Evidently, it seems that NationStar Mortgage is going for an all-out refresh of their brand coining this summer a chance for them to change their brand name to Mr.Cooper Mortgage and emphasizing their efforts towards creating the best possible home loan experience and keeping the dream of home ownership alive. Here’s what you should expect from NationStar Mortgage or Mr.Cooper Mortgage:
They offer fixed and adjustable-rate mortgages for purchasing and refinancing conventional, FHA, VA, USDA, and jumbo loans with service loans available nationwide (except Hawaii). Minimum credit scores to get a loan from them can go as low as 620 for conventional loans, and can even go lower with government loans attached. Consistency is key with loans, whether it be securing your loans or updating your online experience with homeowner tools and educational information.
NationStar Mortgage Summary:
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- Maximum Loan: Varies by loan chosen; Up To $2,000,000 with Jumbo Loan
- Account Type: Mortgage Loans: Fixed, ARMs, FHA, FHA Streamline, Conventional, VA, HARP, VA IRRRL, Jumbo Loan.
- Availability: Nationwide (Excluding Hawaii)
- Expiration Date: None
- Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible.
- Monthly Fee: No maintenance fees
- Closing Loan: Varies
- A Fixed-Rate Mortgage is a loan with an interest rate that never changes. Popular terms (lengths) for fixed-rate loans are 30, 20, 15, and 10 years. Fixed-rate loans with shorter terms tend to require higher monthly payments, but less total interest paid over the life of the loan
- You lock in the security of a consistent rate, which is ideal if you plan to stay in the same home for a long time. And if rates suddenly go up, you’ll keep the rate you had the day you closed on your loan.
- Note, if rates drop, your friends with adjustable rate loans can take advantage of them… while you’d need to refinance to have a shot at the lower rate. That means paying fees associated with the process, which could end up costing you more than you’d save.
- With an AARM, your rate follows rises and falls in national rate indexed (within certain limits). Most ARMs are numbered – for example, “5/1.” This means for a fixed rate for five years, then one yearly adjustment for the rest of the loan term. Each adjustment has annual and lifetime limits.
- You’ll be glad you picked an ARM if rates go down after your fixed period ends. Also, if you’re planning on staying in your home for a shorter period of time, the initial low fixed rate of a 3/1, 5/1 or 10/1 adjustable can keep your monthly payments low
- What goes down can also go up. If rates rise and you’re past your fixed period, so will your monthly payment. It’s possible that at some point you’ll be paying more than when you first obtained your loan.
- A conventional loan isn’t insured by the federal government. They typically require a minimum of 5% down, minimum of 15 to 30 year term, and are available with a fixed or adjustable rate. The maximum loan amount for conventional loans ranges between $417,000 and $625,500 depending on geographic area.
- Conventional loans tend to involve less paperwork than government-backed loans. If you can make a down payment of 20% or more on a conventional loan, you won’t have to carry mortgage insurance. Also, you may not be required to establish an escrow account.
- Note that if you can’t make a down payment of 20%, it’s likely that you’ll have to carry mortgage insurance, and contribute every month to an escrow account your lender will use to pay your property taxes and homeowner’s insurance.
- Even if you have credit issues or difficulty saving for a down payment, an FHA (Federal Housing Authority) loan may be just the ticket for your home ownership dreams.
- Government-backed FHA loans offer competitive rates, flexible credit requirements and down payments as low as 3.5%. An FHA loan is a great option for people who may not qualifying for a conventional loan
- Both up-front mortgage insurance and monthly mortgage insurance are required, while they can be optional in other situations. You’ll also be required to have an escrow account to stay on top of your property taxes and insurance payments.
FHA Streamline Loan
- FHA Streamline loans are a unique refinancing option for borrowers who already have an FHA loan.
- Compared to many other loan types, the process of applying for an FHA Streamline refinancing is quicker and document requirements are simpler. And even if your equity is currently negative, an FHA Streamline Refi could still lower your payments.
- Like any refi, there are fees involved and an FHA Streamline may extend the term of your loan. The fees can offset any savings for a while, and a longer term could mean higher lifetime interest cost.
Home Affordable Refinance Program
- Overseen by the federal government, HARP has helped many homeowners across the country since 2010. If your current loan originated before June 1, 2009, is owned by Fannie Mae or Freddie Mac, and you’ve remained current on your monthly payments, you may qualifying for a HARP loan.
- The process of getting a HARP loan is simpler and quicker than it is for many other loan types. Even if you have little or no equity in your home, a HARP loan may help lower your monthly payment or shorten your loan term. if you don’t have mortgage insurance on your current loan, it won’t be required on your new one.
- Note that you can only get one HARP loan per property. This means if you get a HARP loan you can’t refinance to another one later. Also the HARP program is scheduled to end on September 30, 2017.
- If you’re a veteran, active duty, service member, or the surviving spouse of a veteran, you may be eligible for a well-deserved benefit: A VA Loan. VA loans provide fixed, lower rates with little or no down payments required.
- For one, the down payment is going to be low. Also, it’s possible to refinance a home under a VA loan even if you have no equity in your property. No PMI is required and qualifications tends to be a little easier.
- New VA loans are only for primary residences. The amount you can borrow may be limited by your VA entitlement amount. VA loans also require an up-front funding fee, unless you have a military service-related disability.
VA IRRRL (Interest Rate Reduction Refinancing)
- If you have a VA loan, an IRRRL is a great way to lower your monthly payment. However, you can only use it to refinance to a VA loan from a VA loan.
- No appraisal or credit underwriting package is required by VA when applying, and you may not need to pay any money out of pocket. Unless you’re refinancing from a VA ARM loan to a fixed rate, you can expect your interest rate to drop with a successful VA IRRRL application.
- A funding fee is required, though it can be financing into the loan. If you currently have VA ARM loan and are using an IRRRL to refinance to a fixed rate loan, your rate may go up. With a VA IRRRL, you cannot take cash out.
- You’d never guess, but a jumbo is a really big loan. Okay, maybe you would guess. they exceed conventional limits and can go up to $2,000,000 depending on your location
- Jumbo helps you buy premium property but still offer fixed and adjustable options
- Note that because the sort of property bought with a jumbo loan is expensive, it can be harder to sell. A bigger down payment is sometimes needed and rates tend to be higher.
NationStar Mortgage Features:
- Mortgage Loans: Fixed, ARMs, FHA, FHA Streamline, Conventional, VA, HARP, VA IRRRL, Jumbo Loan.
- Service loans available nationwide (except Hawaii)
- Homeowner tools and educational information.
- Free online payments, w/ autopay option.
- Mobile app available.
Hopefully with NationStar Mortgage’s new rebranding towards “Mr.Cooper Mortgage,” maybe we’ll see further consistency with their products and services. They offer quite the selection of loan types with Fixed, ARMs, FHA, FHA Streamline, Conventional, VA, HARP, VA IRRRL, Jumbo Loan and service out their loans to residents nationwide except Hawaii. Note that you can’t submit an application, or keep track of your application’s status online and since this is a online bank, you should expect no branch location to apply. Also, be sure to check out our Best Mortgage Rates!
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