Last Updated: 04/18/2025
Mr. Cooper Mortgage Refinance
Unaffiliated
in Mortgage Refinance from Mr. Cooper
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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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