Mr. Cooper’s purpose is to help you keep the dream of home ownership alive. It aims to be the most trusted advocate for every customer - whether helping you get a loan, refinancing, or just servicing your existing loan. They see loans through your eyes and even have a mobile-app. The company also does not charge online transaction fees.
Mr. Cooper is the beginning operations of Nationstar Mortgage Holdings Inc, based in Dallas, Texas. It is one of the largest home loan servicers in the USA that focuses on providing various services and loan products to make home loan process more rewarding and less troublesome.
Mr. Cooper’s products are a different type of home loans. There are different loans to suit your budget. There is a fixed-rate option where the interest rate never changes for thirty years. It also offers adjustable-rate loans where the rate changes based on the national rate indexes, and have an initial fixed rate period after which, the rate can be adjusted at stated periods.
Loan types are offered and they differ based on the price you will borrow from the company. Conventional loans, which are not insured by the federal government, require a minimum of 5% down and may have a fixed or adjustable rate options.
The maximum loan for this kind ranges between US$453,100 and US$679,650 depending on the location of the property. FHA loan has flexible credit requirements and a manageable down payment. This is backed by the Federal Housing Authority.
FHA Streamline Loans are refinancing option for borrowers who already have an FHA loan. You will find this type of loan is quicker and document requirements are simpler unlike other loans.
Home Affordable Refinance Program (HARP) Loan has helped many homeowners across the country since 2010, and the process is much simpler and quicker. HARP may help lower your loan term, and you don’t have to possess a mortgage insurance in your current loan to acquire one in this program.
Veteran Loan is offered to those in the active duty, or to a surviving spouse of a veteran. Rates are lower and down payments are more manageable, plus no monthly insurance payments are required.
Veteran’s Interest Rate Reduction Refinance Loan (IRRRL) is a way to lower your monthly payment but you can only use it with a Veteran’s Loan.
Lastly, a Jumbo loan is offered for very big loans or those which exceed the conventional loan amount.
How Does It Work?
Mr. Cooper will ask what your goal is for using their service - whether you want to take cash out, lower your payment, sell a home, or buy a home.
Once you have selected either of the four, you will be redirected to a page where they provide a number that you can contact them at, and you have to fill in the details of how to contact you.
Mr. Cooper will also remind you of the changing rates and when rates are low. Once you have chosen the service, payments can be made through phone, mail, or electronic payment.
If you wish to call them directly on 888-480-2432, their customer service is open from Monday to Saturday.
Cost and Price Plans
The cost depends on the location of the property. Mr. Cooper uses Escrow that is like a piggy bank that you fund each month that is part of your monthly payment.
Most homeowners are not aware that they have an escrow account. This is used to simplify keeping current with taxes and insurance and is required as part of a loan agreement.
The money deposited in the Escrow account will be used to pay your property tax and insurance so you won’t have to worry whether you have enough savings or when the due dates are.
The reviews about Mr. Cooper are positive. People found the website easy to navigate, and informative. They even praised the customer service they have provided for the staff was diligent and a pleasure to work with.
However, there are also some negative reviews where offers are being made for servicing of loans. Other complaints were about the late statements that are generally sent to homeowners a few days after the payment is made. Overall, most complaints are promptly responded by the customer service of Mr. Cooper.
Competitors and Alternatives
Lending Tree is a competitor of Mr. Cooper. They have multiple offers as they partner with the largest network of lenders rather than being a direct lender.
Lenda is an alternative of Mr. Cooper. They are a direct lender and makes the application for mortgage easier and quicker. They have low down payments and don’t charge broker fees.
Rocket Mortgage is an online lending company where you can propose interest rates and test out different house prices and down payments.
Where to Buy?
You can use Mr. Cooper’s services through their website at www.mrcooper.com.
Mr. Cooper offers a quick and easy way of securing mortgages for your dream house with different option rates and prices for your loan that will suit your budget. They provide informative materials in their website so that you can choose well. Together with their good customer service, you can be sure that your home loan needs will be met with Mr. Cooper.