Some of the fees that borrowers may encounter when getting a loan from Caliber include:
- Origination fee: This is a fee that covers the lender’s costs of processing and underwriting the loan. Caliber’s origination fee is typically 1% of the loan amount, but it may vary depending on the loan program and the borrower’s qualifications.
- Appraisal fee: This is a fee that pays for an appraisal of the property, which determines its market value and condition. Caliber’s appraisal fee is usually around $500, but it may vary depending on the type, size, and location of the property.
- Credit report fee: This is a fee that covers the cost of obtaining the borrower’s credit report, which shows the borrower’s credit history and score. Caliber’s credit report fee is usually around $25, but it may vary depending on the number of borrowers and the type of loan.
- Title fee: This is a fee that pays for a title search and title insurance, which verify the ownership and legal status of the property and protect the lender and the borrower from any title defects or claims. Caliber’s title fee is usually around $1,000, but it may vary depending on the loan amount, the property value, and the state and county where the property is located.
- Recording fee: This is a fee that pays for the recording of the mortgage deed and other documents with the county clerk’s office, which makes them public records. Caliber’s recording fee is usually around $100, but it may vary depending on the state and county where the property is located.
- Escrow fee: This is a fee that pays for the escrow service, which handles the transfer of funds and documents between the parties involved in the transaction. Caliber’s escrow fee is usually around $500, but it may vary depending on the state and county where the property is located.
- Prepaid items: These are costs that are paid in advance at closing, such as interest, property taxes, homeowners insurance, and mortgage insurance. Caliber’s prepaid items vary depending on the loan amount, the interest rate, the property value, and the date of closing.
The total closing costs of Caliber Home Loans can range from 2% to 5% of the loan amount, depending on the loan program and the borrower’s situation. Borrowers can ask for a loan estimate from Caliber, which will provide a detailed breakdown of the rates and fees of the loan.
How is the customer service of Caliber Home Loans?
One of the most important factors to consider when choosing a mortgage lender is the quality of its customer service. Caliber Home Loans claims to provide exceptional service to its customers, business partners, and communities. Caliber has a team of loan consultants who can guide borrowers through the loan process, answer their questions, and offer personalized solutions. Caliber also has an online portal and a mobile app, where borrowers can apply for a loan, upload documents, check their loan status, and make payments.
