Caliber Home Loans Mortgage Review

Caliber Home Loans offers mortgages for poor credit and the self-employed

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Caliber Home Loans

Caliber Home Loans

Investopedia’s Rating

Our Take

Caliber Home Loans offers mortgage products to meet every borrower's needs. Whether you have a large down payment and stellar credit or need a loan with a low down payment and flexible underwriting, it has a loan product that can help you buy or refinance your home.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
  • Can complete a mortgage application online

  • Numerous loan programs are available

  • Alternative loans for non-traditional borrowers

  • Website doesn’t list current mortgage interest rates

  • Loan offices are not available in all areas

  • Doesn't offer home equity loans or lines of credit

Key Takeaways
  • Easy-to-understand loan options.
  • Some loans can close in as little as 10 business days.
  • Positive reviews and ratings online.
Company Overview

Caliber Home Loans is a full-service national mortgage origination company that was founded in 2008. The lender originates loans through its network of retail branches, wholesale lending, and correspondent lending platforms. Its headquarters are in Coppell, Texas, which is a suburb of Dallas.

Details for Caliber’s conventional loans are given below.

  • Minimum Credit Score 620
  • Maximum Debt-to-Income Ratio 49.90%
  • Minimum Down Payment 3%
  • Average Days to Closing 30 days

If you’re searching for a mortgage, getting quotes from non-bank lenders like Caliber Home Loans can help you find the best rates and terms. Caliber was a top 10 mortgage originator in 2020, with nearly $71 billion in loans. 

It originates loans in all 50 states and offers a variety of products, including conventional, jumbo, FHA, VA, and USDA mortgages. Additionally, Caliber's "smart" mortgage products are an ideal choice for borrowers with unconventional credit or income requirements.

Pros Explained

  • Can complete a mortgage application online: Borrowers who want to start the mortgage process can easily complete their applications online without having to first speak with a loan officer.
  • Numerous loan programs are available: Caliber Home Loans offers a variety of mortgage products to meet borrower needs, including conventional, jumbo, FHA, and USDA loans.
  • Alternative loans for non-traditional borrowers: For borrowers with less-than-stellar credit, difficulty proving income, or a recent late payment, Caliber offers loans with flexible guidelines.

Cons Explained

  • Website doesn’t list current mortgage interest rates: Borrowers can apply online, but they won't know what mortgage rates are available until they speak with a loan officer.
  • Loan offices are not available in all areas: While Caliber Home Loans can originate mortgages in all 50 states and has offices in each state, those offices may not be convenient to all borrowers. For example, the closest office to Memphis is over 180 miles away.
  • Doesn't offer home equity loans or lines of credit: Caliber doesn't offer HELOCs or home equity loans, which can be a low-cost way to tap into your home's equity without refinancing your primary mortgage.

Types of Mortgage Loans Offered by Caliber Home Loans

  • Conventional Loans. These traditional loans are for borrowers with good credit. They typically require a 20% down payment, but down payments can be as low as 3% with private mortgage insurance.
  • Jumbo Loans. Large, conventional loans that do not conform to the limits set by the Federal Housing Finance Agency (FHFA) are known as jumbo loans. They require a credit score of 700+, a down payment of 20% or more, and cash reserves to cover at least one year of mortgage payments.
  • FHA Loans. FHA provides a homebuyer program for people with low credit scores with down payment requirements as low as 3.5%. Borrowers must have a 620 credit score to qualify.
  • VA Loans. This is a mortgage program for active duty military members, veterans, and their families. It offers loans with little or no down payment and credit score requirements as low as 580.
  • USDA Loans. Through the USDA, homeowners in rural areas can get a mortgage with no down payment or required cash reserves.
  • Alternative Loans. Caliber offers a series of "smart" loans with non-traditional features and flexible guidelines. These are ideal for borrowers who are unable to get approved for traditional mortgage products. These loans allow credit scores as low as 660 and debt-to-income ratios of up to 50%.

Caliber Home Loans Features and Benefits

  • Caliber offers several low and no down payment mortgage loans.
  • Renovation mortgage and streamline refinance loans are available.
  • Self-employed borrowers can use bank statements to verify income.
  • Investment property financing is available.

