Caliber Home Loans

About

Caliber Home Loans provides mortgage loans, streamline refinancing options, and cash-out refinance loans to customers in the United States.

Caliber Home Loans is a national mortgage lender offering comprehensive mortgage products, such as conventional loans, new construction home loans, renovation loans, Jumbo loans, FHA, USDA, and VA loans at competitive rates.

The company is registered as Caliber Home Loans, Inc. and headquartered in Coppell, Texas. It offers various loan types via different channels and transaction methods, such as wholesale and correspondent lending. It also extends innovative solutions for conforming and non-conforming loans.

Since the merger between Vericrest Financial and Caliber Funding in 2013, which led to the formation of Caliber Home Loans, the company has advanced its services throughout the country.

Today, Caliber Home Loans is one of the largest originators and operators of home loans in the mortgage industry, operating in all 50 states.

The company has a wide range of lending facilities that suit customers. Caliber Home Loans keeps loan servicing even after funding. You can get fast and efficient financing, which can help close a home loan in under ten days.

Key Features

Caliber Home Loans is a full-service mortgage lending company that offers a range of home loan products and services to borrowers in the United States. Here are some of the key features:

1. Wide range of loan products. Caliber offers a wide range of loan products, including conventional, FHA, VA, and USDA loans, as well as jumbo and renovation loans.
2. Online application. Caliber Home Loans offers an online application process, which allows borrowers to apply for a loan from the comfort of their home.
3. Personalized service. Caliber assigns a dedicated loan consultant to each borrower, who works with them throughout the loan process and provides personalized guidance and support.
4. Fast processing. Caliber claims to offer a fast and efficient loan processing and closing process, with some loans closing in as little as 10 days.
5. Competitive rates. Caliber offers competitive interest rates and fees, which can help borrowers save money over the life of their loan.
6. Loan servicing. Caliber services a majority of the loans they originate, which means borrowers will continue to work with the same company throughout the life of their loan.
7. Mobile app. Caliber offers a mobile app that allows borrowers to manage their mortgage account, make payments, and access important loan information on-the-go.

Overall, Caliber Home Loans is a reputable lender with a wide range of loan products, personalized service, and a fast and efficient loan processing and closing process.

Pros and Сons 

Shopping for a loan to buy your dream home sounds easy on paper. The task of finding favorable loan terms is no mean fete if you are comparing many mortgage lenders for different loan types. In addition, calculating rates and interests when shopping for a loan can feel overwhelming, especially with today's mortgage rates. However, learning about all the advantages and disadvantages of a chosen lender is crucial for anyone looking to take any loan amount from the lender.

Pros

• You can choose from different financial products.
• The company allows for more accessible refinancing options for any VA or FHA loan.
• Caliber Home Loans provides Freddie Mac’s HomeOne loans for first-time homeowners, which require only a 3% down payment.
• The company accepts borrowers with a FICO score of 580 or above.
• Low credit scores and down payments are common with VA, FHA, and USDA mortgages.
• The loan approval and disbursement processes are quick.
• Applying for a loan online is simple.

Cons

• It does not cater to customers with no or poor credit scores by allowing them to use alternative credit data, such as past utility bills.
• Its website does not display mortgage rates. As a result, some consumers believe their rates are lower than expected.

Products

Caliber Home Loans offers a wide range of mortgage loan products to meet the needs of different borrowers. Here are some of the main loan products offered by Caliber:

