Carrington Mortgage Services Review 2023

How Bankrate scored Carrington Mortgage Services

To determine Carrington Mortgage Services’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: 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 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 feedback from customers and regulators are problematic.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a 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. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

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

Affordability: 3/5

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

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

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

How to apply for a mortgage with Carrington Mortgage Services

You can apply for a purchase loan or a refinance in person at one of Carrington’s branches, or the lender’s website. If you have questions about a mortgage, you can contact the lender’s customer service Monday through Friday, 8:00 a.m. to 8:00 p.m. ET at 800-561-4567.

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 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.