Caliber Home Loans

Caliber Home Loans Reviews

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Written by Emily Moore
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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.

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

Featured Reviews

Corning, CA
Verified purchase
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...

Read more

Hertford, NC
Verified purchase
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...

Read more

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

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

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

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

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

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.

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Caliber Home Loans Reviews

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    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Punctuality & Speed

    Reviewed Jan. 13, 2025

    They were supposed to pay my taxes, at the end of my mortgage, they didn't. 3 months later the state gets ahold of me saying that they are due. I tried calling to discuss this with them all, they don't care!

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    Customer ServiceLoan Process

    Reviewed Dec. 12, 2024

    My loan got sold underneath my nose from HSBC who I was still making payments to. Then all of a sudden I get a bill from these folks saying I was 3 months behind. At this time it was hard finding a good paying job. So, I call HSBC and there’s no way of getting hold of them 'cause I was hoping they’d send the money I gave them to Caliber. Nope, then I asked if they’d make it where I could get make payments to make up for it, nope on that too, they just said pay this or it’s getting foreclosed. I ended up having to go bankrupt and lose my house that I had been paying on and never missed a payment for 10 years. This company showed no compassion or any emotion when doing all this either. Just now rebounding from all this and it’s been 10 years, I haven’t even begun to read the reviews but to have only a 1 star tells me all I need to know.

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      Reviewed May 6, 2024

      Caliber Home Loans serviced our mortgage for several years then sold it last year in september 2023. We aren't able to file our taxes because they lost our payment and interest statement for 2023. This is severely impacting us.

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      Customer ServicePunctuality & SpeedStaffLoan ProcessTransparency

      Reviewed Nov. 3, 2023

      Do NOT work with Caliber home loans. They will get the loan completed and then are a nightmare to deal with. I bought a home with them in September of 2021 and decided to escrow through them. May of this year, I began receiving letters from attorneys saying they were going to be placing a lien on my home due to unpaid taxes. I called Caliber and they submitted an "investigation" to find out what happened. After several days, a supervisor called me back and said that the taxes were not paid in full and it is my fault because I received the tax bills- granted she was able to log in to the County Appraisal district to see the outstanding balance and partial payment that had been made. They wrote the loan on the house, they have access to see the balances and payments on parcels- did they not know how much the taxes were?

      I had to pay thousands of dollars in late fees that they refuse to help with, which of course made my escrow account even more negative. Due to their oversight, my monthly mortgage payment is now over $1,400 more per month. NONE of this was communicated, I had to find out by logging into my account. Upon reviewing our escrow account, we also found that they had mailed a large check from our escrow to an incorrect address. Once it was verified that the check had not been deposited, we asked if they could re-deposit into our escrow and they said now.

      We then asked them to resend the check to the correct address, and our request was "cancelled" by their team multiple times. After several phone calls and way too much of my time was spent, we finally were able to get the request approved. It took months for us to get the money back from them. Now I am trying to close my escrow and it is become an even more painful process. I don't know if it is because they were recently taken over by NewRes or if they were just trying to get a loan, but the experience with Caliber has been drastically different and disappointing compared to the home purchasing process.

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      Customer Service

      Reviewed Sept. 28, 2023

      It does not matter how well or hard you try, they will invent fees, mess up your credit score and never answer the phone. If you are lucky, prepare for a battle as they are trained to lie, steal, & cheat every dime out of you and totally wreck your credit score. "They are never wrong" even with paperwork to back you up!! They were being sued by so many people, they had to get bought out and new name. All I can say is RUN AWAY QUICKLY AND NEVER USE THEM. We have sold home & moved to get away from them, they are that awful & rude. Our attorney is preparing to be in line to correct our credit now that we are away from their dirty tactics.

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      Customer ServicePunctuality & Speed

      Reviewed Sept. 20, 2023

      Worst company ever! I can't get a call from anyone to fix a incorrect mortgage late dropping my credit score from 820 to 740. Ridiculous! They refunded their late fee because they were wrong, and crickets when it comes to correcting my near perfect credit score!

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      Customer ServiceStaff

      Reviewed May 30, 2023

      It takes approx 8 to 10 min to get anyone on the phone. Their customer service team is combative and often not helpful. There are multiple prompts which you need to go through in order to speak to someone.

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      Rates

      Reviewed Jan. 23, 2023

      Simple/Easy process to get a loan with good rates. However, they can silently put charges on escrow without giving advance notice. After that too many calls/many weeks/lot of struggle with customer and tax department service to remove escrow.

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      Customer ServiceStaffLoan ProcessTransparency

      Reviewed 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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      Staff

      Reviewed 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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      Sources
      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

      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