1. Conventional loans. These are traditional mortgage loans that are not insured or guaranteed by the government. Conventional loans may be a good choice for borrowers with good credit and a stable income.
2. FHA loans. These are government-backed loans insured by the Federal Housing Administration (FHA). FHA loans are popular among first-time homebuyers and borrowers with lower credit scores or limited down payment funds.
3. VA loans. These are government-backed loans guaranteed by the U.S. Department of Veterans Affairs. VA loans are available to eligible veterans, active-duty service members, and surviving spouses, and offer competitive interest rates and low or no down payment options.
4. USDA loans. These are government-backed loans that are designed to help borrowers in rural areas buy a home. USDA loans may offer low or no down payment options and competitive interest rates.
5. Jumbo loans. These are non-conforming loans that exceed the maximum loan limits set by Fannie Mae and Freddie Mac. Jumbo loans may be a good option for borrowers who need to borrow more than the maximum conforming loan limit.
6. Renovation loans. These are loans that can be used to purchase or refinance a home and make renovations or upgrades. Caliber offers several renovation loan products, including the FHA 203(k) loan and the HomeStyle® Renovation loan.

Reliability

Caliber Home Loans has a good reputation for reliability and customer satisfaction. The company has an A+ rating from the Better Business Bureau (BBB), which is a non-profit organization that evaluates and rates businesses based on their trustworthiness and customer satisfaction.

Caliber has also received high ratings and awards from several independent organizations, including being named one of the best mortgage companies to work for by National Mortgage News and receiving a 5-star rating from the Mortgage Bankers Association for its loan servicing operations.

Caliber Home Loans is committed to providing its customers with personalized service and support throughout the entire mortgage process. The company has a team of loan consultants who work with borrowers to find the right loan product for their individual needs and provide guidance and support throughout the application and closing process.

Overall, Caliber Home Loans has a good reputation for reliability and customer service, and the company is committed to helping borrowers achieve their homeownership goals.

Additional Services

In addition to its core mortgage lending and servicing operations, Caliber Home Loans offers a range of additional services to help borrowers and homeowners.

1. Mortgage refinancing. Caliber offers mortgage refinancing options that can help borrowers lower their monthly payments, reduce their interest rates, or shorten the term of their loan.
2. Home equity loans and lines of credit. Caliber offers home equity loans and lines of credit, which allow homeowners to borrow against the equity in their home.
3. Loan servicing. Caliber also provides loan servicing for a variety of mortgage loans, including conventional loans, FHA loans, VA loans, and USDA loans. The company offers a range of servicing options, including online account management and automatic payment processing.
4. Customer support. Caliber provides customer support to borrowers and homeowners through a variety of channels, including phone, email, and online chat. The company also provides resources and tools to help borrowers better understand the mortgage process and make informed decisions about their home financing options.
5. Online account management. Caliber's online account management platform allows borrowers to access their loan information, make payments, and view their account history from anywhere, at any time.

Overall, Caliber Home Loans offers a variety of services to help borrowers and homeowners with their mortgage and home financing needs. With its commitment to personalized service and support, the company strives to make the home financing process as easy and transparent as possible.

Loan conditions

Caliber Home Loans will consider your credit score before giving you a loan.  The company will also check your debt levels, down payment income, and savings.  For a conventional loan, you will be required to make a down payment of about 20%. You could pay less than this if you pay mortgage insurance. In some instances, private mortgage insurance is required for a conventional loan. The company also checks the ratio of your debt to income. 

To calculate your debt to income ratio, divide your monthly liabilities by your gross monthly income. Your liabilities include student loan debts, auto loans, and credit cards.  This calculation depicts how much money you will have for your monthly mortgage payments. Whether you are a new or repeat customer, Caliber Home Loans ascertains your eligibility to access the different home loan products it offers borrowers.

Funding a loan

Caliber Home Loans offers various credit products attractive to different groups. The company allows customers with good credit scores to apply for home loan products that fit their various needs to apply for a home loan online or from the many branches across the country. Besides, the minimum credit score required for a loan is dependent on the type of loan you would like to apply for. For example, if you are interested in FHA and VA loans, you will enjoy more lenient requirements than conventional loans with longer application processes. Depending on the type of product you choose, you can get your mortgage in three days or take several weeks to complete. Generally, it takes up to 30 days to get your home loan. However, if your application takes longer than expected, you can always contact Caliber Home Loans to establish the problem with your application.