Carrington Mortgage Services Reviews

You can check current mortgage rates for home purchase loans on the Carrington Mortgage Services (CMS) website. From the home page menu, click “Manage My Home,” followed by “Buy a Home,” 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 public data provided under the Home Mortgage Disclosure Act, Carrington’s average home purchase rate from 2019 to 2023 was slightly higher than the national average. In 2021, for example, its average home purchase rate was 0.75% higher than the national average.

Note that this discrepancy is common among subprime niche lenders, as higher interest rates can balance out the increased underwriting risk of accepting lower credit scores or unconventional proof of income.

You can start the application process with Carrington Mortgage Services online or 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 mortgage application process, you’ll need to provide specific financial documents, such as W-2s, pay stubs, bank statements and previous years’ tax returns. Carrington lets borrowers upload these documents securely via an online portal.

Crystal, a ConsumerAffairs reviewer from Randallstown, Maryland, said this of working with Carrington Mortgage Services:

“I needed to sing praises to Ms. Dionna for her wonderful customer support and very much needed encouraging words as my financial situation had changed causing me to look for ‘hardship’ assistance. Ms. Dionna was patient with me and left me uplifted in my spirit. … I couldn’t end my day without giving her proper recognition.”

Carrington Mortgage Services application features

Carrington Mortgage Services offers a variety of loan products, including:

• Conventional loans
• FHA loans
• VA loans
• USDA loans

Fixed-rate loans come in 15-year or 30-year terms. Adjustable-rate mortgages (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.)

The company also offers non-qualified mortgage (non-QM) programs that rely on alternative documentation, such as bank statements, instead of standard tax returns:

• Flexible Advantage is designed for those with low credit scores (as low as 550), high debt-to-income (DTI) ratios, or a recent credit event such as a foreclosure or bankruptcy.
• Flexible Advantage Plus is for those with credit scores as low as 620 who are current on their debts, such as self-employed borrowers.
• Prime Advantage is a loan for those with a minimum credit score of 660 who don’t qualify for a conventional or government-backed mortgage.

Carrington loan applications for home purchases only by year

Refinancing with Carrington

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

Carrington Mortgage Services provides general borrower requirements by loan type. For conventional loans, Carrington requires a credit score of at least 620 and a 20% down payment to avoid mortgage insurance.

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 for scores of 580 or up, while the other government-backed loans (VA and USDA) don’t require money down for qualified applicants.

Carrington’s Flexible Advantage loans permit credit scores as low as 550 and allow you to qualify even with negative credit events, provided other requirements are met.

National mortgage requirements by type

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.