Mr. Cooper Mortgage Review 2026
Mr. Cooper — which is now powered by Rocket Mortgage — is an established digital mortgage provider offering multiple popular mortgage options. It’s a good solution for borrowers looking for homebuyer programs with low optional down payments, as well as for those who want quick prequalification or loan approval.
See how we reached our verdict below.
- Multiple loan products to meet diverse borrower needs
- Options for low down payments or credit scores under 620
- Simple application process with a trusted online lender
- Mixed reviews about customer support quality
- Recent acquisition by Rocket Mortgage could result in changes to established programs in the near future
Mr. Cooper mortgage overview
- Areas of service: All 50 states
- Digital service: Digital service only
- Headquarters: 8950 Cypress Waters Blvd, Coppell, Texas, 75019
- Website: MrCooper.com
- Acquired by Rocket Mortgage in October 2025
Mr. Cooper rates and fees
Rates
Mr. Cooper shares examples of starting annual percentage rates (APRs) online, which — as of Jan. 22 — include:
- 30-year fixed loans: 6.778%
- 20-year fixed loans: 6.850%
- 30-year FHA loans: 6.831%
- 30-year jumbo fixed loans: 5.829%
- 30-year VA loans: 6.397%
Rocket Mortgage’s rates — which are now, presumably, Mr. Cooper’s rates — can be on the high end compared to other national mortgage lenders. Their rate spread is also higher than some competitors at 0.87 above the average prime offer rate (APOR) in 2024. This increased from 0.73 in 2023, up 0.14 points.
Fees
Mr. Cooper and Rocket Mortgage don’t disclose current fees on their website. However, 2024 data shows that:
- Mr. Cooper’s 2024 loan costs were $6,943
- Mr. Cooper’s 2024 origination fees were $4,550
- Rocket Mortgage’s 2024 loan costs were $7,562
- Rocket Mortgage’s origination fees were $4,416
Since Mr. Cooper is now powered by Rocket Mortgage, it’s likely that the Rocket Mortgage numbers will hold more weight, but the two previously separate lenders were relatively similar in terms of loan and origination costs.
Mr. Cooper and Rocket Mortgage currently promote two potential discounts on their website:
- 1% off your rate for the first year of your loan
- Up to $6,000 off closing costs
This can be significant, as closing costs can be a major hurdle for families trying to save for their first home, and 1% off for a year can save you hundreds — if not thousands — depending on the amount you’re borrowing. The company doesn’t provide more details about eligibility online; however, you can learn more during the prequalification process.
What types of mortgage loans does Mr. Cooper offer?
Mr. Cooper offers a variety of home loans, including:
Mr. Cooper’s conventional loan offerings include 30-year fixed-rate and 15-year fixed-rate mortgages. These loans allow you to lock in a set interest rate for the duration of your loan, and are popular choices. As a bonus, these loans do not have prepayment penalties if you decide to pay off your loan early, and you can use Mr. Cooper to buy a new home or refinance an existing home.
Conventional loan qualification requirements
- 3% minimum down payment
- 620+ credit score
- DTI should be less than 50%
Mr. Cooper’s FHA loans come with more flexible credit requirements and low down payment options. FHA streamline loans are also available to existing FHA borrowers who want to refinance, and there are both 15- and 30-year terms.
FHA loan qualification requirements
- 3.5% minimum down payment
- 580+ credit score
- Less than 57% of your income is going to pay debt
- Pay an upfront mortgage insurance premium (MIP) of 1.75% of the loan amount, along with monthly MIP premiums.
Mr. Cooper’s VA loans are available to active-duty service members, veterans and surviving spouses of veterans. There are multiple VA loan products available, including 15-year, 30-year, fixed-rate jumbo and adjustable-rate mortgages.
There are 0% down payment options available for eligible borrowers, and VA loans don’t require private mortgage insurance.
VA loan qualification requirements
- Must have served 90 continuous days of service
- 580+ credit score
- Less than 41% of income going to pay for debt
Jumbo loans are nonconforming mortgages that exceed the traditional loan limits set by Freddie Mac or Fannie Mae and may allow borrowers to finance up to $3 million (depending on property type).
