Caliber Home Loans Review | The Ascent

Top perks

Wide selection of loan options

Caliber Home Loans offers a broad menu of mortgage loan options. They include the following:

  • HomeOne is a conventional mortgage requiring at least a 3% down payment.
  • HomeReady and Home Possible loans are for low- to moderate-income borrowers. They require a low down payment and offer flexible terms not found on all mortgages. For example, you may be able to have a co-borrower who does not live with you, or a mortgage cosigner.
  • FHA 203(k) and HomeStyle are renovation loans. The 203(k) loan program is an FHA mortgage with extra funds to repair or rehab a property. The HomeStyle loan can be used for luxury upgrades like financing a pool or even renovating a garage apartment.
  • Mortgage refinancing. Caliber Home Loans offers FHA and VA streamline refinance loans to help borrowers lower the interest rate on a loan. A streamline refinance has fewer requirements than a purchase mortgage application. The FHA streamline refinance might not require a new appraisal. The VA streamline refinance does not require income verification or an appraisal. Also, there may be no out-of-pocket costs.
  • USDA home loans are 0% down payment loan options for borrowers in eligible areas, usually (but not always) rural. Household income cannot exceed current limits, set county by county.
  • VA home loans are 0% down payment loan programs for active duty and former military, and some spouses.
  • FHA loans are 3.5% down payment mortgages with more generous credit requirements. A borrower with bad credit (a FICO® Score under 580) can qualify with a 10% down payment.
  • Conventional loans are any mortgages not backed or insured by the federal government.
  • Jumbo loans are any mortgages in an amount that exceeds federal loan limits, and may have different qualification requirements.
READ:  Why It's So Important to Have Comprehensive Auto Insurance

Caters to the military

Caliber Home Loans has a separate website for education and information about VA loans. It also provides information about military relocations.

Digital application

The company provides a cutting-edge desktop and mobile app.

Assistance programs

First-timers and those looking for a low down payment mortgage will find several down payment assistance options. Caliber Home Loans also has processes to help borrowers experiencing financial hardship caused by COVID-19, a natural disaster, or another significant event. Options can include a monthly payment mortgage forbearance plan, repayment deferral, or even loan modification.

Fast closing

For borrowers who are able to digitally deliver all required documentation, Caliber Home Loans says it can close a purchase loan in as few as 10 days.

Also a servicer

Caliber Home Loans keeps most of its mortgages, rather than selling them to another servicer to collect payments. If you’ve ever had your mortgage taken over by a new servicer, you know it can be inconvenient and frustrating to make the transition. Keeping the loans for long-term servicing creates consistency and stability for customers.

Alternative loans

Borrowers who need more options can talk to a Caliber Home Loans loan officer about nontraditional mortgages. That might include construction loans, mortgages for self-employed people, or mortgages for foreign nationals.

READ:  Best Capital One Credit Cards of September 2021

Nontraditional credit

For a home buyer who doesn’t meet traditional credit guidelines, Caliber Home Loans will consider nontraditional credit factors. Perhaps you don’t have a credit card on your credit report; Caliber Home Loans might consider your banking history or your history of rent or utility payments instead.

Automatic payment options

Caliber Home Loans has an account management portal that allows borrowers to set up automatic payments at several different frequencies. In addition to the standard monthly payment, you can choose bi-weekly or semi-monthly automatic payments. The bi-weekly payment shortens the life of your loan because you end up making 13 monthly payments each year. The semi-monthly payment can be a helpful budgeting tool for people who get paid twice a month.

View more information:

Articles in category: the ascent

Leave a Reply

Back to top button