ level of knowledge, trustworthiness and ability to get things done. We couldn’t find any negative reviews about the company, but there are only a small number of reviews posted online at this time.
Pros and cons of Motto Mortgage
Pros
- Multiple lenders. Motto Mortgage loan originators are not tied to mortgages from any specific lender and have access to loans and rates from various sources.
- Faster than average closing. Motto Mortgage claims its average clear-to-close time is 11 days — much faster than the industry average of 47 days.
- Range of home loans. The company offers a solid range of conventional and government-backed loans, plus hybrid ARMs and investor loans.
Cons
- Not available in all states. Motto Mortgage is only available in eligible states.
- Costs and fees not listed. The Motto Mortgage website doesn’t provide information about costs or fees.
- Few online customer reviews. Currently, there are only a handful of online reviews about the company.
What is Motto Mortgage?
Founded in 2016 and headquartered in Denver, Colorado, Motto Mortgage is a member of RE/MAX and is a network of locally owned and operated mortgage brokerages across the US. By working directly with loan originators, Motto Mortgage aims to provide homebuyers and refinancers access to a wholesale lending mix of competitive interest rates. Every Motto Mortgage office is independently owned, operated and licensed.
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