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Carrington Mortgage Services Review 2023

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At a glance

Carrington Mortgage Services

3.9

Rating: 3.9 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; non-QM

Location

Nationwide Availability

Available in all U.S. states (except Massachusetts and North Dakota)

Credit Good

Min. credit score required

620 for conventional loans; 500 for FHA loans; 500 for VA loans; 550 for non-QM loans  

Pros and cons

Checkmark Pros

  • Options for borrowers with poor credit histories and will consider alternative credit data in underwriting
  • First-time homebuyer programs available
  • Available nearly everywhere in the U.S.

Close X Cons

  • Limited online functionality — must speak with a loan officer for preapproval and rate quote
  • No home equity lines of credit (HELOCs)
  • $5 fee when you pay your mortgage via the website or app

Carrington Mortgage Services overview

Carrington Mortgage Services has been offering home loans since 2007. The lender, owned by Carrington Holding Company, is licensed to operate in nearly every state and Guam. Its headquarters is located in Anaheim, California, and there are five additional brick-and-mortar locations in Arizona, Connecticut, Florida, Indiana and Maryland. The lender considers itself a “homeownership company” rather than a lender, as it services loans and offers title and escrow services, as well. It takes as little as 24 hours to obtain a preapproval (assuming you qualify), and the average closing time for a purchase runs 30 days to 45 days. Notably, the lender offers a product specifically designed for borrowers who might not qualify for a traditional home loan, the Flexible Advantage loan, which can help borrowers with credit scores as low as 550 purchase a home or refinance an existing mortgage. The program has another key differentiator, too: no mortgage insurance.

Carrington Mortgage Services is good for

Borrowers who face challenges getting approved for a loan due to past credit issues

Breakdown of Carrington Mortgage Services overall score 

  • Affordability: Carrington Mortgage doesn’t display current interest rates on its website, so if you’re just starting to explore loan options, it’ll be harder to compare this lender’s costs to others without consulting with a loan officer first. The lender charges a flat origination fee depending on loan type.

  • Availability: Carrington lends mortgage in every state but Massachusetts and North Dakota.

  • Borrower experience: This lender maintains business hours Monday through Friday up to 8 p.m. ET. It has an A+ rating with the Better Business Bureau, but customer feedback remains less than stellar.

Methodology

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.

Affordability: 3/5

Carrington Mortgage Services doesn’t list mortgage rates for any of its loans online. To get more information on rates, you’ll need to speak with a loan officer. The lender’s fees include an origination fee between $1,395 and $1,895.

Availability: 5/5

Carrington Mortgage Services offers a wide range of loan products, including conventional, FHA, VA, USDA, fixed-rate, adjustable-rate and non-QM loans, as well as rate-and-term, cash-out and streamline refinancing. The lender works with borrowers nationwide (with the exception of those in Massachusetts and North Dakota).

One key benefit that might make this lender appealing to a wider pool of borrowers: the lender’s Flexible Advantage program, which requires either a minimum 550 credit score for a maximum loan amount of $1.5 million; a minimum 620 credit score for a maximum loan amount of $2 million; or a minimum 660 credit score for a maximum loan amount of $2.5 million.

Borrower experience: 3.7/5

Founded in 2007, Carrington Mortgage Services is a Better Business Bureau-accredited business with an A+ rating.The lender’s website features calculators to help you compare loans and estimate monthly payments. The rest of the online experience, though, is fairly limited. There’s no option for prequalification or preapproval, and to track down any additional information, you’ll have to share your data and wait for the lender to get in touch with you. If you have a loan with Carrington, you can pay your monthly bill via the lender’s website or app, but have to pay a $5 convenience fee to do so.If you have questions about a mortgage, you can contact Carrington’s customer service Monday through Friday, 8:00 a.m. to 8:00 p.m. ET at 800-561-4567.Refinancing with Carrington Mortgage Services Carrington Mortgage Services offers refinance options, including cash-out and streamline refinances. However, the rates and fees for these options aren’t available online. Instead, you’ll need to complete a form, and a loan officer will call you the following business day.

Alternatives to Carrington Mortgage Services

  • Goodmortgage review – Goodmortgage’s loan offerings are also designed to help borrowers with limited or poor credit history.
  • Rocket Mortgage review – If you’re looking to avoid paying private mortgage insurance, Rocket’s PMI Advantage program can remove that fee in exchange for a higher interest rate.
  • Angel Oak Home Loans reviews – This lender has a range of options in the non-QM space designed to help borrowers with past issues such as bankruptcies and foreclosures qualify for a new home loan.

Carrington Mortgage Services consumer reviews

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Written by

David McMillin

Contributing writer

David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor