Caliber Home Loans Review 2023

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 lender’s website; you’ll need to request a quote in order to compare offers.

• Availability: 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.

• Methodology

  Bankrate's expert editorial team gathers mortgage lender information through a variety of means, including direct contact with lenders, regulatory filings and assessments by reputable third parties. Our research takes into account three main factors: affordability, availability and borrower experience.

  Bankrate's mortgage reporters and editors have decades of experience covering the mortgage industry. Based on the three main criteria, our team evaluated more than 85 lenders, assigning each a Bankrate Score out of five stars. Here's how we assess each factor:

  • Affordability: Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) the lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors; and 2) established customer discounts or incentive pricing, when applicable.
  • Availability: What loan programs does the lender offer, and how quickly will your application be approved and processed? We evaluate lenders for loan timelines and diversity of mortgage products.
  • Borrower experience: Finally, we delve into what it's like to deal with the lender as a consumer, including the lender's application process and availability of customer service support. 

  Bankrate's methodology page spells out our rating process in greater detail.

  Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

Affordability: 3/5

Affordability differs from lender to lender, so comparing costs is key.

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: 4/5

This factor can make the overall mortgage application process smoother or more challenging.

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: 4.7/5

Know what to expect when you work with a specific lender.

Caliber Home Loans is accredited with the Better Business Bureau and has A+ rating from the organization. J.D. Power rated the lender above average for mortgage origination customer satisfaction in 2022. When you’re ready to get a mortgage with Caliber, 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. Caliber’s 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 purchase loan or a refinance in person at one of Caliber Home Loans’s branch locations or via the lender’s website.

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

Caliber Home Loans refinances existing mortgages. Before you start, think about your goals: Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can apply through the lender’s website or at a branch location.