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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.
Conventional: 620
FHA: 580
Minimum credit score
3%
Minimum down payment (Conventional)
Available in all states
State availability
Loan products offered | Conventional, FHA, VA, USDA, Refinance |
---|---|
Minimum credit score | Conventional: 620 FHA: 580 |
Minimum down payment (Conventional) | 3% |
State availability | Available in all states |
NMLS # | 15622 |
Review by
Matt Miczulski is an investments editor at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions. Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University.
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.
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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:
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:
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.
To apply for a mortgage with Caliber:
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.
This company accepts mortgage refinance applications.
Caliber also offers these specialized types of mortgages:
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 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.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
As of August 2022, Caliber Home Loans has a 4.96 out of 5 rating on Zillow from over 6,600 customers. Caliber has been accredited with the Better Business Bureau (BBB) since 2022 and has an A+ business rating with a customer rating of 3.83 out of 5 stars and 501 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.
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.
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.