Founded in 2007, Carrington Mortgage Services, LLC (“Carrington”, “CMS”) is a subsidiary of Carrington Holding Company, LLC (“CHC”), a privately managed investment management company. Headquartered in California, CMS operates two loan servicing locations that together provide integrated full life-cycle mortgage loan servicing support to borrowers and investors. In other words, Carrington is a full service loan provider and is licensed to provide loans in every state in the mainland USA except North Dakota and Massachusetts.
Types of Loan Products Available
Carrington Mortgage Services is a large company that offers many kinds of financial products, including home loans. Their loan options include fixed rates, adjustable rates, jumbo mortgages, FHA loans, VA loans, bridge loans, down payment loans and refinancing loans. The down payment program allows first time buyers to pay less down for their home purchase under certain conditions, one of which is to take a class on home ownership. Each type of loan has its own characteristics but they are all subject to evaluation in relation to your own financial situation. They also offer their loans and special services to real estate agents, with discounts for customers who become borrowers through their real estate agent.
Qualities to Look for in Loans
Carrington has a very helpful section of their website where they provide basic information, checklists and calculators to allow borrowers to know where they stand financially before they apply for a loan. When a lender makes a decision about a mortgage application, they consider many basic factors: all based on your ability to repay the loan. To ensure your loan is truly affordable, a lender will verify your employment and income. Next they will consider your monthly “Debt to Income” ratio which consists of your total income, minus monthly credit payments and other debts will also be considered.The paperwork you will need to gather will include pay stubs, tax forms and bank statements at minimum.