Repayment of loan
Caliber accepts loan repayment made through a bank account or debit cards. Repayments can also be made via mail containing money orders. The company also accepts checks. Customers can use the Caliber Home Loans mobile app to make payments on an existing loan. Using the mobile app makes it easier to check the progress of your mortgage and track your repayments. In brief, the supported types of payment channels for your Caliber Home Loans include the following:
Online repayments via a bank account or debit card. When paying online, you will need to sign in to your account and use your bank account or debit card to make a payment. Caliber Home Loans does not accept credit cards.
Using a check or money order mailed to Caliber Home Loans’ address. You can mail a check or money order to Caliber Home Loans, PO Box 650856, Dallas, TX 75265-0856.
Physical branches. You can also contact the helpdesk for customer care services on a preferable repayment schedule and channel. If you prefer to pay by phone, use Caliber’s automated payment line at 800-401-6587. Additionally, you can call Caliber’s customer care at 800-401-6587 between 8 a.m. and 8 p.m. CST Monday through Friday and 8 a.m. to 12 p.m. CST on Saturday.
Steps to repay a loan
There are two ways to repay your mortgage: one-time monthly payments or recurring payments. For a one-time monthly payment, you can deduct the loan amount from your bank account and have it transferred into your Caliber Home account on the day you select. The following steps can guide you when making a one-time monthly repayment:
Sign in to your account.
Select Payments.
Select Make a Payment.
Enter your loan information and click on the proceed button.
Select the bank account or debit card from which you want the money deducted.
Click on Confirm and wait for the notification that you have completed your repayment successfully.
You can also set up recurring payments for your loan. This involves directing any of your chosen banks to draft your repayment a few days before each month’s due date. Remember that regardless of which option you select, keeping your repayment period in mind, especially if you choose a recurring repayment method, enables you to avoid defaulting. It also prevents you from scheduling deductions before or after the planned repayment period and potential charges for late payments. You can also decide whether or not you would want to pay higher upfront fees by considering how long you will be living in your home and how much cash you have to apply toward closing costs when signing the loan agreement.
Conditions of loan extension
Temporary suspension or extension of mortgage gives time and flexibility to customers to fix financial challenges that influence one’s ability to make payments. You can get a forbearance period of up to 12 months, depending on the financial hardships you are experiencing. The customer is not charged any late fees within this period, and the credit record reporting is suspended. It is important to note that the plan does not equate to permanently suspended loans.
Early payoff
Making an effort to pay off your Caliber Home Loans debt early can free up a significant amount of money, easing the burden of paying extra mortgage interest for longer periods. The company permits early payoffs to avoid late penalties. First, your must reach out to the lender, or you can use loan consultants to understand how best to make early payoffs.