Mr. Cooper offers VA, FHA, conventional and adjustable-rate mortgage jumbo loans. The company’s Jumbo Smart loans are designed to require less documentation for faster approval.
Jumbo loan qualification requirements
- 680+ credit score
- 10% minimum down payment
- 3% to 6% of the financed amount for closing costs
- Less than 45% of your income should be going to pay debt
Mr. Cooper offers home equity loans in addition to refinancing options, which allow you to access between $45,000 and $350,000 in equity. The application process only takes 10 minutes, giving you quick answers, and the term length is either 10 or 20 years.
Home equity loan qualification requirements
- Qualification information is not specified
Bridge loans allow you to use the equity of your existing home before you sell it to cover the costs of your next home. This can help you avoid a contingency when making offers or reduce stress during a move. Mr. Cooper’s six-month bridge loans allow you to borrow up to $500,000, depending on your existing home equity. During that time, you can make interest-only payments.
Bridge loan qualification requirements
Mr. Cooper doesn’t specify many eligibility requirements online, but they do note that you’ll likely need to list your current home for sale before qualifying.
One+ By Rocket Mortgage is a 30-year fixed-rate loan that covers 2% of the required 3% minimum down payment. The program was designed to help people buy homes, so it has stricter eligibility requirements and requires private mortgage insurance.
There’s also an income cap. Qualifying income must be less than or equal to 80% of your area’s median income, based on the county where the property is located.
One+ qualification requirements
- 620 credit score
- Only for single-family homes that will be your primary residence
- Less than 50% of income is going to pay debt
- Maximum loan amount of $350,000
Mr. Cooper’s Home Ready® and Home Possible® program is designed to make home ownership more accessible. They offer a credit to reduce out-of-pocket costs — either your down payment or closing costs — which could save borrowers thousands on a 30-year conventional fixed mortgage. They also allow for reduced mortgage insurance, increasing monthly affordability.
Home Ready® and Home Possible® qualification requirements
- Either a 3% down payment or 3% to 6% in closing costs
- 620+ credit score
- Have annual qualifying below an income cap, which is not disclosed online.
Mr. Cooper mortgage qualifications
| Credit score minimum |
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| DTI ratio
Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments.
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| Down payment minimum |
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Don’t know your credit score? Get your free score on LendingTree Spring today.
While Mr. Cooper doesn’t disclose the minimum requirements it uses to assess applications, we know that Mr. Cooper’s approved average loan-to-value (LTV) ratio in 2024 is 59%. Its total loan rejection rate in 2024 was 18.9%.
To increase your odds of loan approval, take the following steps:
- Lower your DTI ratio, eliminating or reducing debt before you apply for a loan.
- Build good credit habits, including making on-time payments, to boost your credit score.
- Choose loan types that you’re most likely to be eligible for, and ask to borrow amounts under a 40% DTI.
How to apply for a Mr. Cooper mortgage
1. Choose your loan type
Start at Mr.Cooper.com and choose the type of loan you’re interested in. You’ll be directed to Rocket Mortgage’s site, and you can choose from options like “Refinance,” “Buy a home” or “Use my equity.”
2. Get prequalified
If you want to get preapproval or apply for a mortgage loan, you can apply here.
You’ll be asked to share preliminary information, such as your name, the type of property you want to purchase, your estimated down payment, and your Social Security number. Submitting the prequalification will grant Mr. Cooper permission to conduct a soft credit pull.
3. Submit a loan application
Outside of the preapproval process for home mortgages, prospective borrowers need to speak to an account executive. After the prequalification process, you can speak to an expert by chat or phone, which can help you get the process moving.
Note that formal loan applications involve hard credit pulls.
Find out more about how to apply for a home loan.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Is it safe to get prequalified with Mr. Cooper?
Mr. Cooper and Rocket Mortgage are both established and licensed mortgage lenders, so it’s safe to submit a prequalification application.
