Last Updated: 04/18/2025
SuperMoney User Recommendation Score -100
Strongly not recommended6 total votes
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Highlights
Community Rating
Strongly not recommended
Credit Score Range
N/A
Amount Range
$0 - $2,000,000
Loan Term (Years)
10 - 30
Number of Reviews
Mr. Cooper Mortgage Refinance Review
Mr. Cooper Mortgage Refinance is offered by Mr. Cooper (NMLS #2119), a direct lender founded in 2017 and based in Dallas, TX. Mr Cooper refinance are available in 50 states and Washington, DC.
Key Takeaways
- Origination fees starting at $995.Origination fees are deducted from the loan amount, so take it into account when deciding how much you need to borrow.
- Wide selection of mortgage programs offered. Mr. Cooper Mortgage Refinance refinances FHA, FHA 203k, USDA, VA, jumbo, conforming, and conventional mortgages.
- Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
- Non-standard interest rates available. Mr. Cooper Mortgage Refinance only offers hybrid mortgages.
- Considers personal use and investment properties. Refinancing available for primary residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
- Fast process. In some cases you can refinance your mortgage loan within 2 business days.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
Mr. Cooper Mortgage Refinance Pros & Cons
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Mr. Cooper Mortgage Refinance FAQ
What range of mortgage balances will Mr Cooper refinance refinance?
Mortgage refinancing loans start at $0 and go up to $2,000,000
What is the maximum loan term for a mortgage refinance via Mr Cooper refinance?
The term of a mortgage refinance will impact 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 Mortgage Refinance offers mortgage refinancing with terms ranging from 10 to 30 years.
How long does Mr Cooper refinance take to refinance?
Mr Cooper refinance does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.Does Mr Cooper refinance charge a mortgage origination fee?
Yes, Mr. Cooper Mortgage Refinance will charge a loan origination fee of $995
What mortgage programs does Mr Cooper refinance offer?
Mr. Cooper Mortgage Refinance 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.
- 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 refinance allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Mr. Cooper Mortgage Refinance allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
Sunday
Closed
Monday
7:00AM - 8:00PM
Tuesday
7:00AM - 8:00PM
Wednesday
7:00AM - 8:00PM
Thursday
7:00AM - 8:00PM
Friday
7:00AM - 7:00PM
Saturday
8:00AM - 12:00PM
Other Services by Mr. Cooper
Home Mortgage Loans
Rating not yet determined (4 Reviews)
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Learn MoreSuperMoney Net Recommendation Score
SuperMoney users don't recommend this product, giving it a user recommendation score of -100, or 1 on a 5-point rating scale.
-100
-1000+100
No one recommends
Everyone recommends
Mr. Cooper Mortgage Refinance Community Reviews
Would you recommend Mr. Cooper Mortgage Refinance to your friends?
RF
Robelys F.
May 22, 2022
May or may not recommend
Omg never seen a horrible service than this holy s***t
Steve S.
Mar 18, 2020
May or may not recommend
Well, my mortgage got sold to these people not to long ago. After falling on hard times and now with this corona virus thing keeping me off work, I can tell from all these reviews that there is zero hope of keeping my home. Oh and did you know they will send a man carrying a gun to your door to deliver a message to call them? Yup, a guy ...Show More
JR
Jason R.
Aug 22, 2019
May or may not recommend
mr cooper took over my loan, then failed to pay my insurance through my escrow account (1500$ set aside for insurance). insurance company drops me for non payment, then mr cooper fines me for not having insurance. do not do business with them.
Barry K.
Jul 2, 2019
May or may not recommend
They are very picky about everything and make you send double faxes to them when you try to refinance costing me money and after a transfer apraisal ,they are a rip off ,say one thing do another ,liberal retards
HH
Hornet H.
Mar 12, 2019
May or may not recommend
Mr. Cooper did not pay our homeowners insurance from escrow in October 2018, but continued to collect the escrow money, even as our homeowners insurance was cancelled. We have been able to end the escrow requirement but Mr. Cooper wants to refund only a portion of the escrow that had been collected - stating again that they had paid our homeowners but will not provide proof.
U
Anonymous
Jan 5, 2018
May or may not recommend
If your mortgage is bought by this company, run to another reputable lender. They overdrafted my account by over $300, and they may take up to 30 days to refund my money (without interest). I only have been with them 2 1/2 months. I trusted CitiMorgage had done their due diligence. They had not. What company overdrafts more than they are due and then keeps your ...Show More
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