Caliber Home Loans Mortgage Review 2020

By Natalie Campisi

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

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4.3

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Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Texas-based Caliber Home Loans, Inc. is a mortgage originator and servicer that offers a large variety of conventional, government-backed and specialty home loans. They also refinance existing mortgages under a number of programs, including a relief refinance to make your loan more affordable. Caliber Home Loans was founded in 2013 when Caliber Funding and Vericrest Financial merged. Caliber Home Loans gives borrowers several options to choose from, which is especially helpful for borrowers who want to explore various options. They offer both purchase and refinance loans, for people with excellent to average credit. Caliber Home Loans’ customers can apply online and check their application status anytime through Caliber’s online portal. Customer service agents and loan officers are also available by phone.

Nationwide availability

Available in all 50 states.

Minimum credit score

620 for conventional and VA loans, 580 for FHA loans, 700 for jumbo loans

Loan types

Conventional, FHA, FHA 203k, VA, USDA, jumbo, ARM and investment property loans. Refinancing options include HELs, HELOCs and streamline refinancing.

Pros

  • Online and phone customer service available to borrowers.
  • Can close loans in as few as 10 days.
  • Loan options include fixed-rate, adjustable rate (ARM), flex-term, investment property, VA, FHA, USDA and jumbo mortgages.
  • First-time homebuyer program with a low down-payment requirement (as little as 3 percent down).
  • Offers loan modification programs for eligible borrowers.
  • Mortgage refinancing options, including HELs, HELOCs and streamline refinancing.
  • Services loans after closing.

Cons

  • No brick-and-mortar locations.
  • Customer service call center hours are limited.

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Caliber Home Loans overview

Loan types

Conventional, FHA, FHA 203k, VA, USDA, jumbo, ARM and investment property loans. Refinancing options include HELs, HELOCs and streamline refinancing.

Lender fees

Caliber Home Loan fees include the usual loan costs including origination fees and closing costs.

Closing costs include things like title fees, recording fees, appraisal fees, credit report fees, pest inspection, attorney’s fees, taxes and surveying fees.

Minimum borrower requirements

Caliber Home Loan goes by the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. However, anything less than 20 percent down will trigger the private mortgage insurance (PMI) requirement. Borrowers must also have a minimum of two months cash reserves to cover the closing costs; proof of employment or income; and, in most cases, a debt to income ratio (DTI) of 45 percent or less.

Keep in mind, you might be able to submit alternative credit data to improve your chances of getting a lower interest rate or just getting approved for a loan. Alternative credit data includes rental history and car payments.

For FHA and VA loans, those requirements are set by the government. You can find them here:

 

 

Get started with Caliber Home Loans

Borrowers can apply online or by phone. There are no brick-and-mortar locations where borrowers can apply in-person. Their online portal is where borrowers can submit required documents electronically. These documents include things such as taxes, online bank statements and identification. Once the documents are received, a loan officer will contact you to review your application and discuss next steps.

Hours

Mondays through Fridays from 8 a.m. to 7 p.m. Central (800) 401-6587

Caliber Home Loans consumer rating and reviews

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