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Carrington Mortgage Services Review 2024

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At a glance

Carrington Mortgage Services

Editor's take

Carrington Mortgage Services’ focus is on borrowers who face challenges getting approved because of past credit issues, but the lender has gotten attention for a variety of hardball tactics, including collecting “convenience fees” on monthly payments and misleading borrowers about pandemic relief. It doesn’t have a wide branch network, so if you’re interested in this lender, you’ll need to call or go online for more.

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4.0
Rating: 4 stars out of 5
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Customer Rating
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1.0
Rating: 1 stars out of 5

2 ratings

Mortgage Percent

Loans offered

Conventional, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

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

Location

Nationwide availability

All U.S. states except Massachusetts

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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

Carrington Mortgage Services

4.0

Rating: 4 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states except Massachusetts

Credit Good

Min. credit score required

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

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 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.

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Bankrate insight

A federal enforcement action in late 2022 took Carrington Mortgage Services to task for a number of missteps, including wrongfully charging late fees and providing false information about the pandemic forbearance program.

 

Pros and cons of Carrington Mortgage Services

Pros
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    Options for borrowers with poor credit histories and will consider alternative credit data in underwriting

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    First-time homebuyer programs available

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    Available nearly everywhere in the U.S.

Cons
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    Limited online functionality — must speak with a loan officer for preapproval and rate quote

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    No home equity lines of credit (HELOCs)

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    $5 fee when you pay your mortgage via the website or app

Our Editor’s Take on Carrington Mortgage Services

Carrington Mortgage Services’ focus is on borrowers who face challenges getting approved because of past credit issues, but the lender has gotten attention for a variety of hardball tactics, including collecting “convenience fees” on monthly payments and misleading borrowers about pandemic relief. It doesn’t have a wide branch network, so if you’re interested in this lender, you’ll need to call or go online for more.

How Bankrate scored Carrington Mortgage Services

  • 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 mortgages in every state but Massachusetts.
  • Borrower experience: This lender maintains business hours Monday through Friday up to 8 p.m. ET. It has garnered some negative feedback from customers, as well as notice by federal regulators for some bad practices.

Affordability: 5.2/10

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: 10/10

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: 8.8/10

Carrington Mortgage Services was founded in 2007. 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.

How to apply for a mortgage with Carrington Mortgage Services

You can apply for a mortgage with Carrington Mortgage Services in-person at a branch location, online or by phone at 800-561-4567. Its customer service hours are Monday through Friday, 8 a.m. to 8 p.m. ET. 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 Carrington Mortgage Services

Carrington Mortgage Services offers both rate-and-term and cash-out refinancing options. 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.

Compare Carrington Mortgage Services to other lenders

Carrington Mortgage Services

Rating: 4 stars out of 5
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4.0

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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

Bankrate Score
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Read full review

Loans offered

Conventional, 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, 500 for FHA loans, 500 for VA loans, 550 for non-QM 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 except Massachusetts

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

Carrington Mortgage Services customer ratings and reviews

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1.0

Rating: 1 stars out of 5

2 ratings

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This lender has 2 recent reviews.

Knowledge
Rating: 1 stars out of 5
Level of service
Rating: 1 stars out of 5
Professionalism
Rating: 1 stars out of 5
Responsiveness
Rating: 1 stars out of 5
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0% of customers would recommend this lender.

of 2 reviews

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