Caliber Bank Mortgage Review

Headquartered in Irving, Texas, Caliber Bank was a standalone financial service consultancy before it merged with Vericrest Financial to create Caliber Home Loans in 2013. While larger banks offer various financial products alongside loans for homebuyers, Caliber Home Loans takes pride in focusing all of its efforts toward mortgages.

Caliber Home Loans wants to help all homebuyers find the perfect loan product while also providing optimal customer service along the way.

Caliber Bank Mortgage Facts

  • Merged with Vericrest Financial in 2013 to become Caliber Home Loans
  • Earned Freddie Mac, Ginnie Mae, and Sallie Mae service approval in 2012
  • Ranked No. 2 on Top 100 Mortgage Companies in America list in 2016 by Mortgage Executive magazine
  • Acquired First Priority Financial and Banc Home Loans in 2016 and 2017
  • Has a sales force of over 1,800 employees serving 340 branches across the country
  • Offers a variety of loan and refinancing options that include loans insured by the FHA, VA and USDA, jumbo loans and financing for new buildings, second homes, and investment properties

History of Caliber Mortgage

Caliber Home Loans is a mortgage company that serves all 50 states. It provides a large variety of traditional loans to homebuyers as well as unique programs for those who have bad credit or don’t meet conventional loan requirements. Mortgage Executive magazine named Caliber Home Loans the No. 2 Top Mortgage Company in America and the No. 2 Best Company to Work For.

It now services over $139 billion in mortgage loans and represents nearly 600,000 customers.

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Caliber Bank Loan Specifics

To offer accommodations to different types of buyers based on their specific needs, Caliber Home Loans offers various loan types, from conventional, FHA and jumbo loans to unique options like HomeStyle® Renovation and Home Possible® loans. Additionally, Caliber Home Loans has various Caliber Portfolio Lending Programs which include Elite Access, Premier Access, Homeowner’s Access, Fresh Start Program, and Investment.

The conventional loan products by Caliber Home Loans include:

Conventional

A conventional loan is perfect for homebuyers looking for the lowest interest rates available. Caliber Home Loans provides fixed-rate options that range from 10 to 30 years as well as adjustable-rate mortgages. Down payments may be as low as 3 percent based on the loan amount.

Relief Refinance

This option is for homeowners who are looking for some relief in their current mortgage rate. Relief Refinance is designed to make home loans more affordable by reducing the interest rate and monthly payments, refinancing to a different loan type or even shortening the term of the loan to reduce accrued interest.

HomeStyle® Renovation

This loan option is ideal for those who are interested in making major renovations or starting a home repair project, as it provides the funds needed to make repairs, remodel or reconstruct spaces in new or existing homes. The funding may even amount to up to 50 percent of the property’s initial value.

Home Possible®

This Freddie Mac loan offers low-credit homebuyers low down payments and potential qualification for a secondary loan from a state agency or nonprofit.

HomeReady™

A Fannie Mae loan program, this loan option is designed to help those with limited household income become homeowners. Instead of using money out of pocket to make the purchase, homebuyers can use gift funds for financial assistance. The down payment may be as low as 3 percent of the total loan amount.

DU Refi Plus

For homeowners who have no interest in taking out a 30-year loan, DU Refi Plus is the perfect option. This loan type allows the borrower to choose a custom loan term while taking advantage of lower interest rates. Properties eligible for the DU Refi Plus option include single-family homes, 1-4 unit houses, condominiums, modular homes, properties in the Planned Unit Developments, and certain properties in high-cost areas.

Jumbo Loans

Those who are looking to invest in a luxury property can benefit from a Jumbo loan. This option awards larger loan amounts to those looking for a home or property in high-cost areas. Funds of up to $2.5 million may be available, and down payments may be as low as 5 percent. Additionally, homebuyers can choose between fixed- and adjustable-rates with a variety of loan terms.

Jumbo Interest-Only ARM

Another option for those looking for a larger loan is the Jumbo Interest-Only ARM. This loan type is perfect for homeowners who want the bandwidth to make lower monthly payments at the beginning of the loan term. Homebuyers must have at least a 700 credit score to qualify.

