Caliber Home Loans
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Caliber Home Loans

 4.5/5 (3743 ratings)
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Caliber Home Loans
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Written by Emily Moore
Edited by Sally Jones

About Caliber Home Loans

Caliber Home Loans (NMLS #15622) is a full-service mortgage lender that offers a comprehensive loan process from application to closing either online or in person. The company promises innovative technology, expert loan consultants and a loan processing period as short as 10 days. With services available in all 50 states, Caliber Home Loans has products for all types of buyers. The company was founded in 2008.

Overall Satisfaction Rating

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Pros

  • Quick process from application to closing
  • Branches in most states
  • Offers free financial education resources
  • Low-down-payment programs

Cons

  • Loan rates and fees not available online
  • No home equity loans

Bottom Line

Caliber Home Loans offers conventional, FHA, VA, USDA and jumbo mortgages to borrowers throughout the country. Loans may close in as little as 10 days for some applicants. Rate quotes are available by filling out an online form or calling.

Top Caliber Home Loans Reviews

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Rated with 5 stars
Verified

Rhonda at Corning Caliber Loans office was super helpful and she made sure I clearly understand the entire process. She was encouraging and took initiative and helped make sure ev...

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Rated with 5 stars
Verified

Excellent company. Helped us efficiently throughout the procedure. Made it easy to get through the process. The personnel at Caliber were polite, courteous and friendly. The closi...

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Rates

Caliber Home Loans does not publish its rates online. You can request a rate quote by filling out an online questionnaire, calling the company or visiting a branch in person. Mortgage rates change daily and are determined by a borrower’s qualifications and the overall market.

Listed rates are typically lower for adjustable-rate mortgages (ARM) compared with fixed-rate mortgages. However, on an ARM, the initial rate changes after a set period — and can potentially rise according to the benchmark index the lender uses. For example, a 3/1 ARM has a set rate for three years and then adjusts once per year.

ARMs are attractive to some buyers, including those who don’t plan to live in their home for a long time. When considering an ARM, you should always be aware of the risk that your interest rate (and monthly payment) might increase when the adjustable-rate period starts.

In 2020 and 2021, Caliber’s average home purchase rates were lower than the national average, according to data from the Home Mortgage Disclosure Act. In 2019, the rate was 0.16% higher than the national average.

Caliber Home Loans average home purchase rate vs. national average

YearDifference from national average
2021-0.11%
2020-0.02%
2019+0.16%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Application process

Caliber Home Loans has an online application process, including a mobile app to upload documents and track the status of your loan once submitted. With online applications, the company is sometimes able to offer preapproval within hours.

Ronald, a ConsumerAffairs reviewer from Florida, had this to say about getting a mortgage with Caliber: “We completed refinancing with Caliber in late December. We were extremely satisfied with the entire experience but particularly with two aspects. First, we received a preliminary approval within hours of our application, immediately following online submission of our proof of income.”

The company states that it keeps most of its mortgages, so you usually don’t have to worry about your loan being transferred to a new servicer.

In preparation for applying for a mortgage, it's a good idea to know your credit score. Also, things will move faster with the application process if you collect financial documents like bank statements, pay stubs and retirement account information ahead of time.

Caliber Home Loans application features

FeaturesAvailability
Online application
Mobile document upload
Physical branches43 states
Publishes minimum rate on websiteX
Rate lock30, 60 or 90 days
Pre-qualification (no hard credit pull)
Certified approval letter

Loan types

Caliber offers many types of mortgages:

  • Conventional loans: Conventional loans, Freddie Mac HomeOne loans, Fannie Mae HomeStyle Renovation loans, Freddie Mac Home Possible loans, Fannie Mae HomeReady loans
  • FHA loans: FHA home loans, FHA 203(k) loans for home acquisition and rehabilitation, FHA streamline refinance loans
  • VA loans: VA home loans, VA interest rate reduction refinance loans
  • USDA loans: USDA home loans
  • Smart Series loans: SmartEdge jumbo loans, SmartSelf home loans for self–employed borrowers, SmartVest loans for real estate investors

In 2021, Caliber Home Loans received nearly 133,000 home purchase loan applications. It closed on just over 104,000 home purchase loans that year; it denied 5,952 (4.5%) applications.

Loan applications for home purchases only by year

202120202019
Home purchase applications132,987129,58399,890
Home purchase loans closed104,010101,24277,733
Home purchase applications denied5,9526,3455,042
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

In addition to home purchase loans, Caliber offers refinance loans for borrowers to change their rate and term or take cash out of their home equity. Both 2020 and 2021 were popular years for refinancing, as rates dropped to historic lows.

