Caliber Home Loans Review 2020 Complete and Latest Update.
Caliber Home Loans: According to latest data, Caliber Home Loans is one of the highest volume mortgage lenders in America. It’s not a bank, but Caliber provides home loan services as a non-bank mortgage provider through its network of consultants, as well as licensed mortgage brokers and loan officers.
The lender embraces digital mortgage technology to offer a simple application process and fast closing times.
Caliber Home Loans refused to confirm details regarding this analysis. This review is based on information from its databases and other reputable sources, such as the National Mortgage Licensing System.
People who are serious about applying for a home loan, or those who don’t qualify for traditional financing
People interested in shopping around
Types of Loans Offered
Conventional, Jumbo, FHA, USDA, VA
49 (not Hawaii)
Better Business Bureau Rating
Large selection of lending options
Special loans for people with bad credit
Fixed- and adjustable-rate loans available
Simple online application
Pros & Cons
Participates in some state down payment assistance programs.
Offers educational resources for military borrowers.
Provides digital tools for a streamlined application process.
No mortgage rates displayed online.
Must work with a loan officer for pre-qualification and preapproval.
Our Deep Dive
Caliber Home Loans are available to residents of every state except Hawaii. The company has branch offices in 39 states and the District of Columbia. If you don’t live near one of these branch offices, though, you can contact the company’s headquarters in Texas and one of its centralized loan consultants will assist you.
Options for those with bad credit
Caliber’s Fresh Start Program is designed for individuals working to rebuild their credit. There’s no waiting period and you can get a loan for anywhere between $150,000 and $1 million with at least a 15 percent down payment. There’s also the Homeowners Access plan for those who don’t qualify for traditional financing. If you worry about your ability to keep up with payments, this plan works well, as it allows you to have several late payments without penalty.
These are fixed-rate mortgages designed for individuals who live in rural areas that don’t qualify for conventional loans. You don’t have to pay anything down and you can use these loans to refinance your home or purchase a new one.
VA loans are special options available only to former and active members of the U.S. military. These loans don’t require you to pay anything down, though you must have a credit score of at least 580.
Simple online application
If you’d rather not speak to a representative, you can apply for a Caliber home loan online. All you have to do is answer a few questions about yourself, your finances and your budget. The whole process takes about 15 minutes. Then, you wait for a representative to contact you about your options.
Mortgage calculator tool
Caliber has a mortgage calculator tool to help you determine how much your monthly payment will be. In theory, it’s a useful tool, but in practice, Caliber’s lack of transparency renders it useless. Since there’s no information about interest rates on its website, consumers are left guessing what number to put into the calculator.
Few educational resources
Caliber Home Loans doesn’t do much to help you understand the process of buying or refinancing a home. This kind of material isn’t critical for people who have done it before, but first-time homebuyers could benefit from more online resources to help them understand how home loans work.
Caliber Home Loans provides borrowers with a few specialized loans, including:
HomeOne. Homeowners can get a no cash-out refinance mortgage, or first-time homebuyers can qualify for a loan with a down payment of as little as 3 percent.
HomeStyle Renovation. Qualified borrowers can receive a loan for up to 50 percent of the post-renovation value of either new or existing homes.
Home Possible. This loan program requires a 3 percent down payment and offers easier credit scoring for those who qualify.
HomeReady. Low-income borrowers can qualify to use gift funds from a family member or an employer to reach the 3 percent down payment requirement.
Other borrowing options include:
Mortgage refinance loans
An FHA 203(k) loans
FHA streamline refinance loans
VA streamline refinance loans
Caliber Home Loans does not offer a home equity loan.
Caliber Has Some Unique Home Loan Options
Loan amounts as high as $3 million with credit scores as low as 650
A home loan financing program for new builds
Loan programs for those who have late payments or a recent short sale, foreclosure, etc. with FICO scores as low as 610
Loan amounts as low as $100,000 for both investors and primary residences
HELOCs for those wishing to tap equity
They also have a Premier Access portfolio program that allows loan amounts as high as $3 million with lower credit score requirements down to 650. And the loans may not require private mortgage insurance.
It’s also possible to use asset depletion to qualify for a mortgage through the Premier Access lending suite, and cash-out refinances up to $750,000 are also permitted.
Their newest portfolio loan program, known as “Elite Access,” is a jumbo loan product that allows loan amounts as high as $3 million with as little as 5% down payment. However, a minimum 700 FICO score is required.
It is being offered in both fixed and adjustable options to satisfy home buyers and those refinancing existing mortgages (up to 95% LTV) in high-cost markets nationwide.
This is Caliber’s loan suite for those who have late mortgage payments, or a recent short sale, foreclosure, or bankruptcy filing.
It features shorter waiting times to buy a home, the acceptance of non-traditional credit history, and higher DTI ratios up to 50%. You may also be able to purchase a home with nothing down by using gift funds, and credit scores go as low as 610.
Fresh Start Program
This suite of home financing solutions seems to be even more aggressive, offering home loans with no seasoning requirement after bankruptcy, short sale, deed-in-lieu, or foreclosure.
