Hey there, homebuyers! Let me tell you about a star player in the mortgage league: Caliber Home Loans Inc. Based in Coppell, Texas, Caliber is a residential mortgage lender and servicer that, like a good Texas BBQ, has been slow-cooking since 2008. Well, the proof of the brisket is in the eating. Today, Caliber has staked its claim among the largest wholesale mortgage lenders in the country. From Alabama to Wyoming, they’ve got branches in all 50 states. Wondering why they’re a top pick among mortgage lenders? Let’s delve into it, but first, let’s get this menu (or Table of Contents) out of the way.
Table of Contents
- Caliber Home Loans’ Services
- Caliber Home Loans’ Credentials
- Caliber Home Loans’ Accessibility
- Caliber Home Loans’ Customer Satisfaction
CALIBER HOME LOANS MORTGAGE LENDERS OVERVIEW
Think of Caliber Home Loans as that go-getter in school, the one who aces every paper while still being part of the debate club, choir, and soccer team. Let’s just call them a direct consumer mortgage lender ‘overachiever’. They paint a picture of nationwide coverage, a diverse palette of loan offerings, and a digital platform smoother than a jazz saxophone. They roll out the red carpet for clients with lower credit scores, self-employed folks grinding day and night, and our courageous military veterans. On top of that, they speed up applications and closings so well, Flash would blush – some loan approvals can be faster than a “good morning” text. Sounds like the dream, right? But before we raise the toast, let’s consider the pitfalls.
Heads up, Caliber doesn’t give you a cheat sheet by displaying current mortgage or refinance interest rates on their website. Also, you can strike home equity products off their list. And remember how I told you they were one of the ‘popular kids at school’? Well, not everyone seems to be a fan. They have a substantial number of customer complaints about issues with payment processing, billing, and loan applications.
CALIBER HOME LOANS’ SERVICES
WHAT CALIBER HOME LOANS OFFERS
Caliber Home Loans comes packed with a bag of goodies in the form of available mortgage products such as Conventional loans (fixed and up-done-your-hair adjustable rates), FHA loans, VA loans, and even jumbo products. “Loan terms?” I hear you ask. Borrowers may select fixed-rate terms from 10 up to 30 years, and adjustable-rate options include 3/1, 5/1, 7/1, 10/1, and a gracious 5/5 ARMs. But the cherry on top has to be the Smart Series loans that cater to a diverse clientele. But like always in life, there are boundaries. For each type of loan, there are precise, to-the-dollar maximum amounts set. Don’t worry, I won’t bore you with the nitty-gritty details here, but just know that they’ve got covered everything from conventional loan limits to jumbo loans that can go up to $3 million.
WHAT CALIBER HOME LOANS DOES NOT PROVIDE
Regrettably, any garden has weeds. In Caliber’s case, they don’t provide home equity loans or HELOCs, reverse mortgages, cash-out financing, or bridge loans. Well, you can’t always get what you want, right?
CALIBER HOME LOANS’ CREDENTIALS
Yup, they’ve got the street cred. Having blazed trails throughout the mortgage wild west, Caliber holds licenses throughout the United States, has pocketed multiple awards from Fannie Mae, and secured solid credit ratings with both S&P and Moody’s – so far so competent. Now, every shining star has a few clouds, and Caliber isn’t an exception. According to the Nationwide Multi-State Licensing System, they’ve got a couple of regulatory actions under their belt. However, as I’m kind of a glass-half-full person, the good news is, both are resolved. But still, due diligence never hurts, does it?
CALIBER HOME LOANS’ ACCESSIBILITY
Caliber is as close to you as your favorite coffee shop. With hundreds of branches nationwide, they’ve ensured that no matter where you throw a dart on a map of the U.S., you can find a local office. And like a warm cup of coffee when you’re burning the midnight oil, their customer service hours make sure they’re available when you need them. Coupled with a smooth online experience for both desktop and mobile users, finding a mortgage process might just turn out to be a cakewalk. So, remember that accessibility is one of Caliber’s top draws.
CALIBER HOME LOANS’ CUSTOMER SATISFACTION
How do the customers find Caliber? Well, their reviews on the BBB and their website swing towards the positive (mostly). On the other hand, a survey conducted by the John D. and Catherine T. MacArthur Foundation (unofficially known as the JD Power’s study) returned satisfaction scores just short of the industry average. But think of it this way: that’s still an A for effort, right?
CALIBER HOME LOANS FAQ
Before you get ready to call up Caliber, you probably have a few questions. What’s the credit score they require? Is Caliber Home Loans a reputable lender? How fast can you get a loan approval? Well, worry not, I’ve got you covered! Read on to clear your doubts and get a better understanding of Caliber’s playing field.
HOW WE EVALUATED CALIBER HOME LOANS MORTGAGE LENDERS
So, how did we arrive at all this information about Caliber Home Loans? We considered a host of factors, from available products and credentials to accessibility and customer satisfaction. Sounds pretty comprehensive, doesn’t it?
SUMMARY OF MONEY’S CALIBER HOME LOANS REVIEW
Having said all this – the advantages, the shortcomings, the features –, Caliber Home Loans sure brings a lot to the mortgage table. Their wide variety of products makes them an excellent choice for many borrowers, especially the self-employed. However, remember they don’t show current mortgage rates online, and customer complaints are slightly higher than preferred. As always, we advise you to do some homework. Compare rates, payment terms, and anything else relevant before you sign your name on the dotted line. For further information and comparisons with other providers, check our complete guide to the best mortgage lenders.