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Caliber Mortgage Review

Caliber Home Loans offers a wide variety of programs for both purchase mortgages and refinancing.

Tara Mastroeni Updated February 18, 2021

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Caliber Home Loans was named a Top 30 Lender in 2019 by Inside Mortgage Finance. So, if you’re looking to get a mortgage or to refinance your current one, find out more about Caliber and its mortgage options:

In this post:

  • Caliber mortgage purchase review
  • Caliber mortgage refinancing review
  • Always compare multiple lenders first

Caliber mortgage purchase review

Best if you’re:

  • Comfortable working online or through an app
  • A member of the military or a veteran
  • In need of a portfolio loan

As a non-bank mortgage provider, Caliber Home Loans offers its services by connecting borrowers to a network of loan consultants across the country. Those who can’t find a loan consultant in their neighborhood can use one of the company’s centralized loan consultants, who are licensed to work in multiple states.

Types of Caliber mortgages

For those who are looking to get a mortgage in order to purchase a home, Caliber offers a wide array of loan programs:

  • FHA loans: FHA loans are insured by the Federal Housing Administration. It’s possible to get an FHA loan with a down payment as little as 3.5% of the home’s appraised value or purchase price if you have a credit score of at least 580. It’s also possible to get a loan with a lower credit score, though that requires a down payment of 10%.
  • Freddie Mac Home Possible loans: If you’ll need to get your down payment funds in the form of a gift, you may want to look into Freddie Mac’s Home Possible loan. However, be aware that this program requires a credit score of 660 and a down payment of at least 5%.
  • Fannie Mae HomeReady loans: If you have a credit score of at least 620 and earn a salary less than or equal to 80% of your area’s median income, you may qualify for Fannie Mae’s HomeReady loan, which allows for a down payment of 3%.
  • Jumbo loans: If you need financing for larger amounts (up to $2.5 million), you can take advantage of their jumbo loans. Down payments for these start at just 5% and they offer both fixed and variable rates (ARMs).

However, if you don’t qualify for a traditional loan, Caliber also specializes in portfolio loans. With portfolio loans, the debt is kept in-house rather than being sold, which allows the company to set its own qualifying standards.

As of 2019, Caliber has closed over 7,500 of these loans in an effort to help more people become homeowners.

Explore: 5 Types of Mortgage Loans — Which One Is for You?

Options for military and veterans

Caliber Home Loans also takes a special interest in assisting military borrowers. The company even hosts a separate website (CaliberMilitaryLending.com) which provides resources meant to help active servicemen and women, and veterans, secure a VA loan.

Here’s a high-level overview of all of Caliber’s mortgage purchase products:

Mortgage
programs
Conventional, Jumbo, HomeStyle® Renovation, Home Possible®, HomeReady™, FHA, FHA 203(k), USDA, VA
Fixed-rate
loan terms
Does not disclose, but is not limited to 15- and 30-year terms
Variable-rate
loan terms
3/1, 5/1, 7/1, 10/1, and 5/5 ARMS
Min. FICO score580 for fixed-rate loans, also offers FHA loans
Min. down paymentNo down payment requirement on VA loans; as low as 3% on other types of loans, depending on your loan amount
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  • A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.

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Caliber mortgage refinancing review

Best if you’re:

  • Hoping to lower your monthly payment by refinancing your existing FHA mortgage to an option that does not require mortgage insurance
  • Looking for a custom loan term
  • A military member or veteran who wants to refinance

If you already own a home and are simply looking to lower your interest rate or change the terms of your loan by refinancing your mortgage, Caliber Home Loans can be a good option. In this case, the company offers an FHA refinance loan, a VA refinance loan, and two conventional refinance loan options:

  • FHA Streamline Refinance:Meant for existing FHA borrowers, this loan is designed to help homeowners refinance without having to make a lot of extra effort. Caliber notes that a new appraisal may not even be required.
  • VA Streamline Refinance (IRRRL):This loan is meant for existing VA borrowers who want to lower their interest rate. Caliber notes that a new appraisal may not be required for this type of refinancing either.
  • Relief Refinance:This conventional loan refinancing program is aimed at helping borrowers lower their monthly payment by saving on interest.
  • DU Refi Plus program:This is another conventional loan option that gives borrowers the freedom to choose their own, custom loan term.

Here’s what you can expect from Caliber’s refinance products:

Mortgage refinance programsRelief Refinance, DU Refi Plus, FHA Streamline Refinance, VA Streamline Refinance (IRRRL)
Fixed-rate loan termsDU Refi Plus offers the option for custom loan terms
Variable-rate loan termsDoes not disclose
Min. FICO score620 is required for the FHA streamline refinance
Typical closing costsDoes not disclose

Learn More: How to Refinance Your Mortgage in 4 Easy Steps

Find out if refinancing is right for you

  • Actual rates from multiple lenders – In 3 minutes, get actual prequalified rates without impacting your credit score.
  • Smart technology – We streamline the questions you need to answer and automate the document upload process.
  • End-to-end experience – Complete the entire origination process from rate comparison up to closing, all on Credible.

Find My Refi Rate
Checking rates will not affect your credit

Trustpilot

Always compare multiple lenders first

Whether you’re interested in applying for a new mortgage or refinancing an existing loan, you should compare multiple lenders first. From a rate perspective, doing so could save you thousands of dollars in interest over the life of the loan.

Credible allows you to compare mortgage rates from Caliber Home Loans and other lenders without affecting your credit. We also automate much of the origination process, so you can close any loan you choose without leaving our website.

Note: Credible does not currently offer all loan products described above.

 


The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.

About the author
Tara Mastroeni

Tara Mastroeni is an authority on real estate and a contributor to Credible. Her work has been featured in Forbes, Fox Business, Business Insider, and more.

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.