A home loan mortgage payment will be one of your largest expenses after you purchase your home. You understandably want to find the best rate and terms for the loan you need. The first step to take is to find a quality home lender that offers exceptional pricing and friendly customer service. Caliber Home Loans is a reputable lender that has been offering mortgages to its customers for several years. This may be the right company to turn to for your home loan needs, and a closer look at what it offers can be enlightening.
The History of Caliber Home Loans
Caliber Home Loans was formed in 2013 when Caliber Funding and Vericrest Finance merged. This mortgage company is located in Dallas, and it is solely owned by Lone Star Funds. Lone Star Funds is backed by billionaire John Grayken. The company has an in-house servicing department, and it services approximately 94 percent of the loans it originates. It also is a wholesale lender. This means that it offers loans to mortgage companies and other local lenders as affiliates.
Home Loans Available Through Caliber Home Loans
Caliber Home Loans strives to provide its direct consumers and its lender clients with an exceptional range of loan programs to meet a wide range of needs. Its many competitive loan programs include FHA, VA, USDA and conventional loans with both fixed and adjustable rate loans. It also caters to first-time buyers as well as those who need to refinance their existing loans. Investors will find loan funds available up to $2 million for investor properties, and there are second home programs for owner-occupied properties for both domestic and foreign borrowers. Many individuals have experienced financial hardship and are looking for a way to start over. The Fresh Start program available through Caliber Home Loans is well-suited for those who have at least a 580 credit score, and it is acceptable if they had a bankruptcy or a foreclosure in the past.
Competitive Loan Rates and Fees
Because the loan programs available through Caliber Home Loans are substantially varied to appeal to a wide range of clients, the interest rates and loan terms vary as well. For example, through the FHA program, you may have a very low down payment of 3.5 percent. Through the Fresh Start program, you may have to pay 15 percent down or more. The interest rates are very competitive, but they adjust based on credit scores and debt-to-income ratios. You can learn more about current interest rates and terms available through Caliber Home Loans by visiting the company’s website.
What to Expect From the Loan Process
Caliber Home Loans has numerous branch locations across the country and is licensed to do business in all 50 states. You can easily begin the loan process by reaching out to a representative or by completing the loan application online. This will give you more information about the loan programs that are most well-suited for you as well as the loan terms and interest rates you qualify for under each program. This lender takes full advantage of technology through all aspects of its loan process. It uses technological verification of funds, credit history, income and more to reduce the amount of documentation that borrowers need to provide and to streamline the process. Some loans may close in as little as ten days because of this incredible process.
Other Things You Need to Know About Caliber Home Loans
While there is much to love about what Caliber Home Loans offers to its direct and wholesale customers, the unfortunate reality is that this company seemingly falls short in some areas. For example, because of its Fresh Start loan program, it has been criticized for extending home loans to individuals who do not have a solid credit history and who may not be able to financially assume the responsibility of a large home loan. The company has also been under investigation because of its practices related to delinquent mortgages. More than that, J.D. Powers has given Caliber Home Loans a below average ranking for customer service. In fact, the company ranked 16th out of 18th in a 2016 survey related to customer satisfaction. It received the lowest rating possible in areas such as onboarding, customer resolution, loan closing, interaction, loan approval process and several others.
Caliber Home Loans is a popular home loan company that offers loans across the country directly to consumers as well as through mortgage brokers and affiliates. Its programs are very competitive and may be well-suited for most borrowers, and it offers a streamlined loan process and a fast closing time. However, it does seemingly fall short in a few key areas. While you strive to find the right home loan company to work with, keep these important points in mind.