Mortgages

Mr. Cooper Mortgage review: rates, terms and requirements

This detailed blog post will dive deep into Mr. Cooper Mortgage main features! Find out it this lender is the right choice for your needs! Read on to learn more!

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Mr. Cooper Mortgage: Lower minimum down payment and multiple home loan options

Mr. Cooper Mortgage logo
Mr. Cooper Mortgage full review. Source: The Insider Advisor

Needing help financing your dream home? Then you might find what you need in this Mr. Cooper Mortgage review. We are here to help you make the best decision.

Mr. Cooper Mortgage logo

Mr. Cooper Mortgage: how to apply

Find out how to apply for the Mr. Cooper Mortgage today! Prequalify you with no credit damage and enjoy rate transparency! Read on for more!

You’ll find rates, terms, and more in this blog post! Keep reading to find out if this lender is the right option for you! Let’s get it started.

Credit ScoreAt least 580;
Loans OfferedConventional loans, Jumbo, FHA, VA, fixed and adjustable-rate, rate-and-term, cash-out, streamline refinancing and investment property;
Minimum Down Payment0% to 3.5%, depending on the loan;
APRSee terms;
Terms15 up to 30 years.

Mr. Cooper Mortgage review: what you need to know

Mr. Cooper Mortgage is a company that offers mortgage loans for homebuyers nationwide. It offers full-digital mortgage applications that allow customers to get customized rates.

This lender delivers multiple home loan options, such as conventional, FHA, VA, jumbo, refinance, and fixed and adjustable loans.

The loan repayment terms range from 15 to 30 years. Additionally, as previously said, the interest rates can be fixed or adjustable.

Mr. Cooper Mortgages is known for delivering mortgage transparency. They display daily updated interest rates and provide multiple tools to help new applicants in their homebuying process.

This lender goes even further when it comes to helping its clients. Through Mr. Cooper’s Zero Dollar Move program, homebuyers can get their moving costs covered.

Also, this company offers a “Close on Time Guarantee”.

So if your mortgage doesn’t close until the contract closing date and the company is responsible for that, Mr. Cooper will pay your first home loan bill.

Plus, this lender has a great mobile app available. Therefore, clients can easily manage their mortgage from anywhere, anytime they need.

Mr. Cooper Mortgage main features

Person looking for business, credit card and home loan informati
Find out the main features of this lender in this Mr. Cooper Mortgage review! Source: Adobe Stock

Mr. Cooper Mortgage offers great advantages for any potential clients. But some drawbacks must be considered before applying. Below, let’s compare the pros and cons of this lender.

Pros

  • Mr. Cooper has multiple home loan options available;
  • This lender covers all of the U.S., including Puerto Rico and the U.S. Virgin Islands;
  • Full-digital application and documents submission;
  • User-friendly mobile app;
  • Enjoy Mr. Cooper’s Zero Dollar Move program and Close on Time Guarantee;
  • Enjoy rate transparency.

Cons

  • Charges origination fee, rate lock, and underwriting;
  • This lender does not offer USDA home loans.

Credit score required to apply

The minimum credit score required to apply for this lender will vary! It depends on the home loan you choose.

Still, the minimum requirement is 680 for conventional loans, 600 for VA, and 580 for FHA home loans.

Mr. Cooper Mortgage application process: how does it work?

Applying for Mr. Cooper’s Mortgage is simple! You can do it fully online and even submit the requested documents electronically.

Keep reading to learn more about the application process. The next article will fill you in on how it works and what are the minimum requirements.

Mr. Cooper Mortgage logo

Mr. Cooper Mortgage: how to apply

Find out how to apply for the Mr. Cooper Mortgage today! Prequalify you with no credit damage and enjoy rate transparency! Read on for more!

About the author  /  Beatriz Vieira

Beatriz Vieira is a producer and copywriter who is part of the finance writer team in this portal. She has a degree in Journalism and aims to improve her bilingual writing skills. Her subjects of most significant interest are culture, finances, and self-development.

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