This lender only uses a soft credit pull for prequalifications, which can have less of an impact on your credit score compared to hard pulls. Keep in mind that any impacts on your credit scores from loan or preapproval applications are only temporary.
Prequalifications are also necessary for obtaining a mortgage and buying a home. Sellers may prefer borrowers with preapproval letters and, in some cases, may not even allow buyers without them to tour their homes or submit offers.
Mr. Cooper’s customer service experience
Many borrower reviews online cite a positive experience with Mr. Cooper’s customer service team, though there are recent mixed reviews. Some customers felt they received quick and thorough support throughout the entire sales and post-sale experience, while others noted experiences with rude or inexperienced support staff, and difficulty resolving issues.
Overall, the reviews are more positive than negative, but there are enough negative reviews to take note of.
How does Mr. Cooper compare to other lenders?
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| LendingTree’s rating |
Expert review from LendingTree.
Back to our Mr. Cooper summary |
Expert review from LendingTree.
Read our Mr. Cooper vs. AmeriSave comparison |
Expert review from LendingTree.
Read our Mr. Cooper vs. Better comparison |
| Minimum credit score | 580 to 680 | 500 | 580 to 700 |
| Minimum down payment | 0% to 5%, depending on loan product | 0% to 3.5% | 0% to 10% |
| Rate spread
Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan.
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| 2.63% | 0.19% |
| Loan products and programs |
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| Better for: | Borrowers looking for flexible options, including those who want lower down payments or who want convenient, online options. | Homebuyers looking for digital mortgage solutions and additional loan products, such as HELOCs or USDA loans. | Borrowers looking for tech-savvy borrowers with straightforward financial profiles. |
Mr. Cooper vs. AmeriSave
Mr. Cooper and AmeriSave are both largely digital mortgage providers offering extensive options. AmeriSave offers more transparent information online, a lower rate spread, and the addition of a USDA loan, but Mr. Cooper may stand out with its incentive programs like the 1% interest rate decrease for the first year, or the ONE+ program.
Read more in our full Amerisave mortgage review.
Mr. Cooper vs. Better Mortgage
Better Mortgage offers extensive information about qualifying processes, credit score requirements and minimum down payments online, which may make it easier for borrowers to choose the right product for them. They also allow for complete online applications for diverse products, which is unlike Mr. Cooper’s more restrictive application process.
However, Mr. Cooper offers home equity loan options, and their affordability programs stand out.
Read more in our full Better Mortgage review.
How LendingTree rated Mr. Cooper mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Mr. Cooper’s scorecard:
✅ Publishes rates online
✅ Offers standard mortgage products
⭕ Includes detailed product info online
✅ Shares resources about mortgage lending
✅ Provides an online application
Frequently asked questions
Mr. Cooper allows potential borrowers to apply for preapproval or loan approval online. Applicants can receive preapproval and (if accepted) verified approval relatively quickly.
Potential buyers now also have access to Rocket Assist, which is an AI-powered chat that can answer basic questions about applying for loans and buying a home.
Yes, Mr. Cooper is a legitimate mortgage lender. The company is based in Dallas and has served over 5.3 million homeowners. They were recently acquired by the also very established Rocket Mortgage.
You can see more information about Mr. Cooper’s state-specific licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Mr. Cooper home loans, including home equity loans and cash-out refinance loans, will likely impact your credit score. In most cases, your score is likely to drop by an average of 20.4 points and rebound within a year. Making on-time mortgage payments can help improve your credit score over time.
In general, yes, Mr. Cooper’s home loans are considered “good” for the following reasons:
- The lender is trusted and well-established.
- The application process is relatively quick and easy.
- There are multiple strong loan products, including products for those who might not have a 20% down payment or those with lower credit scores.
However, there have historically been mixed reviews about Mr. Cooper’s customer service, with both five-star and one-star reviews. Since the lender was just acquired in October, it may be too early to tell if customers can count on a consistently positive experience moving forward.
Compare Multiple Prequalification Offers