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About Carrington Mortgage Services
Carrington Mortgage Services (NMLS #2600) is a full-service mortgage lender that provides various loan options to a wide range of borrowers. The company was founded in 2007 and has since served over 1.4 million customers. It offers a digital loan servicing experience through its online loan portal and mobile app.
- Check rates online
- Flexible loan qualifications
- Personalized online dashboard for account management
- No in-person branches
- No phone support on weekends
Featured Reviews
Rates
You can check rates for purchase loans on Carrington Mortgage Services’ website. From the home page, click “Purchase” and select that you’re not an existing customer. Once you answer questions about the home's purchase price, the property's ZIP code, your down payment amount, your income and your credit score, Carrington shows you loans you may qualify for along with interest rates and annual percentage rates (APRs).
CMS offers both fixed- and adjustable-rate loans. Adjustable-rate mortgages (ARMs) have an introductory fixed-rate period that typically lasts five, seven or 10 years before the rate changes on a regular basis. An ARM could be a good choice if you want a lower rate to start or plan to either refinance or sell your home before the rate adjusts.
According to data provided under the Home Mortgage Disclosure Act, Carrington’s average home purchase rate from 2019 to 2021 was slightly higher than the national average. In 2021, its average home purchase rate was 0.75% higher than the national average.
Carrington Mortgage Services average home purchase rate vs. national average
Year | Difference from national average |
---|---|
2021 | +0.75% |
2020 | +0.68% |
2019 | +0.74% |
Application process
You can start the application process with Carrington Mortgage Services online by calling to speak with a loan officer. Be ready to answer questions about your income, assets and debts; the company uses this information to pre-qualify you for a loan.
During the application process, you’ll need to submit specific financial documents, such as W-2s, pay stubs, bank statements and previous years’ tax returns, to your loan officer.
Rosanne, a ConsumerAffairs reviewer from Hazlet, New Jersey, said of working with Carrington Mortgage Services:
"I can't say enough about my dealings with Ben, my loan specialist at Carrington Mortgage. … Ben is pleasant, knowledgeable, caring, and excellent with communication. He is easy to speak with and takes the time to explain every detail of the process and answer any questions you may have. My loan processor, Tiffany, was also excellent at keeping me informed as it came time to close. She responded to my emails immediately, which is not something you often find."
Carrington Mortgage Services application features
Features | Availability |
---|---|
Online application | |
Mobile document upload | |
Physical branches | Six states |
Publishes minimum rate on website | |
Rate lock | 15 to 60 days |
Pre-qualification (no hard credit pull) | |
Certified approval letter |
Loan types
Carrington Mortgage Services offers a variety of loan products, including:
- Conventional loans
- FHA loans
- VA loans
- USDA loans
The company also offers a loan option called Carrington Flexible Advantage, which it says is ideal for those with low credit scores or high debt-to-income ratios, those who are self-employed or don’t track income traditionally, or those with a recent credit event, like a foreclosure or bankruptcy.
Carrington also has a Flexible Advantage Plus loan for those who have lower credit scores but are current on their debts, and a Prime Advantage loan for those with a credit score of at least 660 who don’t qualify for a conventional or government-backed mortgage.
Fixed-rate loans come in 15-year or 30-year terms. ARMs are available as 5/1, 7/1 or 10/1 loans. (A 5/1 ARM means the borrower will have a fixed interest rate for five years, then the interest rate will adjust every year after.)
In 2021, CMS reported 11,272 home purchase applications; it closed on 6,243 home purchase loans (55%). About 12% of these home purchase applications were denied.
Loan applications for home purchases only by year
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase applications | 11,272 | 17,227 | 13,445 |
Home purchase loans closed | 6,243 | 9,078 | 6,904 |
Home purchase applications denied | 1,388 | 2,172 | 1,941 |
Home purchase preapprovals denied | 0 | 36 | 125 |
Refinancing
You can refinance with Carrington to pull cash out of your home's equity or change your rate or term. The company offers both conventional and government-backed refinance loans.
The majority of the mortgages Carrington Mortgage Services originated from 2019 to 2021 were for refinancing. In 2021, about 83% were for rate-and-term refinances and cash-out refinances combined. Only about 17% of its loans in 2021 were for home purchases.
Home purchase vs. refinance loans by year
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase loans | 16.78% | 24.35% | 20.05% |
Refinance loans | 44.04% | 48.50% | 45.66% |
Cash-out refinance | 39.19% | 27.15% | 34.29% |
Requirements
Carrington Mortgage Services provides general borrower requirements by loan type. For conventional loans, Carrington requires a credit score of at least 620 and a down payment of 20% or more. It does offer Home Possible loans that require as little as 3% down.
If you’re applying for an FHA or VA loan with Carrington, you need a credit score of at least 500. FHA loans require as little as 3.5% down, while the other government-backed loans don’t require money down.
Carrington’s Advantage loans permit credit scores down to 550 and allow you to qualify even with negative credit events.
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
Carrington Mortgage Services discloses some, but not all, fees online. Many of the fees you pay for your loan depend on the loan type, the loan amount, your down payment amount, where the property is located and other factors.
You’ll receive an estimate of closing costs and other fees after you apply for a loan from Carrington, but you can also ask a loan officer at the time you apply. At least three days before the closing, CMS will give you a finalized list of closing costs in a document called a Closing Disclosure.
FAQ
How does Carrington Mortgage Services work?
Carrington Mortgage Services offers purchase and refinance loans to customers across the U.S. To apply for a mortgage, you can start online or call the company. A loan officer works with you to determine your needs and guide you through the process, from pre-qualification through closing. After your loan closes, you can use the online dashboard to verify loan details, see account activity and make payments.
Is Carrington Mortgage Services legit?
Carrington Mortgage Services is a legitimate mortgage lender that’s been in business since 2007. The company offers a number of home purchase and refinancing options for borrowers throughout most of the U.S.
Where is Carrington Mortgage Services available?
Carrington Mortgage Services is available in all states except Massachusetts and North Dakota. The company has branch locations in Arizona, California, Connecticut, Florida, Indiana and Maryland.
Carrington Mortgage Services Reviews
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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 Sept. 12, 2022.
Carrington Mortgage Services Company Information
- Company Name:
- Carrington Mortgage Services
- Website:
- carringtonms.com
