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Caliber Home Loans Review 2024

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At a glance

Caliber Home Loans

Editor's take

Caliber Home Loans is now doing business as Newrez. It’s a major national lender that offers a variety of loan products, including nontraditional mortgage offerings. The lender ranked above average in J.D. Power’s 2023 mortgage origination customer satisfaction report.

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3.6
Rating: 3.6 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

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

Location

Nationwide availability

All U.S. states

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Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

At a glance

Caliber Home Loans

3.6

Rating: 3.6 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

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

Caliber Home Loans overview

Texas-based Caliber Home Loans, Inc., now operating as Newrez, is a mortgage originator and servicer that offers a variety of conventional, government-backed and specialty home loans and refinancing, with branches across the country. The lender was founded in 2008 when Caliber Funding and Vericrest Financial merged. It was the nation’s 12th-largest mortgage originator in 2022, according to federal data.

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Bankrate insight

The lender's Smart Series mortgages are aimed at jumbo borrowers, self-employed borrowers and investors

Pros and cons of Caliber Home Loans

Pros
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    Can close loans in as few as 10 days

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    First-time homebuyer program with a low down payment requirement (as little as 3 percent down)

Cons
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    Current mortgage rates not listed online

Our Editor’s Take on Caliber Home Loans

Caliber Home Loans is now doing business as Newrez. It’s a major national lender that offers a variety of loan products, including nontraditional mortgage offerings. The lender ranked above average in J.D. Power’s 2023 mortgage origination customer satisfaction report.

How Bankrate scored Caliber Home Loans

To determine Caliber Home Loans’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

  • Affordability: You won’t find the latest mortgage rates from Caliber Home Loans on the Newrez website; you’ll need to request a quote in order to compare offers.

  • Availability: Newrez (Caliber Home Loans) is a national lender with a big lineup of mortgage products for various needs, including construction loans and investment property financing.

  • Borrower experience: The lender ranked above average in J.D. Power’s report on mortgage origination customer satisfaction, and it offers many ways to get in touch with a loan officer should you have questions.

Affordability: 6.8/10

Newrez (Caliber Home Loans) doesn’t advertise mortgage rates on its website, but you can get a quote after submitting some basic personal information through an online form. The lender’s fees include an origination fee and other closing costs, which can include title services, recording, appraisal and credit report fees.

Availability: 10/10

Newrez (Caliber Home Loans) offers the full suite of home loan products, including conventional, jumbo, FHA, VA and USDA mortgages. The lender also offers rate-and-term, cash-out and streamline refinancing, as well as home equity solutions. It works with borrowers across the U.S.

Borrower experience: 4.6/10

Both Caliber Home Loans and Newrez are accredited with the Better Business Bureau and have A+ ratings from the organization. J.D. Power rated the lender above average for mortgage origination customer satisfaction in 2023. When you’re ready to get a mortgage, the lender accepts loan applications online and offers both prequalification and preapprovals. You can reach customer service by email, text, over the phone and at branch locations.The Newrez website features educational tools to help you better understand the mortgage process, and with its app, you can check your application status, upload documents, connect with representatives, manage your payments, view escrow, request changes to your private mortgage insurance (PMI) status and update your user profile.

How to apply for a mortgage with Caliber Home Loans

You can apply for a mortgage with Newrez (Caliber Home Loans) in person at a branch location, online or by phone at 888-673-5521. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Caliber Home Loans

Newrez (Caliber Home Loans) offers both rate-and-term and cash-out refinancing options.

Compare Caliber Home Loans to other lenders

Caliber Home Loans

Rating: 3.6 stars out of 5
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3.6

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

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

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states