How to Apply for a Caliber Home Loans Mortgage

If you're ready to apply for a mortgage through Caliber Home Loans, you can start the process online, by visiting a branch, or by calling (855) 808-2124.

To apply online, follow this process:

  1. Click "Apply Now" on the website.
  2. Create an account.
  3. Provide your name, phone number, email, and password.
  4. Verify your phone number through SMS or voice authentication.
  5. Enter your personal information, including income and debts.
  6. Add property details of the home you want to buy or refinance.
  7. Review loan programs, rates, and fees.
  8. Select the mortgage product that meets your needs.

Customer Service

To reach Caliber Home Loans about your application or mortgage, you can call your local branch, contact customer service, or submit an online message.

Automated customer service is available 24 hours a day at (800) 401-6587. You can reach a live customer service agent at the same number from 8 a.m. to 8 p.m. CT, Monday through Friday, and from 8 a.m. to 12 p.m. CT on Saturdays.

Customer Satisfaction

Caliber Home Loans has a stellar rating of 4.96 out of five stars with over 6,600 reviews on Zillow. Most of the recent customer comments mention how reliable and fast the loan officers are, and how their loans closed on time. 

Caliber also performed relatively well in Investopedia’s own survey of 45 mortgage lenders, coming in 14th place with a score of 5.95 out of 10.

Account Management

Customers can manage their applications and accounts through Caliber's online portal or mobile app (Apple or Google Play). During the application process, the mobile app allows you to find a local loan consultant, view the status of your application, and upload loan documents.

Once your loan closes, the app functionality includes making monthly payments, viewing your escrow account, requesting the removal of PMI, and more. You can also call, text, or email your loan consultant directly from the app.

Alternative Choices

Applying for a mortgage with Caliber Home Loans may be the right choice for many borrowers. However, before you proceed with your application, it makes sense to get quotes from some of the best mortgage lenders. The chart below provides a brief overview of the types of loans offered and special features that distinguish some of the top lenders.

  Loan Types Offered Special Features 
Caliber Home Loans Conventional, Jumbo, VA, FHA, USDA Special loan programs for self-employed, bad credit, and investors
Citi Mortgage Conventional, Jumbo, VA, FHA  Full-service banking products for customers 
Primary Residential Mortgage Conventional, Jumbo, VA, FHA, USDA  Offers renovation, investment property and construction loans 
Finance of America Mortgage Conventional, Jumbo, VA, FHA, USDA  Offers reverse mortgages for homeowners ages 62+ 
Final Verdict

Caliber Home Loans is a solid choice when you need a mortgage. It offers a variety of loan types to fit every need, including products for the self-employed, investors, and those with poor credit. You can submit an application online. However, you need to speak with a loan officer before you can view rates, fees, and points for its loan products. Although Caliber’s website isn't transparent with rates and fees, reviews show overall satisfaction in meeting customers' mortgage needs.

How We Review Mortgage Lenders

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of mortgage lenders. We rated 45 mortgage lenders and collected nearly 1,500 data points, including information about the following:

  • Quality of service (customer experience, online applications, benefits/grants, etc.)
  • Operational features (state licensing coverage, number of loan officers, etc.)
  • Loan types offered (fixed-rate, FHA, USDA, etc.)
  • Accessibility (days to closing, minimum debt-to-income ratio, etc.)

We also conducted a survey of 1,195 mortgage borrowers to learn about the most important features from a customer perspective and how satisfied customers are with various lenders. Mortgage lenders were rated objectively in the categories above to help readers make informed decisions about home loans.

Read more in our full mortgage lender review methodology.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. HousingWire. "Here Are the Top 15 Mortgage Lenders of 2020."

  2. Caliber Home Loans. "Find Your Nearby Loan Consultant." 

  3. Caliber Home Loans. "Conventional." 

  4. Caliber Home Loans. "FHA Home Loans."

  5. Caliber Home Loans. "VA Fixed Rate Home Loans."

  6. Caliber Home Loans. "USDA Home Loan."

  7. Caliber Home Loans. "SmartEdge."

  8. Zillow. "Caliber Home Loans."