in Mortgage Refinance from Mr. Cooper
Strongly not recommended
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|Community Rating||Strongly not recommended|
|Loan Amount||$0 - $2,000,000|
|Loan Term (Years)||10 - 30|
Where does Mr. Cooper do business?
Mr. Cooper is a direct lender based in Dallas, TX. The company was founded in 2017 and offers mortgage refinancing to borrowers in 50 states across the USA (and Washington, DC).
What range of mortgage balances will Mr. Cooper refinance?
Mortgage refinancing loans start at and go up to $2,000,000
What is the maximum loan term for a mortgage refinance via Mr. Cooper?
The term of a mortgage refinance will determine the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Mr. Cooper offers mortgages refinancing with terms ranging from 10 to 30 years.
What is the estimated funding time for a mortgage refinance with Mr. Cooper?
Mr. Cooper will typically fund mortgage refinances within 3 days of approval.
Does Mr. Cooper charge a mortgage origination fee?
Yes, Mr. Cooper may charge a loan origination fee of $995
What mortgage programs does Mr. Cooper offer?
Mr. Cooper offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- FHA 203k: An FHA mortgage you can also use to finance home improvements.
- HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does Mr. Cooper allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Mr. Cooper allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia