Caliber Home Loans has a broad appeal, with competitive interest rates and a wide range of mortgage loan options for home buyers and refinancers.
Lending flexibility 4.7 Customer service 4.7 Ease of application 3.0 Online experience 4.3 Minimum down payment 3% Minimum credit score 620 Loan Products OfferedConventional mortgages
Jumbo mortgages
FHA, VA, USDA
Streamline Refinancing
Renovation loans
The Mortgage Reports may be compensated by some of the mortgage lenders we review. However, this does not affect our review process or the ratings lenders receive. All reviews are created independently by our editorial team. We review products and services from partner lenders as well as lenders we do not work with.
Texas-based Caliber Home Loans, Inc. was incorporated in 2013. However, it was formed by the merger of two companies and those go back as far as 1963.
Caliber has 145 "corporate family members," which seems to suggest it operates branch-based regional franchises. That means there's a good chance there are one or more branches in your state.
This is one of America's bigger lenders and it operates in all 50 states and Washington D.C. It offers a comprehensive range of types of mortgages, including some unique, proprietary ones.
Caliber also has a good reputation for helping first-time buyers, veterans, and others needing specialty loans.
Caliber Home Loans mortgage rates are fairly low on average, but its closing costs and lender fees are middle-of-the-road compared to other major lenders.
Keep in mind that average rates and fees take into account all sorts of borrowers. Your specific mortgage interest rate will depend on your loan amount, type of loan, and your financial eligibility.
Home buyers with excellent credit could stand to get a great deal from Caliber. But the only way to know how good a rate you’ll qualify for is to request a quote.
| Caliber Home Loans | Rocket Mortgage | Wells Fargo | Freedom Mortgage | |
| Avg 30-Yr Interest Rate, 2021 1 | 2.99% | 3.00% | 3.14% | 2.66% |
| Median Total Loan Costs, 2021 1 | $4,468 | $4,670 | $3,600 | $3,880 |
| Median Origination Fee, 2021 1 | $1,224 | $2,430 | $1,330 | $0 |
Average rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).
What are the benefits of using Caliber for a home purchase or refinance? Here are some key ones:
But, as always, there are some drawbacks, too.
A big one is that you can’t compare Caliber mortgage rates at a glance. There are no advertised rates online, and you need to create an account and fill out an application before you have any idea of what your interest rate will be.
In addition, Caliber requires a minimum credit score of at least 620 — even for FHA loans. Many lenders will start at 580 for those. So if your credit is on the low end, this might not be the ideal lender for you.
After creating an account, Caliber gives you the option to apply for a mortgage online. You can upload documents to the web portal and even track your mortgage application via a mobile app.
Anyone who likes dealing with real people may enjoy working with a Caliber loan consultant. That person should guide you through the entire loan process, from selecting the best loan for your needs through preapproval, the application process, and closing.
Caliber also has state-of-the-art underwriting technologies, which it claims enable it to take “eligible borrowers from application to closing in record time — as little as 10 business days*.”
However, that *asterisk is important. Because it leads to a warning that not all loans are appropriate for accelerated digital delivery. Caliber says, “Processing and closing times vary depending on the nature and complexity of the transaction.”
Borrowers with a troubled credit history or self-employed income, for example, often require manual underwriting that can lengthen the processing time. Still, many are appropriate for an expedited closing, and that’s an impressive level of service.
Caliber gets solid customer service reviews across the board.
The company receives fewer than one complaint per 1,000 customers, according to the Consumer Financial Protection Bureau (CFPB). And it was middle of the road in J.D. Power’s most recent Mortgage Origination Satisfaction Study.
Caliber Home Loans is also accredited by the Better Business Bureau (BBB) where it maintains an A+ rating. And average reviews across online forums give it a respectable 4.7 out of 5 stars.
| CFPB Complaints, 2021 4 | Complaints Per 1,000 Mortgages, 2021 5 | J.D. Power Satisfaction Score, 2021 6 | |
| Caliber Home Loans | 84 | 0.21 | 850/1,000 |
| Rocket Mortgage | 376 | 0.24 | 876/1,000 |
| Wells Fargo | 488 | 0.58 | 832/1,000 |
| Freedom Mortgage | 262 | 0.35 | 829/1,000 |
Caliber Home Loans offers an exceptionally broad range of both conventional and government-backed mortgage products. There are plenty of loan options whether you want to buy a new home or refinance one you already own.
Not many lenders offer such a variety of types of mortgages.
Homeowners who are looking to refinance their existing mortgage can choose between several refi loan options at Caliber.
Caliber’s refinance rates are similar to its home purchase rates, but you’ll need to get a quote to see the specific rate that you qualify for.
Homeowners who want to tap their home values without refinancing will need to look elsewhere. Caliber does not offer either a home equity loan or home equity line of credit (HELOC).
You can apply for a Caliber Home Loans mortgage in all 50 states, including the District of Columbia. You can begin your loan application process online. But very soon you’ll be talking to a loan officer, or “loan consultant,” as Caliber calls them.
You can also call to begin that loan process or to schedule a face-to-face meeting with someone in a branch. According to NMLS, Caliber Home Loans currently has brick-and-mortar branches in most states, including:
That said, homeowners in those states without branches are still welcome to use Caliber, as it’s licensed in all 50 states. They’ll just need to apply online or over the phone instead of in person.
That shouldn’t be too much trouble, as Caliber’s technology is reputedly as advanced as many end-to-end online lenders.
Caliber Home Loans is a strong mortgage lender in many regards. It offers every major type of home loan. And it’s flexible in helping borrowers qualify with modest credit scores and down payments starting at 3 percent.
However, many lenders offer similar benefits. So be sure to compare mortgage rates from more than one company before settling on the lender you’ll use.
The Mortgage Reports considers multiple factors when reviewing lenders. These factors include credit and down payment requirements, loan types offered, customer service indicators, and availability of online tools. We then use these factors to rank lenders in four categories: