Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

Caliber Home Loans mortgage review

This lender claims it can close loans in as little as 10 days, but it’s been accused of engaging in dubious practices.

finder.com’s rating: 3.3 / 5.0

★★★★★

Caliber offers a large variety of mortgage products, including those for borrowers with bad credit or low income. But it’s been accused of unfair loan modifications that led some borrowers to foreclosure, and customers online have complained about it taking longer than expected to close a loan.

Details

Loan products offeredConventional, FHA, VA, USDA, Refinance
Minimum credit scoreConventional: 620
FHA: 580
Minimum down payment (Conventional)3%
State availabilityAvailable in all states
NMLS #15622

Lending requirements are standard

To find out if you meet the requirements for a Caliber mortgage, visit the website to find a loan officer in your area. Basic eligibility includes:

  • Two years’ history of employment
  • A FICO credit score of 620 or higher
  • No history of bankruptcy for at least two years

Documentation

The exact documents and information you’ll need to supply will vary depending on your unique financial situation, but some items you will need to apply for a mortgage from Caliber are:

  • Driver’s license or passport
  • Social Security number
  • Paystubs for the last 30 days
  • Bank and investment account statements for the last 60 days
  • Most recent two years’ W-2 statements
  • Last two years’ tax returns
  • Homeowner’s insurance information
  • List of credit cards, plus car, student or home loans

Costs are competitive

According to a Caliber loan consultant, the company charges a flat $995 origination fee. This is the only lender fee it charges, but as a homebuyer, you’re also responsible for any third-party fees associated with buying a home. Common third-party fees include appraisal fees, title fees and closing fees.

Caliber displays its list of fees online, but you won’t find any mention of its origination fee. This is usually a minor red flag, as it doesn’t convey transparency. We had to call a loan consultant to get this information. That said, Caliber’s $995 fee still comes in well below many of its competitors — we often see lenders charging origination fees in excess of $2,000.

4 steps to apply for a mortgage with Caliber Home Loans

To apply for a mortgage with Caliber:

  1. Visit the Caliber Home Loans website and select Get Started, then select Find Your Loan Consultant.
  2. Enter your zip code, address, city or state to search for branch locations in your area.
  3. Wait for a list of locations to appear and select an office location to view the names and phone numbers of the loan officers in that office. Depending on the location, there may be one or more officers to contact.
  4. Select the loan officer to visit their personal webpage. From there, you can find a phone number to call or request a call back using the form provided.

Alternatively, you can try to use the Apply Now feature on the website to apply for a home loan. We followed the steps to create an online loan application but ran into multiple snafus — including having to reset our password, being sent non-working OTP codes and being asked to link to an existing loan account before we set one up.

What types of mortgages can I get through Caliber Home Loans?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • New Construction

This company accepts mortgage refinance applications.

Other mortgage products offered by Caliber Home Loans

Caliber also offers these specialized types of mortgages:

  • HomeOne. A Freddie Mac loan option geared toward first-time homebuyers that only requires 3% down.
  • Home Possible. A Freddie Mac loan option for low-income buyers that requires 3% down and permits lowering your rate with temporary buydowns for the first year or two.
  • HomeReady. A Fannie Mae loan option for low-income homebuyers that requires 3% down and allows friends and family to cosign the loan.
  • HomeStyle Renovation Loan. A Fannie Mae program that can help finance renovation projects or improvements in your home, like adding a new bedroom or a pool.
  • FHA Streamline Refinance. A refinance mortgage option for existing FHA loans that may not require a new appraisal.
  • VA Streamline Refinance (IRRRL). A low-paperwork refinance mortgage option for existing VA loans with a low VA funding fee requirement of 0.5%.
  • FHA 203(k) Home Loan. A single loan that helps pay for a new home, plus the cost of improvements. Eligibility requirements are similar to FHA loans.

Caliber Home Loans offers more mortgage products compared to other lenders

Compared to other lenders, Caliber offers a higher-than-average number of mortgage types, including multiple options for first-time homebuyers, refinancers and those with lower credit scores. Caliber also maintains a separate lending website exclusively for military members and their families, called CaliberMilitaryLending.com, where you can find in-depth information about VA loans and eligibility requirements.

Compare mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you’re searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
AmeriSave
(NMLS #1168)
AmeriSave
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
620
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
loading

Compare up to 4 providers

Caliber Home Loans reviews are mostly positive

As of September 2021, Caliber Home Loans has a 4.9 out of 5 rating on Zillow from over 6,400 customers. Caliber has been accredited with the Better Business Bureau (BBB) since 2014 and has an A+ business rating with a customer rating of 4.02 out of 5 stars and 403 complaints closed in the past three years.

Positive reviews from customers focus on the excellent and timely service from their loan officers. Complaints with the company are related to derogatory credit report entries, escrow funds being withheld, customer payments being mishandled and private mortgage insurance not being removed on time.

Altogether, Caliber has positioned itself above many of its competitors in terms of customer ratings and reviews. While it’s nearly impossible to please everyone, in large, customers look favorably upon Caliber.

Pros and cons of Caliber Home Loans

Pros

  • Good for first-time homebuyers. Caliber Home Loans participates in low down payment programs and offers loans with flexible credit minimums.
  • Refinance fees waived. Caliber Home Loans will waive its lender fees if your mortgage refinance is directly through the company.
  • Support for military members. Has a separate website for military members seeking VA loans, with an educational curriculum designed to help its loan consultants meet the needs of military borrowers.

Cons

  • Doesn’t list mortgage rates. You’ll need to do some digging to find interest rates, which can make it difficult to compare with other lenders.
  • Limited customer service options. Agents are only available on weekdays during business hours. There is no live chat option available on the website for immediate requests.
  • Difficult to apply online. While there’s an Apply Now option on the website, it presented us with a host of problems when trying to use it.

What is Caliber Home Loans?

Founded in 2008 as Caliber Funding, the company merged with Vericrest Financial in 2013 to become Caliber Home Loans, Inc. Caliber Home Loans focuses solely on home loans, which allows it to offer more mortgage types than most other lenders. In addition to its corporate, wholesale and correspondent divisions, the company also maintains a military lending division, which connects borrowers to VA loan consultants.

In 2019, Caliber agreed to pay $2 million in restitution and loan modification to affected homeowners in Massachusetts to settle allegations that the company violated the Massachusetts Act Preventing Unlawful and Unnecessary Foreclosures. Specifically, the Massachusetts Attorney General alleged that the company failed to help borrowers avoid foreclosure and instead gave them ballooning monthly payments they couldn’t afford.

It’s worth noting that the assurance was for settlement purposes only. The company never admitted guilt, nor was it found to have violated the law.

Avatar

Review by


Matt Miczulski is a personal finance writer at Finder. After paying off $30,000 in debt in a little more than a year, he applied what he learned as a writer at FinanceBuzz, where he specialized in finance news, banking, debt and travel. He has been featured on MSN, Best Company, Money Done Right and Recruiter. Matt is a proud military veteran, completing one tour in Iraq and earning a BA in History along the way.

Expert review

Caliber Home Loans’ strength lies in its number of conventional and government-backed loan options for first homebuyers, foreign nationals, veterans and people with poor credit. But the company’s online application is lacking, so we advise calling the company if you’re interested in applying.

And while the company has an A+ business rating with the BBB and a majority of its reviews are positive, Caliber has also been accused of unfair loan modifications that led some borrowers to unnecessary and avoidable foreclosures. It was never found guilty of violating the law, but you may want to proceed with caution if choosing this lender.

Visit our mortgage guide to compare other lenders and find the best deal for your situation.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site