DIKSIA.COM - If you are looking for a mortgage lender that can provide you with a wide range of options, competitive rates, and excellent customer service, you may want to consider Caliber Home Loans. Caliber is one of the largest mortgage lenders in the U.S., with over $100 billion in loan originations in 2020. Caliber offers both purchase and refinance loans, as well as government-backed loans, jumbo loans, and specialty loans. Caliber also has a strong reputation for serving military borrowers, first-time home buyers, and low-income borrowers.
In this article, we will review Caliber Home Loans and its products, rates, fees, customer service, and reputation. We will also compare Caliber to some of its main competitors and alternatives, and provide some tips on how to choose the best mortgage lender for your needs.
What is Caliber Home Loans?
Caliber Home Loans is a mortgage lender that was founded in 2008 as a result of the merger of two companies: Caliber Funding and Vericrest Financial. Caliber is headquartered in Coppell, Texas, and has over 6,500 employees and 145 branches across the U.S. Caliber is a direct lender, which means that it originates, underwrites, and services its own loans. Caliber is also a seller and servicer of loans for Fannie Mae, Freddie Mac, and Ginnie Mae.
Caliber's mission is to provide innovative lending solutions and exceptional service to its customers, business partners, and communities. Caliber's vision is to be the most trusted and respected mortgage lender in the industry. Caliber's values include integrity, respect, excellence, collaboration, and accountability.
What are the loan products and services offered by Caliber Home Loans?
Caliber Home Loans offers a variety of loan products and services for both home buyers and homeowners who want to refinance their existing mortgages. Some of the loan products and services offered by Caliber include:
- Fixed-rate conventional loans: These are loans that have a fixed interest rate and monthly payment for the entire loan term, which can be 10, 15, 20, or 30 years. Fixed-rate conventional loans are ideal for borrowers who want stability and predictability in their payments, and who plan to stay in their homes for a long time.
- Adjustable-rate conventional loans: These are loans that have an interest rate and monthly payment that can change periodically based on market conditions. Caliber offers several types of adjustable-rate conventional loans, such as 3/1, 5/1, 7/1, 10/1, and 5/5. The first number indicates how many years the initial interest rate is fixed, and the second number indicates how often the rate can adjust after that. For example, a 5/1 ARM has a fixed rate for the first five years, and then can adjust once a year thereafter. Adjustable-rate conventional loans are suitable for borrowers who want to take advantage of low initial rates, and who are comfortable with the risk of rate fluctuations, or who plan to sell or refinance their homes before the rate adjusts.
- Jumbo loans: These are loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac, which are $548,250 in most counties in 2021. Jumbo loans are designed for borrowers who want to buy or refinance high-priced properties. Caliber offers jumbo loans up to $3 million, with fixed or adjustable rates, and with various down payment and credit score requirements.
- Government-backed loans: These are loans that are insured or guaranteed by the federal government, which makes them more accessible and affordable for certain groups of borrowers. Caliber offers the following types of government-backed loans:
- FHA loans: These are loans that are insured by the Federal Housing Administration, which allows borrowers to qualify with lower credit scores and down payments than conventional loans. Caliber offers FHA loans with fixed or adjustable rates, and with down payments as low as 3.5%. Caliber also offers FHA 203(k) loans, which allow borrowers to finance the purchase and renovation of a home with one loan.
- VA loans: These are loans that are guaranteed by the Department of Veterans Affairs, which provides benefits such as no down payment, no mortgage insurance, and lower interest rates for eligible veterans, active-duty service members, and surviving spouses. Caliber offers VA loans with fixed or adjustable rates, and with loan amounts up to $1.5 million. Caliber also offers VA Interest Rate Reduction Refinance Loans (IRRRLs), which allow borrowers to refinance their existing VA loans to a lower rate with minimal documentation and fees.
- USDA loans: These are loans that are guaranteed by the U.S. Department of Agriculture, which aim to promote homeownership in rural and suburban areas. Caliber offers USDA loans with fixed rates, and with no down payment and low mortgage insurance for eligible borrowers who meet the income and property requirements.
- Specialty loans: These are loans that are tailored to meet the specific needs of certain borrowers or situations. Caliber offers the following types of specialty loans:
- Freddie Mac HomeOne and Home Possible loans: These are loans that are designed for low- to moderate-income first-time home buyers, who can qualify with a 3% down payment and a minimum 620 credit score. Caliber offers HomeOne and Home Possible loans with fixed rates and flexible underwriting guidelines.
- Fannie Mae HomeReady loans and HomeStyle Renovation loans: These are loans that are intended for low- to moderate-income borrowers, who can benefit from a 3% down payment, reduced mortgage insurance, and flexible income sources. Caliber offers HomeReady loans with fixed or adjustable rates, and HomeStyle Renovation loans, which allow borrowers to finance the purchase and improvement of a home with one loan.
- New construction loans: These are loans that are used to finance the construction of a new home. Caliber offers new construction loans with fixed or adjustable rates, and with various options for the loan term, interest rate lock, and conversion to a permanent loan.
In addition to the loan products mentioned above, Caliber also offers home equity loans and home equity lines of credit, which allow borrowers to tap into the equity in their homes for various purposes, such as debt consolidation, home improvement, or education expenses.
What are the rates and fees of Caliber Home Loans?
The rates and fees of Caliber Home Loans vary depending on the type, amount, term, and features of the loan, as well as the borrower's credit profile, income, assets, and other factors. Caliber does not publish its rates online, so borrowers need to contact a loan consultant or apply online to get a personalized quote.