Caliber Home Loans 2021 Mortgage Review
Caliber Home Loans of Coppell, Texas offers mortgage and home equity products nationwide. Options include conventional, adjustable rate, jumbo, refinance, Federal Housing Administration, US Department of Agriculture, and Department of Veterans Affairs loans.
Caliber has been in business since 2008 and focuses solely on home loan products.
- Offers Freddie Mac’s HomeOne Loans for first-time home buyers, which only require a 3% down payment and accept borrowers with a minimum FICO score of 620
- Government backed FHA, VA and USDA loans are available
- Provides loans in all 50 states and the District of Columbia
- No online prequalification
- No financial services other than home loans
Caliber Home Loans offers both conventional and government guaranteed mortgages, including:
- Conventional fixed rate loans
- Conventional loans at adjustable rates 3/1, 5/1, 7/1, 10/1 and 5/5
- Mortgage Refinance Loans
- FHA loans
- VA loans
- USDA loans
- Freddie Mac HomeOne and Home Possible Mortgages
- Fannie Mae HomeReady Mortgages and Home Style Renovation Loans
- New construction loans
Caliber Home Loans also offers home equity loans and home equity lines of credit.
Before you apply for a Caliber loan, you can set up a meeting or phone call with a Caliber loan consultant to pre-qualify based on your credit score, debt, and income. You can apply for a mortgage with Caliber Home Loans online or in person with a loan advisor. Depending on your situation, it may take just 10 business days to go from request to close.
You can get a fixed rate loan from Caliber Home Loans with a term of between 10 and 30 years, and 3/1, 5/1, 7/1, 10/1 and 5/5 variable rate mortgages are available. available. With a government backed VA or USDA loan, you may not have to make a down payment, while FHA loans offer down payments as low as 3.5%. If you are making a down payment of less than 20% on a conventional loan, you will likely need to purchase private mortgage insurance. Caliber loan closing costs may include loan origination costs.
First-time buyers may be able to reduce closing costs with Caliber Home Loans.
You can see the loan amount you could receive from Caliber Home Loans by meeting with a Caliber loan consultant to pre-qualify. Caliber will take into account factors such as your credit score and debt-to-income ratio, with Caliber’s website stating that an affordable loan keeps your DTI at 43% or less. The credit score and down payment requirements vary depending on your type of loan.
You need a credit score of at least 580 to qualify for an FHA or VA mortgage with Caliber, and a score of 620 for a USDA loan. A score of 620 can also get you a regular loan, but you will need at least a 675 for the most competitive rates. For a jumbo loan, you will need a score of at least 700. Caliber also takes your DTI into account when you apply for a loan.
You can get a mortgage from Caliber Home Loans in all 50 states and the District of Columbia.
Is your dream home close at hand? The US News Mortgage Calculator will show you how much home you can afford.
Caliber Home Loans has an A + Better Business Bureau rating.
The Consumer Financial Protection Bureau received 263 mortgage-related complaints regarding Caliber Home Loans in 2020. The most common issues were related to:
- Problems during the payment process
- Struggling to pay the mortgage
- Apply for or refinance a mortgage
Caliber Home Loans provided a prompt response to every complaint. He closed 245 complaints with explanation, 10 with monetary relief and eight with non-monetary relief.
Caliber Home Loans has an overall rating of 4.5 stars out of 5 by US News, with 4.5 stars for affordability, 4.4 stars for customer service, and 4 stars for eligibility. The average for mortgage lenders in US News ratings is 4.3.
Customers can contact Caliber Home Loans at 800-401-6587, with an automated system active 24/7 and customer service available Monday to Friday 8 a.m. to 8 p.m. central time and Saturday 8 a.m. to noon central time . You can speak to a local loan counselor to pre-qualify and apply for a loan. Customers who have complaints can speak to local officials and escalate their concerns through an online form.
Caliber Home Loans allows potential borrowers to apply online. It also has a mobile app to help you find a credit counselor, view the status of your application, download documents, make payments, and view digital statements.