Caliber Home Loans
Is This Your Business?1.8
4.0
Overall Score
Author: Kalicia Bateman
Caliber Home Loans began in 2013 when two separate entities, Caliber Funding and Vericrest Financial, joined forces. As a top mortgage lender, the company offers a variety of home loan products and services with a particular focus on serving military members through VA loans.
Highlight: Caliber Home Loans has received a number of recognitions and awards.
- Fannie Mae Servicer Total Achievement and Rewards Winner — 2018 recognized for assisting homeowners and demonstrating excellence in mortgage servicing (Fannie Mae STAR Program)
- Ranled #5 in Home Builder Production — among Non-Builder Owned Lenders in 2018 per Metrostudy
- $150 Billion in Servicing — services the majority of the loans it closes
Unfortunately, customer reviews indicate that Caliber's customer base is less than satisfied with the company's lending services. Users give Caliber Home Loans around 2/5 stars for its overall services - however this feedback is from a small sample of reviewers.
Top Ranked Companies
The Good
- Several Loan Programs
- Mobile App
- Emphasis on Military Loans
- Disaster Assistance
- Real Estate Listings Search Tool
- Educational Resources
Several Loan Programs
Caliber Home Loans offers several different loan types, including the following:
- Fixed-rate loans with terms ranging from 10-30 years
- Adjustable-rate mortgage loans (ARMs) including 3/1, 5/1, 7/1, 10/1, and 5/5
- Refinancing including DU Refi Plus and Relief Refinance
- High-balance loan amounts (Jumbo loans) up to $3 Million
- Renovation loans
- Construction loans
- VA loans
- FHA loans
- USDA loans
Because there are so many options, borrowers have the ability to find a loan that works best for them and their individual situation.
Mobile App
Caliber's mortgage servicing mobile app includes the following features, compatible with both iPhone and Android devices:
- Set up banking information for mortgage payments
- View loan and escrow financial details
- Upload loan applications and associated documents
- Schedule one-time or monthly payments
- View loan payment history
- View the status of an in-process loan
- Find a loan officer or contact the company
Emphasis on Military Loans
Caliber Home Loans appears to place particular emphasis on military lending programs through its VA loan products, and its separate website to serve military members: military.caliberhomeloans.com.
Disaster Assistance
Caliber Home Loans offers mortgage payment assistance to homeowners in the event of certain extenuating circumstances. Houses that are in designated FEMA areas potentially qualify for the following assistance under the direction of Fannie Mae, Freddie Mac, the USDA, VA, and FHA entities:
- Late fees will be suspended
- Loan payments will not be reported as past due to credit bureaus
- Possible eligibility for additional disaster loan options (depending on your loan program and situation)
- Some foreclosure protections may be accessible
Real Estate Listings Search Tool
To help you find your future home, Caliber Home Loans provides a search tool to show real estate listings in your area, price range, size, and more. This is a helpful tool because you can find homes that you're qualified for right away, and you can get pre-approved for certain homes within just a few minutes.
Educational Resources
Because buying a home can be a somewhat confusing process, Caliber Home Loans provides a wealth of educational resources to help prospective homebuyers better understand what is happening. The company offers a resource library that includes information about loan qualification, mortgage rates, escrow costs, mortgage insurance, closing costs, and other topics helpful to the consumer.
The Bad
No Rates Displayed Online
Caliber Home Loans does not provide several important pieces of information on its corporate website. For example, the company has not listed interest rates, closing costs (including origination fees), or minimum credit score on some loan types.
Though mortgage rates vary depending on loan types, loan amounts, and each customer's eligibility, many top companies provide calculators that give prospective borrowers an interest rate estimate based on a 30-year conventional loan scenario.
No Home Equity Loans or Lines of Credit
Caliber Home Loans doesn't offer home equity loans or lines of credit. If you are interested in these products you will need to look into other mortgage lender options.
Caliber Home Loans Reviews
The majority of Caliber Home Loans ratings reward the company only 1 star. Many customers outline dissatisfactory experiences with the company, with most complaints centered around poor customer service - difficulty in connecting with Caliber representatives, endlessly being sent from one representative to another, not receiving answers to questions, etc.
It is important to note that Caliber Home Loans reviews are currently limited and so they may not paint the most accurate picture of the company.
The Bottom Line
Caliber Home Loans is a well-known and trusted mortgage lender, providing a streamlined online loan process and a variety of loan products to choose from to meet your specific needs.
If you are a member of the military, a Caliber home loan could be a good choice for you because the company offers specific resources and tools to assist with VA loans. Caliber Home Loans has even participated in community outreach initiatives to help military members and their families feel more at home in their communities, including providing room makeovers.
However, Caliber Home Loans doesn't list rates or fees on its website making it difficult to know how much it will cost you to take out a home loan. You will be able to see these personalized factors upon pre-qualifying, but it can be helpful to see that information upfront. In addition, current Caliber Home Loans ratings are low and many reviews express poor experiences with customer service.
If you have financed your home through Caliber Home Loans, please tell us about your experience by leaving a review.
Review Source
Lacy elbaba
7 years ago
