Caliber Home Loans overview
Texas-based Caliber Home Loans, Inc. is a mortgage originator and servicer that offers a large variety of conventional, government-backed, specialty home loans and refinancing, with branches across the country. The lender was founded in 2013 when Caliber Funding and Vericrest Financial merged.
Borrowers looking for a large national lender that offers a wide variety of loan products
- Rate-and-term, cash-out and streamline refinancing
- Home equity line of credit (HELOC)
- Home equity loan
- Construction and renovation loans
- Investment property
Caliber Home Loan’s lender fees include an origination fee and other closing costs, which can include title services, recording, appraisal and credit report fees.
Caliber Home Loans does not advertise mortgage rates on its website, but quotes are available after submitting some basic personal information through an online form.
Caliber Home Loans is accredited with the Better Business Bureau, where it has an A+ rating. On Trustpilot, Caliber is rated 2.3 out of five stars, based on six reviews. Meanwhile, the lender is rated 12 out of 17 in J.D. Power’s 2020 U.S. Primary Mortgage Origination Satisfaction Study, and 22 out of 32 in J.D. Power’s 2021 Primary Mortgage Servicer Satisfaction Study.
Caliber Home Loans accepts loan applications online and offers both prequalification and preapprovals. Customer service is available by email, text, over the phone and at branch locations. Caliber’s website features educational tools to help borrowers better understand the mortgage process, and on its app, borrowers can check their application status, upload documents, connect with representatives, manage their payments, view escrow, request changes to their private mortgage insurance (PMI) status and update their user profile.
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) and the Department of Agriculture (USDA).
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, VA and USDA loans, minimum requirements are set by the respective agencies. You can find them here:
Refinancing with Caliber Home Loans
Borrowers can refinance loans with Caliber, but the lender does not advertise rates or fees associated with a refinance online. In an FAQ section of its website, the lender states that closing costs on mortgage products are typically 2 percent to 7 percent of the loan’s total value.
Not sure if Caliber Home Loans is right for you? Consider these alternatives
Breakdown of Caliber Home Loans overall review score
- Affordability: 14.75/15
- Availability: 11/15
- Borrower experience: 8/10
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.