This lender prides itself on its 10-day path to closing, and makes home loans for all kinds of borrowers.
|Name||Caliber Home Loans|
|Description||A lender who provides fulfilling, affordable home financing.|
Conventional, Refinance, Renovation, Jumbo Loans, Jumbo Interest-Only ARM, FHA Loans – Fixed-rate and ARMs, high-balance, FHA, USDA, VA.
|Minimum down payment||3%|
Expect fees to include appraisal fees, title charges, closing fees and state taxes.
Ask your loan consultant for the specific fees associated with your pending loan, and keep an eye out for additional fees in your loan documentation.
Caliber earned a four-star rating on Consumer Affairs, with customers praising the company for making loans accessible to first homebuyers and those struggling with poor credit. They commented on the personalized service, and the ability to lock in rates during the application process.
What types of fees does Caliber charge?
- Appraisal fee
- Title search fee
- Prepayment penalty
- Origination fee
- ARM conversion fee
- CEMA refinancing fee
What makes Caliber unique?
By selling only home loans, Caliber stands out in a saturated market. Its strengths are:
Accessible home loans
The lender opens up opportunities for borrowers who with a low income or poor credit to qualify for a conventional loan. Its Homeowner’s Access Loan is ideal for people who have bankruptcies, late mortgage payments and short sales to their name. Caliber accepts a minimum credit score of 620 and a debt-to-income up to 60%. Similarly, the Fresh Start program suits those with lending histories working against them. Caliber will finance loans from $100,000 to $1 million, provided you have a credit score of 580 or above, and can put down at least 15%.
The lender also offers foreign national loans starting at $200,000 and capping at $2 million. To qualify, you don’t need a credit score — but you will need a 30% down payment.
Emphasis on VA loans
On the government side, Caliber serves military members through VA loans. It has a separate website, CaliberMilitaryLending.com, that has educational resources and connects military members to trained loan consultants.
Fast path to closing
For eligible borrowers, Caliber boasts a 10-day turnaround from application to closing. This sets it apart from most other lenders, who typically take four weeks or more. It gives its customers — and particularly first homebuyers — an edge in a competitive housing market.
Do I qualify for a loan with Caliber?
The eligibility requirements vary, so you’ll have to chat to a loan officer. Generally, you’ll need a credit score of 580 for FHA and VA loans, and 620 for conventional loans. Most lenders look for a debt-to-income ratio of 43%, though some will accept lower.
What are the benefits of getting a mortgage through Caliber?
The lender originates loans in all 50 states and the District of Columbia. While you can’t apply for a loan online, you can find a loan consultant, track the progress of your loan, upload documents and set up payments, on the Caliber Home Loans for Borrowers app. Focusing on one product has its benefits, including:
- Fast turnaround time. Caliber says it can close on a mortgage within 10 days, which is weeks ahead of most lenders.
- Caters to borrowers with bad credit. Its Fresh Start program is geared towards borrowers with poor credit or low income.
- Ideal for first homebuyers. Caliber participates in low down payment programs and offers loans with flexible credit minimums.
- Support for military members. There’s a separate website for military members seeking VA loans. Caliber claims it’s created an educational curriculum to help its loan consultants to meet the needs of military borrowers.
- Variety of loans. Along with offering conventional, government-backed and refinancing loans, Caliber offers foreign national and investment loans.
What to watch out forCaliber falls short in some ways:
- No online application. While the website is sophisticated, you can’t apply or prequalify for a loan online. You can only initiate the process before it’s handed to a loan officer.
- Doesn’t publish mortgage rates. You’ll need to do some digging to find interest rates, which can make it difficult to compare Caliber to other lenders.
- Limited customer service hours. Agents are only available on weekdays, during business hours.
- No live chat. Unlike many mortgage lenders, Caliber offers no real-time help online.
Compare to other lenders
How do I get started?
While you can fill in an online form to kick-start your application, it will ultimately be handled by a loan officer. To speed up the process, contact a loan officer directly.
- Go to the Caliber website. Click Find a Loan Consultant.
- Select your State, and a list of loan officers will pop up on the right of the map. Click one that’s close to you.
- You’ll be directed to their office page, which features the officers’ names and Contact Details.
You may need to provide these documents:
- Recent pay stubs
- Bank statements
- Retirement and investment account statements
- Tax returns
- W-2 forms
- Homeowner’s insurance information
- List of credit cards, plus car, student or home loans
I got the loan. Now what?
These tips will help you to make the most of your mortgage:
- Online. Log into My Account to set up ACH payments.
- Over the phone. Call 800-401-6587 at any time, or during business hours if you need to speak to a Caliber rep. Note that you may incur a service charge.
- Mail. Send a check or money order to:Caliber Home Loans, PO Box 650856, Dallas, TX 75265
- Phone. Dial 800-401-6587 from Monday to Friday, 8 a.m. to 7 p.m. PST.
- In person. Use the Branch Locator tool to find a loan consultant close to you.
- Email. Send a secure message via the Contact Us page.
- Mail. Address snail mail to:
- Caliber Home Loans, PO Box 650856, Dallas, TX 75265
Bottom lineCaliber’s strength lies in the sheer number of options it offers for first homebuyers, foreign nationals, veterans and people with poor credit. While it has savvy tech and educational tools, there’s no option for you to apply or prequalify for a loan online.
To find a mortgage that meets your needs, compare multiple lenders.