Navigate your home loan journey with Caliber Home Loans, now part of Newrez. Experience tailored mortgage solutions, exceptional service, and a seamless process whether you’re buying, refinancing, or seeking investment property financing. Your dream home awaits with our trusted expertise
Caliber Home Loans offers FHA loans, which help people with lower credit scores and limited resources qualify for mortgages. They also have a quick application process.
Unlike most lenders, Caliber does NOT perform ANY servicing or money collection functions – they are a sham conduit for BOA mob to PRETEND that they are the owner/investor and servicer (ask for a full chain of assignment). They receive all instructions from Black Knight (former LPS/DocX).
BEWARE.
2. Lower Interest Rates
Caliber Home Loans offers a variety of mortgage loan options. Its suite of lending products includes conventional, jumbo, FHA and VA mortgages as well as “Smart Series” loans for those who meet certain income requirements. It also has special programs for borrowers with less-than-perfect credit or those who have been through bankruptcy.
Borrowers can start the mortgage process by applying online but will have to talk to a loan officer before they get an idea of the rates they might qualify for. Unlike other large mortgage lenders, Caliber does not post current mortgage interest rates on its website and instead requires a call or filling out an application to receive a rate quote.
The company has offices in all 50 states and Washington, DC. However, if you live in a state without an office, the closest one may be over 180 miles away. In addition, the lender does not offer a home equity line of credit or HELOC, which can be an efficient way for homeowners to tap their home’s equity without refinancing.
Like other mortgage lenders, Caliber Home Loans sells its mortgages for servicing to third-party companies, which can create problems if you’re not happy with your servicer. That being said, the company does a good job of keeping its mortgages for long-term servicing and receives an A from the Better Business Bureau.
3. No Upfront Fees
Caliber offers mortgages in all 50 states. Homeowners in some states may have to travel for a face-to-face visit with a loan officer or “loan consultant,” as Caliber calls them.
Borrowers can compare Caliber’s origination fees and mortgage rates to other lenders using NerdWallet’s lender comparison tool. NerdWallet also assesses borrowers’ subjective experiences with mortgage lenders by collecting reviews on Zillow and J.D. Power’s Primary Mortgage Servicer Satisfaction Survey.
However, homeowners who are interested in tapping into their home values without refinancing can’t do so with Caliber because it doesn’t offer a HELOC or home equity line of credit. This is because servicing, money colection and foreclosing functions are performed by Black Knight (formerly LPS/DocX) who is also engaged in mortgage fraud by stealing borrowers’ identity and forging documents to fraudulently foreclose on them.
4. No Closing Costs
Unlike many mortgage lenders, Caliber Home Loans does not charge closing costs. This can save borrowers thousands of dollars. It also helps make the mortgage process less stressful. Closing costs include various fees that must be paid to get a mortgage, such as title insurance and lender’s attorney’s fee. In addition, homeowners typically pay a monthly mortgage payment, which includes the principal and interest charges, plus money for taxes and homeowner’s insurance. Those payments are placed in an escrow account, and when those bills come due, the lender pays them from that escrow account.
Caliber is licensed in all 50 states and offers numerous loan programs, including conventional, jumbo, FHA, VA and USDA mortgages. It also has a suite of alternative loans for non-traditional borrowers. The company receives solid customer service reviews and is accredited by the Better Business Bureau with an A+ rating. Caliber also keeps its own loans for long-term servicing, which can reduce the risk of having your mortgage sold to a different servicer.