In 2020 and 2021, over 50% of Caliber’s home loans were for refinancing. In 2021, rate-and-term refinances and cash-out refinances together made up over 54% of Caliber’s home loans; home purchase loans made up 45%.

In 2022, as rates rise, fewer borrowers are expected to refinance.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans45.36%44.74%58.25%
Refinance loans39.11%45.61%27.99%
Cash-out refinance15.51%9.60%13.62%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

Caliber Home Loans lists some requirements online for its different loan types. Its conventional loans require a down payment of at least 3% and generally require a credit score of at least 620. FHA loans are available with a down payment as low as 3.5%; Caliber says a credit score of 620 is necessary, which is higher than with some other lenders. VA loans and USDA loans are available with no down payment. Caliber SmartEdge jumbo loans require a score of at least 660.

To determine if you qualify and the amount you can borrow, Caliber looks at your credit score, debt-to-income (DTI) ratio and the amount of your down payment. A loan consultant can help you figure out which types of loans you qualify for from Caliber.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders
USDASet by lender (often 640)0%USDA lenders

Cost and fees

There are many fees and costs associated with a mortgage, including closing costs. Caliber Home Loans does not publish its loan costs and fees online; closing costs typically total between 2% and 7% of the home purchase price, according to Caliber.

Some costs you can expect to see include:

  • Attorney fees
  • Appraisal fee
  • Credit report fee
  • Mortgage points
  • Origination fee
  • Prepaid interest and mortgage insurance
  • Title search and title insurance fees

You will get a list of estimated loan costs when you apply with Caliber. At least three business days before closing, Caliber will then provide you with a Closing Disclosure, which lists exact loan fees and charges.

FAQ

What is Caliber Home Loans?

Caliber is a full-service mortgage lender that has been in business since 2008. It offers conventional and government-backed purchase and refinance loans for borrowers in all 50 states. You can apply online, by phone or in person at a branch. The company states that it services a majority of the loans it closes.

How does Caliber Home Loans work?

Caliber has a primarily online application process. It assigns a loan officer to work directly with a borrower to guide them through the application process. It offers the ability to submit documents online or via the company’s mobile app. After submitting an application, you can track its progress online. The company says it can sometimes close loans in as little as 10 days.

Is Caliber Home Loans legit?

Caliber Home Loans is a legitimate lender that operates in all 50 states. In both 2020 and 2021, it closed on over 100,000 home purchase loans.

Where is Caliber Home Loans available?

Caliber Home Loans is available in all 50 states. It has loan consultants in all states except Hawaii, New Hampshire, New Mexico, Rhode Island, South Dakota, Vermont and Wyoming.

Caliber Home Loans Reviews

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How do I know I can trust these reviews about Caliber Home Loans?
How do I know I can trust these reviews about Caliber Home Loans Inc.?
  • 4,114,109 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer
Original review: Jan. 17, 2022

The Caliber Home/Jeffrey ** Team were Outstanding to work with. An extremely busy 2021 for my husband and I with several closings. Our Mortgage Refi with the J. ** Team was completed in a month!! And during the month of December... to add another element of “stress”, BUT we received excellent service and a loan that fit our Financial Needs!! Thank you… Frank, Jeffrey and Matt. Having closed loans with 3 mortgage lenders in 2021, professionalism, efficiency and “over the top” communication is the reason your team is successful. Thank you for your superior job on our loan. Rick & Carrie E

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 13, 2021

    Rhonda at Corning Caliber Loans office was super helpful and she made sure I clearly understand the entire process. She was encouraging and took initiative and helped make sure everything was finalized in a timely manner. Even after securing the loan, Rhonda was available to answer any more questions I had. I am grateful to have gotten to work with her in the process.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 29, 2021

    I was referred to Melanie with Caliber due to her experience working with VA loans. Melanie was professional, quick to respond and above all had a genuine passion for working with veterans. I would highly recommend working with Melanie and Caliber. I will forever be grateful for Melanie's consistent hard work that put me in my dream home. ~Lynn

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 29, 2021

    My first experience making a big purchase and couldn’t be happier to have such a strong support and knowledgeable team! Buying a home during such a competitive market was already hard enough but the financing and the millions of updated offer letters were never one of them. Jerry answered every question I had and provided amazing and promptly customer service.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 28, 2021

    I got helped from David ** and he is definitely the best mortgage consultant. Very professional, yet friendly and processed documents in timely manner. He is respectful to others all the time and always gave me the very competitive numbers comparing to others. So.. why not choosing the Caliber Home Loans and David when you are thinking about mortgage? Fully satisfied and do appreciate their help throughout in all the mortgage process.

