Caliber Home Loans Mortgage Review 2022

Caliber Home Loans offers conventional and government-backed mortgages, including:

  • Conventional Fixed Rate Loans
  • Conventional loans with adjustable rates 3/1, 5/1, 7/1, 10/1 and 5/5
  • Mortgage refinance loans
  • FHA Loans
  • AV 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 applying for a Caliber loan, you can schedule a meeting or phone call with a Caliber loan consultant to prequalify you 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 counselor. Depending on your situation, it may take as little as 10 business days to go from application to closing.

You can get a fixed rate loan from Caliber Home Loans with terms between 10 and 30 years, and 3/1, 5/1, 7/1, 10/1 and 5/5 adjustable rate mortgages are 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’re putting down less than 20% on a conventional loan, you’ll likely need to purchase private mortgage insurance. Caliber loan closing costs may include loan origination fees.

First-time home 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 consider factors such as your credit score and debt-to-equity ratio, with the Caliber website stating that an affordable loan keeps your DTI at 43% or lower. 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 conventional loan, but you’ll need at least a 675 for the most competitive rates. For a jumbo loan, you’ll need a score of at least 700. Caliber also takes your DTI into account when applying 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 within reach? 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 228 mortgage-related complaints in 2021 regarding Caliber home loans. The most common issues were difficulties during the payment process, applying for or refinancing a mortgage, and difficulty paying off the mortgage. Caliber Home Loans provided a prompt response to all but three complaints and closed 207 complaints with an explanation, 17 with monetary relief and four with non-monetary relief.

Caliber Home Loans has an overall rating of 4.5 out of 5 stars from US News, with 4.5 stars for affordability, 4.4 stars for customer service, and 4 stars for eligibility. The average mortgage lender in the US News ratings is 4.3.

Customers can contact Caliber Home Loans at 800-401-6587, with an automated system that is active 24/7 and customer service available Monday through Friday from 8 a.m. to 8 p.m. a.m. to noon central time. You can speak with a local loan consultant to prequalify and apply for a loan. Customers who have complaints can speak with local officials and raise their concerns via an online form.

Caliber Home Loans allows potential borrowers to apply online. It also has a mobile app to help you find a loan consultant, view your application status, upload documents, make payments, and view digital statements.

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