Caliber Home Loans Mortgage Review 2022

The benefits explained

• Can complete an online mortgage application: Borrowers who want to start the mortgage process can easily complete their applications online without having to speak with a loan officer first.
• Many loan programs are available: Caliber Home Loans offers a variety of mortgage products to meet borrower needs, including conventional, jumbo, FHA and USDA loans.
• Alternative loans for non-traditional borrowers: For borrowers with less than stellar credit, difficulty proving income, or recent late payment, Caliber offers loans with flexible guidelines.

Disadvantages Explained

• Website does not list current mortgage interest rates: Borrowers can apply online, but they won’t know what mortgage rates are available until they speak with a loan officer.
• Loan offices are not available in all regions: Although Caliber Home Loans can originate mortgages in all 50 states and have offices in every state, these offices may not be suitable for all borrowers. For example, the nearest office in Memphis is over 180 miles away.
• Does not offer home equity loans or lines of credit: Caliber does not offer HELOC or home equity loanswhich can be an inexpensive way to tap into your home equity without refinancing your primary mortgage.

Types of mortgages offered by Caliber Home Loans

• Conventional loans. These traditional loans are intended for borrowers with good credit. They typically require a 20% down payment, but down payments can be as low as 3% with private mortgage insurance.
• Jumbo Loans. Large conventional loans that do not meet the limits set by the Federal Housing Finance Agency (FHFA) are called jumbo loans. They require a 700+ credit score, a down payment of 20% or more, and cash reserves to cover at least one year of mortgage payments.
• FHA Loans. The FHA offers a homeownership program for people with low credit scores with down payment requirements as low as 3.5%. Borrowers must have a credit score of 620 to qualify.
• VA Loans. This is a mortgage loan program for active duty military, veterans and their families. It offers loans with little or no down payment and credit score requirements as low as 580.
• USDA Loans. Through the USDA, homeowners in rural areas can get a mortgage with no down payment or cash reserves required. This loan program requires a credit score of 640 or higher.
• Alternative loans. Caliber offers a series of “smart” loans with non-traditional features and flexible guidelines. These are ideal for borrowers who are unable to get approved for traditional mortgage products. These loans allow for credit scores as low as 660 and debt-to-income ratios of up to 50%.

Features and Benefits of Caliber Home Loans

• Caliber offers several low and no down payment mortgages.
• Renovation and rationalization mortgage refinance loans are available.
• Self-employed borrowers can use bank statements to verify their income.
• Investment property financing is available.

How to Apply for a Caliber Home Loans Mortgage

If you’re ready to apply for a mortgage through Caliber Home Loans, you can start the process online, by visiting a branch, or by calling (855) 808-2124.

To apply online, follow this process:

1. Click “Apply Now” on the website.
2. Create an account.
3. Provide your name, phone number, email address and password.
4. Verify your phone number by SMS or voice authentication.
5. Enter your personal information, including your income and debts.
6. Add the ownership details of the house you want to buy or refinance.
7. Review loan programs, rates and fees.
8. Select the mortgage product that meets your needs.

Customer service

To contact Caliber Home Loans about your application or your mortgage, you can call your local branch, contact customer service or submit a message online.

Automated customer service is available 24 hours a day at (800) 401-6587. You can reach a live customer service agent at the same number from 8:00 a.m. to 8:00 p.m. CT, Monday through Friday, and 8:00 a.m. to 12:00 p.m. CT on Saturday.

Client satisfaction

Caliber Home Loans has an outstanding 4.96 out of five star rating with over 6,600 reviews on Zillow. Most recent customer reviews mention how reliable and fast loan officers are, and how their loans were closed on time.

Caliber also fared relatively well in Investopedia’s own survey of 45 mortgage lenders, coming in 14th place with a score of 5.95 out of 10.

Account management

Customers can manage their apps and accounts through Caliber’s online portal or mobile app. During the application process, the mobile app lets you find a local loan consultant, view your application status, and upload loan documents.

Once your loan is closed, the functionality of the app includes monthly payments, viewing your escrow account, requesting PMI removal, and more. You can also call, text, or email your credit counselor directly from the app.

Alternative choices

Applying for a mortgage with Caliber Home Loans may be the right choice for many borrowers. However, before proceeding with your inquiry, it makes sense to obtain quotes from some of the best mortgage lenders. The table below gives a brief overview of the types of loans offered and the special features that distinguish some of the best lenders.

final verdict