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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Carrington Mortgage

Finanso.Multilogin™

About lender

Carrington Mortgage Services is a mortgage company that was started in 2007. The organization originates loans as well as handles mortgages. Carrington is authorized to lend in 48 states and the District of Columbia.

Carrington Mortgage is a full-service mortgage company that can help you buy or refinance a home on beneficial terms.

Carrington Holding Company owns the lender, licensed in practically every state, including Guam. Its headquarters are in Anaheim, California. Carrington Charitable Foundation, the company's charitable foundation, gives back to communities across the United States by supporting important causes for Carrington Associates and executives.

Pros and cons

Pros

  • Options for applicants with bad credit histories will evaluate alternative credit data in underwriting.
  • There are first-time homebuyer programs available.
  • Almost everywhere in the United States.
  • Provides a variety of low-down-payment financing products.
  • Alternative credit data, such as bank records and rent payments, may be considered.

Cons

  • A loan officer must obtain pre-approval and rate quotes.
  • There is no option to apply for home equity lines of credit (HELOCs).
  • When you pay your mortgage through the website or app, you will be charged a $5 fee.

Terms and conditions

Carrington Mortgage Services, LLC provides all three significant government-backed home loan alternatives and two low down payment options exclusive to the company. While other home loans and refinance choices are available, all terms are fixed rates. If you want an adjustable-rate mortgage to buy a home, you'll have to search elsewhere because Carrington doesn't offer them.

  • Conventional. Conventional loan standards are the strictest. You need a good credit score and low debt-to-income ratio to get the best rates and terms. Carrington offers 30-and 15-year fixed-rate loans. A fixed-rate loan has a constant interest rate, meaning your monthly principal and interest payments won't change.
  • Jumbo loan. Jumbo loans surpass Fannie Mae and Freddie Mac's loan limits. Location-based restrictions range from $548,250 to $822,375. Jumbo loans can finance up to 80%, requiring a 20% down payment. Carrington provides $2.5 million jumbo loans.
  • The VA loans. This VA loan is available to qualified veterans, service members, and spouses. VA loan benefits have no down payment, PMI, and acceptable terms. Carrington can approve with credit scores as low as 500 but only 30-year fixed-rate loans.
  • The FHA loans. This government-backed loan helps people with bad credit become homes. Carrington accepts 500-credit-score applicants. FHA loans require 3.5% down. You'll need mortgage insurance if you don't put down 20%. FHA calls it a MIP or UMIP (UFMIP).
  • USDA loans. Consider a USDA loan if you have a low income and wish to buy a rural home. This no-down-payment government-backed loan is for low-income families. Carrington accepts 550-credit-score customers for this loan.
  • Home Possible. This home loan, available in 15-year and 30-year fixed-rate periods, requires as little as a 5% down payment. The house must be your principal residence, and you must have a FICO credit score of at least 620 to qualify for this loan.
  • Home Possible Advantage. This loan has the same conditions and terms as the Home Possible loan but allows for a 3% down payment.
  • Carrington Prime Advantage. A home loan program with a maximum loan to value (LTV) of 90% and an increased DTI of up to 50%. Borrowers with 660 and higher credit scores are eligible.
  • Down payment assistance programs. Carrington worked with 53 down payment assistance programs in 13 states to help borrowers with down payments and closing costs. Low-income and first-time homebuyers are targeted mainly by state and county initiatives.
  • Refinance. If you want to reduce your current mortgage payment, modify your house, or cash out your mortgage, this lender has reasonable offers to refinance. It offers to refinance all government-backed home loans: VA refinance (VA IRRRL), FHA refinance, and USDA streamline as well.

Funding a loan

You can pre-qualify with the company so that you can assume the funds you can borrow. Once you receive the disclosed loan details, you can proceed for an application. For the new applications moved to Underwriting status by 3 pm, the next business day will count as the first day of the stated turn time. New submissions after 3 pm local time or on a weekend or holiday are treated as uploaded the following business day.

If your mortgage is transferred to Carrington for servicing, the information will be available on the website within 5 to 6 days of the transfer date.

Carrington Mortgage runs the application approvals and funds transfers Monday through Friday 10 am to 9 pm ET.

FAQ

What bank owns Carrington Mortgage?

Carrington Holding Company owns the lender, licensed in practically every state, including Guam.

Is Carrington Mortgage real?

Carrington Mortgage Services, LLC is a mortgage services provider based in Anaheim, California, that was created in 2007. The lender, a Carrington Holding Company LLC subsidiary, provides fundamental mortgage and refinancing alternatives to borrowers across the country.

Why is Carrington Mortgage under investigation?

The plaintiffs, Ashly Alexander and Cedric Bishop, filed the lawsuit in September 2020, stating that the mortgage servicer violated Maryland's debt collection and consumer protection regulations by improperly collecting $5 for online or phone payments.

Is Carrington Mortgage owned by Wells Fargo?

No, Carrington Mortgage is not owned by Wells Fargo.

Company documents

Privacy Policy
California Consumer Privacy Act Notice
State Licensing
Terms & Conditions

We are committed to providing superior customer service, from assisting our customers in selecting the right loan for their needs to closing loans on time, every time.

© Carrington Mortgage

Calculate loan payments at Carrington Mortgage

Carrington Mortgage calculator will allow you to calculate an approximate payment schedule for the loan

Carrington Mortgage calculator
Interest rates are given in accordance with the rates of the Carrington Mortgage in Washington, D.C. as of 25.09.2022
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What to focus on before applying for a loan with Carrington Mortgage

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Carrington Mortgage and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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