The Fresh Start program also offers low down payment options and low minimum credit scores, along with loan amounts from $100,000 all the way up to $1 million.
Additionally, they have a suite of loan programs designed especially for real estate investors, including low down payment requirements on loans up to $2 million.
They’ll go as low as 620 in terms of credit score and allow loan amounts as low as $100,000.
More importantly, they provide the option to purchase an unlimited number of investment properties, and offer things like delayed financing, which allows you to buy with cash then quickly do a rate and term refinance.
National Builder Program
Lastly, they have a home builder financing arm that specializes in providing mortgage loan financing on new homes.
They have a dedicated loan fulfillment team that can offer financing of all types on all sorts of properties, including non-warrantable condos.
And they allow mortgage rate locks for as long as 12 months, yes, that long. Well, for some reason 360 days, but that’s still pretty unheard of! So if it takes a while to close, they can secure your rate.
Along those same lines, they offer a service called “Doc Lock,” which secures income and asset verification for up to six months on conventional home loans.
Oh, and they recently launched a HELOC known as the “HomeAccess Your Way Equity Line of Credit.” It appears to have a 30-year term, including a 10-year draw period and a 20-year repayment period.
So they’ve got plenty of loan products and a potentially streamlined loan process to serve mortgage loans to customers nationwide across all channels.
Caliber Home Loans Mortgage Rates
Caliber mortgage rates aren’t advertised
You won’t see them on their website
However I came across some of their rate sheets
That seem to be in line with what most other lenders are offering
They don’t seem to openly advertise their mortgage rates, unlike other banks and mortgage lenders, you won’t find them on their website.
However, I’ve seen some lender ratesheets from Caliber and their pricing seems to be on par (no pun intended) with what else is out there. Of course, that’s the wholesale lender channel, so results may vary across other channels like retail and correspondent.
From what I can tell, their mortgage rates aren’t necessarily any higher or lower than the average rates available. Of course, take the time to shop your rate with other lenders to ensure it’s the best it can be.
And pay attention to closing costs, which can vary widely as well.
Caliber Home Loans has an A+ Better Business Bureau rating and a rating of 3 out of 5 in the J.D. Power 2018 U.S. Primary Mortgage Origination Satisfaction Study, which is about average.
In 2018, the Consumer Financial Protection Bureau received 405 mortgage-related complaints about Caliber Home Loans. The most common issues were related to:
Trouble during the payment process.
Struggling to pay the mortgage.
Closing on a mortgage.
Applying for or refinancing a mortgage loan.
Applying for a mortgage.
Incorrect information on a credit report.
Issues with a credit-reporting company’s investigation into a problem.
Caliber Home Loans provided the CFPB a timely response on 403 issues; 376 were closed with an explanation, 16 with monetary relief and 13 with nonmonetary relief.
Borrowers who qualify for one of the lender’s specialized loans.
Any Borrower who can access a loan consultant.
Borrowers who want several loan options.
What is Caliber Home Loans?
Caliber Home Loans is not a bank, but a nonbank mortgage provider. Caliber offers home loan services through its network of consultants, as well as independent mortgage brokers and loan officers. The lender embraces digital mortgage technology with the goal of providing an easy application process and fast closing times.
What Can You Do Online with Caliber Home Loans?
You can find a wealth of information on Caliber Home Loans’ site. There are step-by-step guides to the home buying process, a glossary of terms, an explanation of fees, information for every type of loan offered by the company, as well as market commentary. Plus, most common questions you may have about the process probably have an answer in the Caliber Home Loans’ FAQ section, once you actually have a loan from Caliber Home Loans, you can use the site to make payments and track your loan balance, etc
Would You Qualify for a Caliber Home Loans Mortgage?
With Caliber’s wide variety of loan options, you stand a good chance at qualifying for a loan with this company.
Caliber Home Loans looks at a number of factors when determining if you qualify for a loan. One of the first considerations is your credit score. A “good” credit score generally falls near 700 and increases your chances for a conventional loan. Anything near 600 or below, in the “fair” range, will likely need a government-backed loan, such as an FHA, or one of Caliber’s other options, such as the Fresh Start program.
Does Caliber Home Loans Operate in My Area?
Caliber Home Loans offers loans in all 50 states as well as the District of Columbia.
What Kind of Mortgage Can I Get With Caliber Home Loans?
When you’ve finished crunching numbers and considering your monthly home budget, it’s time to decide which mortgage option is best for you. Caliber Home Loans offers several home loan options, including:
Fixed-rate mortgage, Adjustable-rate mortgage (ARM), HomeStyle® Renovation loan, Home Possible® loan, HomeReady loan, Jumbo loan, Jumbo interest-only adjustable-rate mortgage (ARM, FHA loan, FHA 203(k) Fixed Rate Rehab, USDA loan, VA loan, Premier Access loan,Homeowner’s Access loan and many more.
The Bottom Line
What Caliber Home Loans lacks in transparency, it makes up for in versatility, with one of the largest selections of home loans in the industry. If you’re serious about applying for a home loan or your credit is bad, Caliber is definitely worth checking out.
If this article was helpful to you, kindly Subscribe and share it with your friends and loved ones. Thank you.