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    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 14, 2022

    I am a real estate professional in Florida. I recently had a listing where the buyer used Caliber Home Loans. I have never had such a difficult transaction. I was given bad information about the status of the the loan and the requirements. The communication was terrible. Everything was delayed including the closing ----more than once! I would not recommend them to anyone.

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    Rated with 5 stars
    Verified Reviewer
    Original review: Oct. 7, 2022

    Derek ** has been great. Usually available but will get back with you if he is busy. Extremely knowledgeable and very upfront. I would recommend Derek to a friend. I hope my continued experience is as great with Caliber as it has been with Derek.

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    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 6, 2022

    !!!No communication, raises mortgage payment due to “escrow shortage”, paid it off over the last year, payment stays the same despite the payments being done. I call customer service to figure out why, they say it’s cause I need to have them do a new escrow analysis, despite the fact the agreement was for a 12 month period and they told me NOTHING about needing to do something on my end when I agreed to the extra payment for the 12 months. So I say do the escrow analysis and ask to speak to a manager/supervisor to go over this and they put in a note for them to call me back. It’s been TWO WEEKS and no call back yet despite me trying to call them twice in that time and each time no one being “available” but they’ll add to the note on my account. Now I check and they finished the escrow analysis and it RAISED my payment again… What in the actual ** Is going on and why can’t I get some or to talk to me?!

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 4, 2022

    Servicing the loan I had no complaints until I came to try and refinance with them. I worked with J.J. ** from their refinance team. At first she seemed helpful and friendly but I didn’t feel like I was getting a good deal with them. I shopped around and she had me set up on a much higher interest rate with double the closing costs than the current provider I went with. When reaching out to them to see if they could do better she became impossible to contact and lied numerous times saying that the rate the other company gave me was impossible and not locked in, etc. After deciding to go with the better deal she became very unprofessional and that department itself did every trick in the book to try and hold up my refinance.

    They over charged me on my appraisal and wouldn’t give details for where the extra money was going. Lied about having an appraisal department but when I called and asked no one knew what I was talking about. Tried calling to get them to send over the documents that we needed but was constantly lied to about their transfer. System not working or was given false numbers to call back. Her boss was no help. After I tried reaching out to them they couldn’t be bothered to back to me. It wasn't till I tried every number I could from their automated list of people that I finally got a person that was “helpful” and sent over the documents needed weeks later and only after having to threaten them with filing a complaint with the CFPB.

    The sad part for me was I was an existing customer with them and did like the various payment options they offered although I couldn’t help but feel like they were trying to take advantage of me when it came to this refinance and that they didn’t care to try and keep me as a customer. The whole experience left a sour taste in my mouth and I did what I could to not have them be the Servicer for my loan anymore. As stated above the company was great when just servicing the loan but when it came to looking into refinancing they were awful in every professional aspect. I wouldn’t recommend them at all, there are way better lenders out there that won’t lie or give you the run around like Caliber did. Truly a frustrating experience that didn’t need to happen the way it did.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 6, 2022

    My experience with this company was a nightmare. This company hired some stupid idiots that don't care at all for your needs. Ask for stupid things on the last minute before closing (believe me. Real stupid things. The Broker worked with me has 30 years experience and never had business with caliber before and said they are a bunch of dummies don't know what they are doing). Stay away from this people. Their only desire is make any business and they will sell your mortgage before you sign the closing. They are there just to make your life miserable, stressful and they only want make money on you doing nothing and putting no money at all. They will sell to you for "x" and right before closing they will sale it for "y". They are not a bank. Don't pay more . Look for a real bank to make your loan. DON'T RECOMMEND AT ALL... I DON'T RECOMMEND THIS ** NOT EVEN FOR MY ENEMIES... NO CALIBER!!! GET OUT CALIBER!!!

    8 people found this review helpful
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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Oct. 3, 2022.

    Caliber Home Loans Company Information

    Social media:
    Company Name:
    Caliber Home Loans Inc.
    Company Type:
    Private
    Address:
    1525 S. Beltline Rd.
    City:
    Coppell
    State/Province:
    TX
    Postal Code:
    75019
    Country:
    United States
    Website:
    www.caliberhomeloans.com