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  • Review: Nationstar mortgage rates and refinance products

    Nationstar Mortgage is one of the leading servicers of home mortgages in the United States. This “nonbank” may not have physical locations but Nationstar mortgage rates are particularly popular amongst their 2.7 million customer base.

     

    Nationstar Mortgage is based in Lewisville, Texas. Nationstar Mortgage offers services for some of the most reputable mortgage companies in the country. The companies and mortgage instruments that Nationstar Mortgage works with are Fannie Mae, VA loan, FHA, Jumbo, and USDA.

     

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    Nationstar Mortgage found its start in 1997 and had an immediate impact in assisting homeowners with their mortgages. To date, there are over 500,000 mortgages that Nationstar Mortgage assists with. There are also plenty of dedicated employees who work for Nationstar Mortgage as well. Right now, over 2300 people work for Nationstar Mortgage.  

     

    Nationstar mortgage refinance rates

    Determining the best mortgage rates today can save you money in the long run. (Photo/Flickr)

     

    Nationstar mortgage rates today

    Nationstar offers a wide breadth of refinancing options, and Nationstar refinance rates are very competitive with rates offered by other mortgage companies. It’s always wise to check the Nationstar’s website or call directly to find current mortgage rates.

     

    There are a number of factors that come into play when assessing the rate you’ll end up with. Like all lenders, Nationstar will consider your current debt load, and credit history, before determining your eligibility. You may end up with a mortgage rate that is very good if you have a good credit history.

     

    Refinancing products offered by Nationstar

    Nationstar offers products that most regional banks offer: fixed and adjustable rate mortgages, FHA, VA, and HARP are all options.

     

    • 10-year fixed rate mortgage
    • 15- year fixed rate mortgage
    • 20-year fixed rate mortgage
    • 30-year fixed rate mortgage

     

    The most common length of a fixed rate mortgage is 30 years. For refinancing, 20, 15, and 10-year loans are usually the best. If you’re refinancing from a 30-year fixed rate, your interest rates will go down, and in many cases, you’ll cut time off of your current loan.  One thing to keep in mind, the shorter the term of your loan, the higher your monthly payments will be.

     

     

    • 3/1 ARM
    • 5/1 ARM
    • 10/1 ARM

     

    Shorter-term loans tend to have lower interest rates and higher monthly payments than 30, 20, or 15-year fixed rate mortgages. An adjustable rate mortgage means the borrower will have a set interest rate for a scheduled period of time. After the predetermined timeframe has expired, interest will reset (either favorably or unfavorably) based on market conditions.

     

    ARM loans are a useful finance strategy under a handful of circumstances: as a borrower, you plan to live in the home for only a few years, you are coming to the end of your current loan and want to pay it off quickly, you anticipate a boost in income, or expect interest rates to remain at present levels.

     

    The larger the loan you take out with an adjustable-rate, the more risk you’re assuming. Let’s say interest rates rise significantly, the larger your loan, the more money will be subjected to the higher interest rate.

     

    FHA and FHA streamline:
    Nationstar FHA Streamline loans are available for borrowers who already have a FHA loan and want to refinance. Streamlining means the refinance process is quicker. One word of warning, the streamlining process might extend the length of your loan. This means associated fees and lifetime cost of your loan could increase. You’ll need to do the math to determine if streamlining is right for you.  FHA loans come with flexible qualification terms, so it might be the best option for your personal situation.

     

    VA/ VA IRRRL:

    If you have a mortgage that’s backed by the U.S. Department of Veterans Affairs, you can refinance with a VA Interest Rate Reduction Refinance Loan. Often homeowners take advantage of this program to refinance an adjustable-rate mortgage to a fixed rate.

     

    HARP:

    Created by the federal government, HARP is designed to make the refinancing for homeowners who are underwater or have little equity in their homes easier and more affordable. HARP loans adhere to the guidelines of Fannie Mae and Freddie Mac, which means a borrower’s credit score will dictate the interest rate and the monthly payment of your loan.  

