
+1 more

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.
- Quick process from application to closing
- Branches in most states
- Offers free financial education resources
- Low-down-payment programs
- Loan rates and fees not available online
- No home equity loans
Featured Reviews
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
Year | Difference from national average |
---|---|
2021 | -0.11% |
2020 | -0.02% |
2019 | +0.16% |
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
Features | Availability |
---|---|
Online application | |
Mobile document upload | |
Physical branches | 43 states |
Publishes minimum rate on website | X |
Rate lock | 30, 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
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase applications | 132,987 | 129,583 | 99,890 |
Home purchase loans closed | 104,010 | 101,242 | 77,733 |
Home purchase applications denied | 5,952 | 6,345 | 5,042 |
Home purchase preapprovals denied | 0 | 0 | 0 |
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
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase loans | 45.36% | 44.74% | 58.25% |
Refinance loans | 39.11% | 45.61% | 27.99% |
Cash-out refinance | 15.51% | 9.60% | 13.62% |
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 score | Min. down payment | Compare with other lenders | |
---|---|---|---|
Conventional | Typically 620 | Typically 3% | Mortgage lenders |
FHA | 500 | 3.5% with 580 credit score | FHA lenders |
VA | Set by lender (often 580) | 0% | VA lenders |
USDA | Set 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
Filter by Rating
- (3,087)
- (180)
- (39)
- (61)
- (389)
Popular Mentions
- 4,606,585 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.
A link has directed you to this review. Its location on this page may change next time you visit.
- 4,606,585 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.
Sources
- 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
