Caliber Home Loans Mortgage Review 2022

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Caliber Home Loans Mortgage Review 2022

Getting quotes from non-bank lenders like Caliber Home Loans might help you get the lowest rates and conditions if you’re looking for a mortgage. In 2020, Caliber was among the top 10 mortgage lenders with loans totaling around $71 billion.

It provides a range of products, including conventional, jumbo, FHA, VA, and USDA mortgages, and originates loans in all 50 states. Additionally, borrowers with unusual income or credit restrictions may find Caliber’s “smart” mortgage solutions to be the best option.

Pros Explained

  • Anyone quickly complete an online mortgage application: Borrowers who choose to begin the mortgage process may do so without first speaking with a loan officer.
  • There are several lending packages offered: To accommodate customer demands, Caliber Home Loans provides a range of mortgage options, including conventional, jumbo, FHA, and USDA loans.
  • Alternative loans for non-traditional borrowers: Caliber provides loans with flexible requirements for applicants with less-than-stellar credit, trouble demonstrating income, or a recent late payment.

Cons Explained

  • Current mortgage interest rates are not shown on the website: Borrowers may apply online, but until they meet with a loan officer, they won’t know what mortgage rates are available.
  • Not all locations have loan offices: Although Caliber Home Loans has offices in all 50 states and may issue mortgages there, not all borrowers may find such locations convenient. For instance, it is more than 180 miles to the nearest office from Memphis.
  • Caliber does not provide home equity loans or lines of credit (HELOCs), which may be an inexpensive method to access the equity in your house without refinancing your main mortgage.

Types of Mortgage Loans Offered by Caliber Home Loans

  • Traditional Loans These conventional loans are only available to those with strong credit. Although private mortgage insurance allows for down payments as little as 3%, they commonly demand for 20%.
  • Large Loans Jumbo loans are large, conventional loans that exceed the restrictions imposed by the Federal Housing Finance Agency (FHFA). They want a credit score of 700 or higher, a down payment of 20% or more, and enough cash saved up to meet mortgage payments for at least a year.
  • FHA loans People with bad credit may use the FHA’s homebuyer program, which has 3.5% down payment requirements. To qualify, borrowers must have a credit score of 620.
  • a VA loan. This mortgage program is for those who are currently serving in the military, veterans, and their families. It provides low or no down payment loans with minimum credit score criteria of 580.
  • A USDA loan. Rural property owners may get a mortgage via the USDA with no cash reserves or down payment necessary. For this lending program, a credit score of 640 or above is necessary.
  • Different Loans. Caliber provides a variety of “smart” loans with novel features and adaptable requirements. These are the best options for borrowers who are turned down by conventional mortgage programs. These loans permit debt-to-income ratios of up to 50% and credit ratings as low as 660.
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Caliber Home Loans Features and Benefits

  • Numerous low and no down payment mortgage loans are available from Caliber.
  • Loans for fast refinancing and renovation mortgages are offered.
  • Bank statements may be used by self-employed borrowers to prove their income.
  • Investment property financing is available.

How to Apply for a Caliber Home Loans Mortgage

You may begin the process of applying for a mortgage with Caliber Home Loans online, in person at a branch, or by calling (855) 808-2124.

To apply online, follow this process:

  1. Click “Apply Now” on the website.
  2. Create an account.
  3. Provide your name, phone number, email, and password.
  4. Verify your phone number through SMS or voice authentication.
  5. Enter your personal information, including income and debts.
  6. Include property information about the house you intend to purchase or refinance.
  7. Review the fees, rates, and financing plans.
  8. Choose a mortgage package based on what you need.

Customer Service

You may phone your local location, get in touch with customer support, or send an online message to Caliber Home Loans with questions regarding your application or mortgage.

At (800) 401-6587, automated customer assistance is accessible every day of the year. The same number may be used to speak with a live customer support representative from 8 a.m. to 8 p.m. CT on weekdays and from 8 a.m. to 12 p.m. CT on weekends.

Customer Satisfaction

With more than 6,600 reviews, Caliber Home Loans has an outstanding rating of 4.96 out of 5 stars on Zillow. The majority of the most recent client feedback highlight how dependable and quick the loan officers are, as well as how their loans finished on schedule.

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In Investopedia’s own study of 45 mortgage lenders, Caliber also did rather well, placing 14th overall with a 5.95 out of 10 rating.

Account Management

Customers may use Caliber’s mobile app or web portal to manage their applications and accounts (Apple or Google Play).You may locate a nearby loan consultant, check the progress of your application, and upload loan papers using the mobile app throughout the application process.

The app’s features include making monthly payments once your loan closes, accessing your escrow account, seeking the elimination of PMI, and more. Your loan counselor may also be reached directly via the app by phone, text, or email.

Alternative Choices

For many individuals, applying for a mortgage through Caliber Home Loans may be the best option. However, it is prudent to get quotations from several of the top mortgage lenders before moving forward with your application. The table below gives a quick summary of the many loan kinds available as well as unique characteristics that set some of the leading lenders apart.

Loan Types OfferedSpecial Features
Caliber Home LoansConventional, Jumbo, VA, FHA, USDASpecial loan programs for self-employed, bad credit, and investors
Citi MortgageConventional, Jumbo, VA, FHAFull-service banking products for customers
Primary Residential MortgageConventional, Jumbo, VA, FHA, USDAOffers renovation, investment property and construction loans
Finance of America MortgageConventional, Jumbo, VA, FHA, USDAOffers reverse mortgages for homeowners ages 62+

For those who need a mortgage, Caliber Home Loans is a reliable option. It provides a range of loan packages to meet all needs, including options for self-employed people, investors, and those with bad credit. Online applications are available. To check the rates, charges, and points for its lending products, you must first talk with a loan officer. Reviews indicate that Caliber’s website generally meets clients’ demands for mortgages, despite the fact that rates and fees are not disclosed on it.

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How We Review Mortgage Lenders

Investopedia is committed to provide customers objective, in-depth assessments of mortgage lenders. With the help of approximately 1,500 data points, we evaluated 45 mortgage lenders and learned the following:

  • Customer satisfaction, online applications, perks and awards, etc.)
  • functional aspects (state licensing coverage, number of loan officers, etc.)
  • offered loan products (fixed-rate, FHA, USDA, etc.)
  • Accessibility (days to closure, minimal debt-to-income ratio, etc) (days to closing, minimum debt-to-income ratio, etc.)

In order to find out which characteristics clients think are most important and how pleased they are with different lenders, we also polled 1,195 mortgage borrowers. To aid readers in making wise judgments regarding house loans, mortgage lenders were objectively appraised in the aforementioned areas.

Read more in our full mortgage lender review methodology.

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