Caliber Home Loans Mortgage Review 2023

Caliber Home Loans offers conventional and government-backed mortgages, including:

Caliber Home Loans also offers home equity loans and home equity lines of credit.

Before you apply for a Caliber loan, you can arrange a meeting or phone call with a Caliber loan consultant to prequalify based on your credit score, debt and income. You can apply for a mortgage with Caliber Home Loans online or in person with a loan consultant. Depending on your situation, it could take just 10 business days to get from application to closing.

You can get a fixed-rate loan from Caliber Home Loans with a term between 10 and 30 years, and 3/1, 5/1, 7/1, 10/1 and 5/5 adjustable-rate mortgages are available. With a government-backed VA or USDA loan, you may not have to make a down payment, while FHA loans offer down payments as low as 3.5%. If you make a down payment below 20% on a conventional loan, you will likely need to buy private mortgage insurance. Closing costs on a loan from Caliber may include a loan origination fee.

First-time buyers may be able to reduce closing costs with Caliber Home Loans.

You can see what loan amount you might receive from Caliber Home Loans by meeting with a Caliber loan consultant to prequalify. Caliber will consider factors such as your credit score and debt-to-income ratio, with Caliber’s website advising that an affordable loan keeps your DTI at or below 43%. Credit score and down payment requirements vary based on your loan type.

You need a credit score of at least 580 to qualify for an FHA or VA mortgage with Caliber, and a 620 score for a USDA loan. A 620 score can also get you a conventional loan, but you will need at least a 675 for the most competitive rates. For a jumbo loan, you will need a score of at least 700. Caliber also considers your DTI when you apply for a loan.

You can get a mortgage from Caliber Home Loans in all 50 states and the District of Columbia.

Caliber Home Loans has an A+ Better Business Bureau rating.

The Consumer Financial Protection Bureau received 228 mortgage-related complaints in 2021 about Caliber Home Loans. The most common issues were having trouble during the payment process, applying for or refinancing a mortgage, and struggling to pay the mortgage. Caliber Home Loans provided a timely response to all but three complaints and closed 207 complaints with explanation, 17 with monetary relief and four with nonmonetary relief.

Caliber Home Loans has an overall 4.5-star rating out of 5 from U.S. News, with 4.5 stars for affordability, 4.4 stars for customer service and 4 stars for eligibility. The average for mortgage lenders in U.S. News’ ratings is 4.3.

Customers can contact Caliber Home Loans at 800-401-6587, with an automated system active 24/7 and customer service available Monday through Friday from 8 a.m. to 8 p.m. Central Time and Saturday from 8 a.m. to noon Central Time. You can speak with a local loan consultant to prequalify and apply for a loan. Customers who have complaints can speak with local managers and escalate concerns through an online form.

Caliber Home Loans allows prospective borrowers to apply online. It also has a mobile app to help you find a loan consultant, view your application status, upload documents, make payments and view digital statements.