     

    There are plenty of refinancing plans that are available through Nationstar. Working with a loan professional is the best way to find a refinancing plan that works for your financial situation. In addition, a loan professional can help a person decide how much credit to take out.

     

     

    How do Nationstar’s products compare to other banks?

    Nationstar vs.Chase As we mentioned above, Nationstar is a “nonbank”. They don’t have branch locations, so if customer service is an important feature for your lender, working with a regional bank with numerous physical locations might be in your best interest. Nationstar does not currently operate in Hawaii either, so depending on your location, Nationstar might not be the best fit. The user experience on Nationstar’s website is very good. Chase offers many financial products making their website convoluted. Nationstar’s primary business in refinance and first mortgages which means their mobile and desktop content is more tailored to your needs as a borrower.

     

    Nationstar vs. USAA USAA has very specific qualifying terms. If you are eligible to qualify for USAA there still are a few questions you’ll need to ask yourself to determine if they are the best fit. USAA’s technology is a work in progress, whereas Nationstar offers a mobile app, free online payment,  and useful website. Home equity loans and lines of credit are currently unavailable at USAA too, but they are offered at Nationstar. USAA, however, offers a no-fee VA Interest Rate Reduction Refinance Loan (IRRRL) which is tough for Nationstar to compete with.

     

    Nationstar vs. PNC Mortgage PNC offers an application called ‘Home Insight Tracker’ which allows borrowers to manage their mortgage application digitally, or by telephone. Nationstar does not currently allow a borrower to submit or track an application online. While interest rates between these two banks are comparable, PNC is known to charge origination fees, so the total cost of the loan may be less expensive through Nationstar, depending on your situation.

     

    Other considerations when picking a refinance rate product:

    Home Equity Rates

    Nationstar HELOC product offers competitive rates as well as the ability to fix the rate to protect yourself from future interest rate increases. This is a very useful offer — If you agree to a variable rate, your interest may rise. Also, if your home declines in value, you could end up paying more money than your home is worth. The Nationstar home equity rates are also very low. If you need to take out cash on the value of your home, then Nationstar is the best place to do so. You will be able to take out instant cash on the value of your home. If you are a student, then you may be able to qualify for very low home equity rates. Always be sure to research all of your options when it comes to taking out a Nationstar home equity loan. You should always try to find the lowest rates possible.

     

    HARP

    HARP loans let you refinance even if you owe more than your home is worth. While you will have to fill out a new mortgage application and go through Chase’s underwriting process, you will not have to have your home appraised – which can cost around $400.

     

    Deciding which option is best for you

    It’s always best to shop around for the best rate when it comes to refinancing. Make a checklist of your refinancing goals. Is it to save the most amount of money? Is it to shorten the length of your loan? Do you need to pull cash out for remodeling or otherwise?

     

    Once you’ve answered these questions, you can start to determine which lender is best for you.

     

    Customer service and communication should also be taken into consideration. Finding a lender that works with your best interest in mind is just as important as the rates you secure.

     

    More information about Nationstar

    Nationstar Mortgage information can be accessed at www.nationstarmortgagehomeloans.com. At this website, you can find all of the contact information for mortgage professionals at Nationstar Mortgage. You will also be able to learn all about the different mortgage and loan options available through Nationstar. One of the other benefits of accessing this website is being able to chat instantly with mortgage professionals at Nationstar Mortgage. It is truly the best place to instantly get the information that you need for your mortgage or your own loan situation. Be sure to call or check out the Nationstar Mortgage website.

     

    How to contact Nationstar Mortgage

     

    Address

    Nationstar Mortgage

    8950 Cypress Waters Boulevard

    Coppell, TX 75019

    Phone number / Customer Service

    1-888-480-2432

    Customer login

    Nationstarmtg.com

     

     

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