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Caliber Home Loans is a private lender that operates and provides mortgages in all 50 states. Customers have the option of choosing from a variety of loans such as New, USDA, VA, FHA, Jumbo, and Conventional loans. Caliber also has dedicated specialists who complete an internal VA training program to better assist the military lender community.
Unlike some lenders, Caliber retains service for most of its loans. Once a loan is funded, Caliber will accept mortgage payments and answer any questions you may have during the life of your loan. The company also states that in some cases it can close loans in as little as 10 business days. Here are some things to know about this lender if you are interested in their mortgage products.
Pros and Cons of Caliber Home Loans
Dedicated specialists for those interested in VA loans
Creates loans in all 50 states
Wide variety of products including conventional, FHA, VA, jumbo, USDA and new construction loans
Retains service for most of its loans
Can close loans in as little as 10 business days
Easy to talk to credit counselors
Alternative loan programs can be customized to meet the client’s financial goals
Caliber home loans: types of loans and products
Caliber Home Loans offers loans to a wide variety of clients, including those in the military community. The lender has a team of specialists who have completed the company’s internal VA training program. Here is a full list of the loans they offer:
Caliber’s website provides a summary of its loan programs. Customers can use this information to determine the type of loan that is best suited to their situation. For example, Caliber describes conventional loans as generally having the lowest interest rates but requiring good credit and stable income. HomeOne Loans are available as a low down payment option for home buyers, requiring only a 3% down payment.
Customers who have questions can connect with one of their credit counselors. Contact details are available on the website, and we found it very easy to find and speak with someone on their team. From talking to one of their loan advisors, we learned that they can tailor their loans to each client’s unique financial situation. For example, clients could benefit from loan terms in one-year installments instead of the more traditional loans, which are typically only offered in five or 10 year installments.
Transparency of Caliber mortgage loans
The Caliber website provides a list of the types of loans they offer. Each has a brief summary of its pros and cons, along with an overview of the requirements of each loan program, such as minimum down payment, credit rating, and type of property. Educational resources and a FAQ section are also available for buying, refinancing, mortgage basics for first-time homebuyers, and home improvement loans.
Caliber does not provide any information on its website about any fees or interest rates you can expect to pay. A quick quote option is available on the website, but instead of providing information about rates or fees, it prompts customers to contact a Caliber loan advisor by phone or complete a full loan application online.
We spoke with a credit counselor at Caliber and were told this was because the rates and fees can vary depending on the client and the loan scenario. Plus, instead of recommending a traditional product, they can also explore non-traditional options to customize a loan product that will work best for the customer. The downside is that you will have to go through the application process and a credit check to get the Caliber rates or fees. Keep in mind that a serious credit check can lower your credit score by a few points.
Caliber home loans: rates and fees
Since Caliber only provides personalized rate quotes based on a client’s specific scenario, a significant effort is required to obtain a loan estimate with information on rates or charges. However, we have learned that sales and processing fees usually apply and can total approximately $ 1,500. Other industry standard closing costs such as title, appraisal, and government fees might also apply, but the exact costs will vary depending on the specific characteristics of the loan.
Customers can find the minimum credit score requirements in the FAQ section of the website. A score of 675 is recommended for the most competitive rates, with conventional loans requiring at least a credit score of 620 and FHA and VA government loans requiring at least a 580.
Refinancing with Caliber home loans
Clients looking to refinance with Caliber can begin the process online or call and speak with one of their loan advisors. Caliber provides a checklist that summarizes general refinancing steps and states that in some cases refinances can be completed in as little as 10 days.
Their overview of the refinance process includes working with one of their loan advisors to determine the best loan for your needs. However, since they only provide personalized quotes, customers must accept a firm credit request to view pricing, charge, or discount information.
Quality home loans compared to other mortgage lenders
|Caliber home loans||Guild Mortgage||Motion mortgage|
|Minimum credit score||620 for conventional, 580 for FHA / VA||620 for conventional loans, 600 for FHA / VA / USDA, 680 for jumbo loans||580 (some mortgage programs may require a higher score)|
|Minimum deposit||Varies depending on the loan program; conventional loans as low as 3% and VA loans as low as 0%||0% to 3.5% on most loans and 15% on jumbo loans||0% to 3.5%|
|Where does the lender operate?||The 50 states||48 states and Washington, DC||The 50 states|
|Main types of loans||Purchase, refinancing, cash-out refinancing, fixed rate, adjustable rate, conventional, FHA, VA, jumbo, USDA, new construction||Conventional, Jumbo, VA, FHA, USDA, Various Home Improvement Loans, Variable Rate, Fixed Rate, Refinance, Refinance With Withdrawal, Energy Efficient Mortgages, Manufactured Home Loans, Bridge Loans, Reverse Mortgages||Conventional, Jumbo, VA, FHA, USDA, Various Home Improvement Loans, Variable Rate, Fixed Rate, Refinance, Refinance With Withdrawal, Reverse Mortgages|
How To Shop For The Best Mortgage Rate
Mortgage lenders charge different interest rates and fees, so it’s always a good idea to check with multiple lenders. Obtaining a loan estimate will be tailored to your specific loan scenario and is the best way to get a list of fees charged by the lender. Since rates and fees can vary depending on certain loan characteristics, such as type of property, occupancy, and loan amount, it is best to ensure that each loan estimate is based on the same. loan settings.
Interest rates may also vary daily. Therefore, comparing the interest rates of different lenders on different days may not be the best way to determine which lender offers the best rate. You may also want to consider obtaining loan estimates from different types of lenders, such as credit unions, banks, and private mortgage lenders.
Caliber Home Loans does not allow customers to post rate or charge information unless they accept a firm credit application. However, the lender offers a wide variety of traditional and non-traditional programs to try and get clients into the best program for their goals and financial situation, and refinancing clients who meet specific requirements could complete the process in just as little time. only 10 days. We have found it very easy to speak with a loan counselor, so clients who are not concerned about their credit being taken away to work with a loan counselor may find Caliber Home Loans a great choice.