Nationstar Mortgage, LLC became Mr. Cooper Mortgage in August 2017, boosting its customer service while maintaining its core mortgage lender business. Nationstar had legal troubles in the past, reaching a settlement with the California Department of Business Oversight for allegations that included overcharging customers on their Nationstar mortgage payments and other violations, but the company transformed itself in conjunction with the Mr. Cooper Mortgage name change. Keep reading to find out if Mr. Cooper Mortgage might be the best mortgage lender for you.
What’s Different About Mr. Cooper Mortgage Home Loans
In its Mr. Cooper Mortgage incarnation, Nationstar Mortgage, LLC now has U.S.-based customer service and highly trained agents, and it has eliminated online transaction fees for on-time customer payments. It also offers a credit card for holders of its home loans, with rewards that get applied to the principal balance. These and other changes are meant to create a more personal relationship with customers.
How to Get a Home Loan From Mr. Cooper Mortgage
Like any mortgage lender, Mr. Cooper Mortgage has a step-by-step process for getting a mortgage:
- Check your credit and take steps to boost your credit score, if necessary.
- Use the Mr. Cooper Mortgage online loan amount calculator to determine what you can afford.
- Save up enough money for your down payment.
- Apply for prequalification from Mr. Cooper Mortgage by calling 855-781-8001 or filling out a request form on the Mr. Cooper Mortgage website. There is no longer a Nationstar Mortgage login website because of the rebranding. Instead, the old website redirects you to Mr. Cooper Mortgage. If you apply online, an agent will contact you.
- Once you’re prequalified, search for homes and make an offer on the one you like.
- After your offer is accepted, apply for your Mr. Cooper Mortgage loan by calling or filling out an online application.
- Provide any requested documents, like your W-2s, paycheck stubs and bank statements.
If you’ve properly followed these steps for how to get a mortgage, you’ll find out whether it’s approved once Mr. Cooper Mortgage processes your application. If it is approved, you’ll schedule a closing date to complete the deal.
How to Qualify for a Mr. Cooper Mortgage
Mr. Cooper Mortgage recommends checking your credit score and taking steps to improve it before applying for a mortgage, if necessary. Although the company does not share its exact requirements, it says that on-time bill payments and credit cards with balances at 30 percent or less of the total credit line support a good credit score and help you qualify. MyFICO is a good source of information on boosting your credit score.
Some of the main tips recommended by MyFICO include:
- Check your credit report and dispute any errors that are harming your credit.
- Pay down your debt to reduce the balances owed.
- Catch up on any late bills and stay current on the payments.
- Don’t open new accounts if your credit history is short.
Mr. Cooper Mortgage Offerings
Mortgage interest rates fluctuate, so mortgage rates today might not be the same tomorrow. Mr. Cooper Mortgage offers both fixed mortgage rates, which lock you in over the life of your loan, and adjustable rate mortgages, which fluctuate and can either fall or rise. Talk to a Mr. Cooper Mortgage agent for information on the company’s latest home loan rates.
Mr. Cooper Mortgage focuses on strong customer service, with support agents in the U.S. and help available by phone or online. It also has helpful information and resources available on its website to educate you about the home-buying process. The company is a good choice if you’d like to explore your options for home loans with a live person and get good follow-up after the process is complete.