Caliber Home Loans also offers government-backed mortgages, including:

FHA Loans – Fixed Rate and ARMS

Backed by the Federal Housing Administration, this option is perfect for homebuyers who have limited funds to purchase a home or have a low credit score. Fixed and adjustable rates are available for this mortgage type.

FHA 203(k) Fixed Rate Rehab

This loan option is an excellent choice for those looking to buy a fixer-upper to renovate or repair. It provides additional funding for remodeling through two different products. The Standard option takes on remodeling and repairs, while the Limited option is for those who need funding for minor remodeling as well as repairs apart from the structure of the house.

FHA Streamline Refinance

This option is for those who have an FHA loan but are looking for more flexibility in their loan payments. Refinancing to a lower rate to have lower monthly payments is an option if interest rates are down. Additionally, homeowners may qualify to move to a fixed-rate loan or even shorten the loan life to reduce interest over time. Those considering this option must have at least a 620 credit score and be current on monthly payments.

USDA Loans

Homebuyers interested in living in rural areas who are struggling to qualify for a conventional mortgage can benefit from a USDA loan. This option is backed by the U.S. Department of Agriculture provides low down payments and is available for most homebuyers looking to purchase a home or refinance their current loan.

VA Streamline Refinance (IRRRL)

A VA loan is designed to provide housing and assistance for veterans and their families and is insured by the Department of Veteran Affairs. This option provides homebuyers with limited funds a faster way to lock in an interest rate. Buyers can benefit from fixed-rate options, refinancing to fund energy-efficient home improvements and shortening the life of the loan to reduce the interest accrued over time.

VA Loans – Fixed-rate and ARMs, high-balance

Another option insured by the Department of Veteran Affairs, fixed-rate and ARMs can be valuable to military veterans as well as active-duty service members. With these options, homeowners can benefit from 0 percent down payments and need only have a minimum credit score of 580 to qualify.

Caliber Home Loans Mortgage Customer Experience

To enhance the customer experience, Caliber Home Loans has created the Caliber Portfolio Lending Program which includes a slew of home financing solutions for those who may not qualify for traditional loans. These products include:

Elite Access

Loans designed for homeowners who want to buy or refinance a high-value property but don’t qualify for traditional jumbo products. It provides expanding purchasing power with low down payments.

Premier Access

An option for those who have low credit scores and are looking for low payments on houses valued between $100,000 and $3 million.

Homeowner’s Access

Loans created for homeowners and buyers who had trouble qualifying for traditional loans due to difficulty keeping up with mortgage payments. This option allows 30- to 60-day late mortgage payments.

Fresh Start Program

The Fresh Start option is perfect for those who are in the midst of rebuilding credit while looking for a house. This loan type is especially suited to the need of borrowers who recently went through bankruptcy, foreclosure or a short sale.

Investment

This program gives those looking to invest in multiple properties (up to 10) the opportunity to gain fixed- and adjustable-rate loans of up to $2 million. Homeowners and builders can benefit from the streamlined service provided by the Caliber MyPipeline app, which enables them to view all personal loan details from the palm of their hand.

Caliber Home Loans Lender Reputation

Having only a short history of 55 years as a mortgage provider, Caliber Home Loans has developed an impressive reputation over the last few years. It’s been accredited by the Better Business Bureau since 2014 and its current BBB rating is an A+.

Caliber Home Loans Mortgage Qualifications

Credit score Category Ease of approval      
800-850 Excellent Effortless
740-799 Strong Easy
670-739 Good Somewhat easy
580-669 Fair Moderate
300-579 Poor Difficult

Information collected on Feb. 7, 2019

Caliber Home Loans provides pre-qualification at no additional cost. This service helps homebuyers understand what loan programs they qualify for and what they can afford in a mortgage.

Caliber Home Loans Phone Number & Additional Details

Homepage URL: caliberhomeloans.com
Company Phone: 800.401.6587
Headquarters Address: 3701 Regent Boulevard, Irving, TX 75243

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