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."
Carrington Mortgage Services is a mortgage lender and servicer specializing in non-qualified mortgage loans for borrowers with imperfect credit. The lender is part of a family of companies providing a full range of real estate services, including home sales, title, and escrow. It’s licensed to make loans in every state except North Dakota.
At a glance: Carrington Mortgage Services has special loan programs for borrowers with damaged credit, but you’ll have to contact a mortgage rep to get the process going.
In this review:
- Carrington Mortgage purchase review
- Carrington Mortgage refinancing review
- How does Carrington Mortgage Services stack up?
Carrington Mortgage purchase review
Best for:
- Buyers with damaged credit
- Buyers who have been turned down elsewhere
- Second-home or investment-property buyers
Standout feature: Carrington Mortgage Services sets itself apart from the competition by offering several proprietary loans to help prospective buyers with damaged credit.
Whether you’re a first-time homebuyer looking to secure your dream home or a seasoned veteran purchasing another investment property, there’s a good chance Carrington Mortgage Services has a mortgage loan that meets your needs.
Carrington Mortgage offers all the usual conventional loans (15-year and 30-year fixed mortgages), government-backed mortgages (including FHA loans, USDA loans and VA loans), and Carrington’s proprietary loans for buyers with special financing challenges.
One of these proprietary loans is the Carrington Flexible Advantage — or Carrington’s Investor Advantage, if you’re purchasing an investment property. This product might be right for you if you don’t qualify for conventional or government-backed financing because of a low credit score, high debt-to-income ratio, a history of late payments, or even foreclosure or bankruptcy.
You’ll have to contact a Carrington mortgage representative for rate information and to request a pre-approval or apply for a loan.
As for making payments, Carrington allows you to pay online, by mail-in check, or through its Carrington Quick Pay app. You can also make payments in person through Western Union or MoneyGram.
| Mortgage programs | Conventional, FHA, VA, USDA, Carrington Flexible Advantage, Carrington Investor Advantage |
| Fixed-rate loan terms | 15 or 30 years |
| Adjustable-rate loan terms | 5/1, 7/1, 10/1 |
| Rates and fees | Contact a Carrington loan officer for details |
| Min. credit score |
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| Min. down payment |
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Keep Reading: Mortgage Closing Costs: What They Are and How to Lower Them
Pros and cons of buying a home through Carrington Mortgage Services
There’s a lot to consider before you select a mortgage lender. Here are some of Carrington’s pros and cons to help you decide.
Pros
- Impressive range of loan products
- Options for credit-challenged borrowers
- Payment options for buyers without a checking account
- Website has helpful information about loan programs
Cons
- $5 convenience fee for web and mobile payments; $10 fee for payments by phone ($20 if made with a customer service representative)
- Website has no rate or fee information
- No online pre-approval or application
Shopping around for a mortgage can be stressful. Fortunately, Credible streamlines this process and makes comparing multiple lenders easy. You can see prequalified rates from our partner lenders in just a few minutes — checking rates with us is free, and you don’t even have to leave our platform.
Find My Refi Rate
Checking rates will not affect your credit
Carrington Mortgage refinancing review
Best for:
- Homeowners who don’t qualify for conventional refinancing
- Homeowners looking for cash-out options
- Homeowners who have a government-backed mortgage
Standout feature: The Carrington Flexible Advantage loans available to credit-challenged homebuyers are also available to homeowners looking to refinance their existing mortgage loan.
Carrington Mortgage refinance loan options run the gamut from conventional loans to proprietary Flexible Advantage refinance loans. You can do a cash-out refinance with conventional, FHA, VA, and Flexible Advantage loans, and some of these products are even available to borrowers with credit scores as low as 500.
You’ll pay higher rates with these proprietary loans, and Carrington might require that you have significant cash reserves — reasonable, considering you can refinance a large amount (up to $2.5 million).
You can also refinance an FHA loan for up to 100% of your home’s value, so they might be a good choice if you already have that type of loan.
If you currently have a VA loan, you might qualify for a VA Interest Rate Reduction Refinance Loan, which requires less documentation than a standard VA refinance and lets you borrow up to 90% of your home’s value.
| Mortgage refinance programs | Conventional, FHA Refinance and Streamline, USDA Streamline Assist, VA Refinance and IRRRL, Carrington Flexible Advantage |
| Fixed-rate loan terms | 15 or 30 years |
| Adjustable-rate loan terms | 5/1, 7/1, 10/1 |
| Rates and fees | Contact a Carrington mortgage representative for details |
| Min. credit score |
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Learn More: How to Refinance a Jumbo Loan
Pros and cons of refinancing through Carrington Mortgage Services
Although Carrington Mortgage Services is a great option for many homeowners who want to refinance, there are a few drawbacks you should consider.
Pros
- Robust list of loan products
- Options for those who’ve been turned down elsewhere
- Informative loan descriptions on website
Cons
- Can’t evaluate rates and fees without talking to a mortgage rep
- Checks and auto-pay are the only free payment options
- No weekend customer service
How does Carrington Mortgage Services stack up?
Carrington Mortgage Services’ Flexible Advantage loans are unique in that you can qualify for one with damaged credit or other challenges that affect your creditworthiness.
If you find that aspect helpful, you may want to consider Northpointe Bank as well, which also has non-qualifying loans, including loans for doctors and other professionals with heavy student loan debt.
As an online mortgage broker, Credible makes it easy to get personalized rate quotes from multiple lenders to help you find the best home loan. Once you’ve chosen a purchase or refinance loan, you can apply and work through most of the process directly on Credible’s digital platform.
