Some of the main competitors and alternatives to Caliber Home Loans are:
- Quicken Loans: Quicken Loans is the largest mortgage lender in the U.S., with over $300 billion in loan originations in 2020. Quicken Loans offers a variety of loan products, such as conventional, FHA, VA, USDA, and jumbo loans, as well as its own proprietary products, such as YOURgage and Rocket Mortgage. Quicken Loans is known for its online and mobile platforms, which allow borrowers to apply for a loan, get approved, and close in minutes. Quicken Loans also has a high customer satisfaction rating, ranking #1 among mortgage servicers by J.D. Power for seven consecutive years.
- Wells Fargo: Wells Fargo is one of the largest banks and mortgage lenders in the U.S., with over $50 billion in loan originations in 2020. Wells Fargo offers a variety of loan products, such as conventional, FHA, VA, USDA, and jumbo loans, as well as home equity loans and lines of credit. Wells Fargo also has a large network of branches and loan officers, which can provide borrowers with in-person assistance and guidance. Wells Fargo also has a low-down-payment program, called yourFirst Mortgage, which allows borrowers to qualify with a 3% down payment and a minimum 620 credit score.
- LoanDepot: LoanDepot is one of the largest non-bank mortgage lenders in the U.S., with over $100 billion in loan originations in 2020. LoanDepot offers a variety of loan products, such as conventional, FHA, VA, USDA, and jumbo loans, as well as home equity loans and lines of credit. LoanDepot also has a hybrid platform, which combines online and offline channels, allowing borrowers to choose how they want to interact with the lender. LoanDepot also has a lifetime guarantee program, which waives the lender fees and reimburses the appraisal fee for borrowers who refinance with the lender.
How to choose the best mortgage lender for your needs?
Choosing a mortgage lender is a major financial decision, and it can be overwhelming and confusing for many borrowers. There is no one-size-fits-all answer, as different lenders may have different advantages and disadvantages for different borrowers.
