Greenlight Financial

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Greenlight Financial

Note: Greenlight Financial was acquired in 2013 by NationStar mortgage, which has changed its name to Mr. Cooper. For questions about Greenlight Financial, call their customer service department at 888-480-2432 or visit their web site at https://www.mrcooper.com/

Introduction to Greenlight Financial

Greenlight Financial Services is a private lending institution that has been in business for nearly a decade. They credit their success in the mortgage business over the last decade to their ability to streamline the mortgage process, provide excellent customer service and offer competitive interest rates. Greenlight Financial Services is not a bank, they are a direct to consumer lending institution. Greenlight Financial offers free mortgage pre-approvals through their website, an additional bonus to those actively seeking a home. It should be noted that Greenlight Financial is an Internet based business. The entire process of completeing your loan will be done through internet and telephone contact. Documentation will sent to them via overnight carrier (at no charge to the consumer) and final paperwork will be handled this way also. Consumers that do not feel comfortable handling the entire transaction online may not be able to benefit from their services.

Mortgage Rates

Greenlight Financial offers very competitive interest rates on their website. Since interest rates change daily you can use their online form to access the current offered rates. They offer a wide variety of conventional, adjustable and federally insured loan products to the consumer. Greenlight Financial also offers no closing cost loans while retaining their low interest rates. Mortgages are available in 15 or 30 year increments. Greenlight Financial will base the interest rate as well as the mortgage amount on your credit history and your ability to repay the loan. While they are willing to work with people with less-than-good credit, their program is generally designed for people that can easily qualify for a mortgage.

Refinance

Greenlight Financial offers very competitive refinance rates on all types of loans. The final mortgage interest rate will be based on credit approval and the value of the home. Greenlight Financial offers no-closing cost mortgage refinancing, and in many cases can streamline the process into a very short time frame. On average, Greenlight Financial loans take half the time of other mortgage processing companies. Greenlight Financial will require that your home is appraised before finalizing any type of refinancing. This appraisal will include the interior and exterior of your home as well as a field appraisal of the surrounding neighborhood. What this appraisal does is provide an overview of your property to the lender so they can determine the security of the loan.

Home Equity

At this time, Greenlight Financial does not offer any type of home equity lines of credit. While this can change in the future, Greenlight Financial currently only offers standard mortgages and refinancing options to consumers.