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Caliber Home Loans

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4.0

Overall Score

LAST UPDATED: September 16th, 2022

Caliber Home Loans, founded in 2013, is a national private mortgage lender known for its VA loan options. The lender offers a variety of loan types to meet the varied needs of homebuyers with a streamlined application and mobile app, making it easier to get and manage a mortgage.

Users give Caliber Home Loans around 2/5 stars for its overall services — however this feedback is from a small sample of reviewers.

Learn more about this mortgage lender or jump down to read Caliber Home Loans reviews from real customers.

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The Good

Several Loan Programs

Caliber Home Loans offers several basic and government-insured loan programs, each of which include a variety of specialized loan types:

Conventional Loans

  • Conventional Loan — basic loan option insured by the lender
  • HomeOne — only requires a 3% down payment
  • HomeStyle® Renovation Loan — available for new and existing homes (including new constructions)
  • Home Possible® — a Freddie Mac loan program with low down payment options and lower credit score requirements
  • HomeReady™ — a Fannie Mae loan program for buyers with limited household incomes

FHA Loans

  • FHA Loan — a good option for first-time homebuyers
  • FHA 203k Home Loan — secure funding for home repairs or renovations
  • FHA Streamline Refinance — a refinancing option if you currently have an FHA loan

VA Loans

  • VA Loan — a loan option for military service members and veterans
  • VA Streamline Refinance — allows you to refinance a current VA loan and lock your rate

USDA Loans

  • USDA Loan — a loan option for buyers looking to purchase a rural property

In addition to these basic and government-insured loan programs, Caliber also offers the Smart Series, which includes various specialized loan options:

  • SmartEdge — a jumbo loan mortgage program for those unable to secure financing due to a recent credit event
  • SmartSelf — an option for self-employed homebuyers looking to secure financing
  • SmartVest — an option for real-estate investors looking to finance their next investment property

Because there are so many options, borrowers have the ability to find the loan option that works best for them and their individual situation.

Mobile App 

Caliber's mortgage servicing mobile app includes the following features, compatible with both iPhone and Android devices:

  • Set up banking information for mortgage payments
  • View loan and escrow financial details
  • Upload loan applications and associated documents
  • Schedule one-time or monthly payments
  • View loan payment history
  • View the status of an in-process loan
  • Find a loan officer or contact the company 

Emphasis on Military Loans

Caliber Home Loans appears to place particular emphasis on military lending programs through its VA loan products, and its separate website to serve military members: military.caliberhomeloans.com.

Personalized Mortgage Support

Caliber Home Loans has experienced loan consultants that can help answer any of your questions and resolve any of your concerns throughout the mortgage process. You will be assigned a loan consultant when you choose to get a Caliber mortgage.

Disaster Assistance

Caliber Home Loans offers mortgage payment assistance to homeowners in the event of certain extenuating circumstances. Houses that are in designated FEMA areas potentially qualify for the following assistance under the direction of Fannie Mae, Freddie Mac, the USDA, VA, and FHA entities:

  • Late fees will be suspended
  • Loan payments will not be reported as past due to credit bureaus
  • Possible eligibility for additional disaster loan options (depending on your loan program and situation)
  • Some foreclosure protections may be accessible

Real Estate Listings Search Tool

To help you find your future home, Caliber Home Loans provides a search tool to show real estate listings in your area, price range, size, and more. This is a helpful tool because you can find homes that you're qualified for right away, and you can get pre-approved for certain homes within just a few minutes.

Educational Resources

Because buying a home can be a somewhat confusing process, Caliber Home Loans provides a wealth of educational resources to help prospective homebuyers better understand what is happening. The company offers a resource library that includes information about loan qualification, mortgage rates, escrow costs, mortgage insurance, closing costs, and other topics helpful to the consumer.

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The Bad

No Rates Displayed Online

Caliber Home Loans does not provide several important pieces of information on its corporate website. For example, the company has not listed interest rates, closing costs (including origination fees), or minimum credit score on some loan types.

Though mortgage rates vary depending on loan types, loan amounts, and each customer's eligibility, many top companies provide calculators that give prospective borrowers an interest rate estimate based on a 30-year conventional loan scenario.

No Home Equity Loans or Lines of Credit

Caliber Home Loans doesn't offer home equity loans or lines of credit. If you are interested in these products you will need to look into other mortgage lender options.

Caliber Home Loans Reviews

The majority of Caliber Home Loans ratings reward the company only 1 star. Many customers outline dissatisfactory experiences with the company, with most complaints centered around poor customer service - difficulty in connecting with Caliber representatives, endlessly being sent from one representative to another, not receiving answers to questions, etc. 

It is important to note that Caliber Home Loans reviews are currently limited and so they may not paint the most accurate picture of the company.

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The Bottom Line

Caliber Home Loans is a well-known and trusted mortgage lender, providing a streamlined online loan process and a variety of loan products to choose from to meet your specific needs. 

If you are a member of the military, a Caliber home loan could be a good choice for you because the company offers specific resources and tools to assist with VA loans. Caliber Home Loans has even participated in community outreach initiatives to help military members and their families feel more at home in their communities, including providing room makeovers.

However, Caliber Home Loans doesn't list rates or fees on its website making it difficult to know how much it will cost you to take out a home loan. You will be able to see these personalized factors upon pre-qualifying, but it can be helpful to see that information upfront. In addition, current Caliber Home Loans ratings are low and many reviews express poor experiences with customer service.

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Star Rating

1.8

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55 Reviews

Review Breakdown

5 grade

11%

4 grade

7%

3 grade

2%

2 grade

9%

1 grade

71%

Sentiment Criteria

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Quality

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Debbie Lansford Houston, TX

Was able to refinance an existing mortgage with Caliber Home Loans and did get a good rate. It is their mortgage servicing that I take issue with - it is not honest or straightforward. For the first time in my life I have encountered payment attribution rules that make no sense - for years I have been able to make mortgage payments with my bank's bill pay service and have additional principal payments attributed without issue. Caliber's system apparently uses different attribution rules and will apply the excess payment amount first to the next month's payment and then to principal - a practice that has interest implications. The only way to get the application made properly is to either call the company, write the company, make a paper payment with a remittance advice or use their payment portal. We should not have to log into a portal to make one payment - there is no reason for the set up of attribution rules they have. I realise this in not an issue for many borrowers - but for those who are hoping to pay off their loans early with additional principal payments it is a shame we cannot trust their practices.

1 year ago

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SBN San Diego, CA

The company managed to pay my home owner's insurance bill late, resulting in a late fee which I paid. When I called "customer service" to ask for a refund, l was told that I would have to put the request in writing (After several weeks, receipt of my letter was "acknowledged." No refund so far.). I asked that insurance payments be removed from my monthly bill, I was told that the company would not do that. The person in charge of the local office who did a good job handling the mortgage loan process is trying to help with both requests. She deserves a 4 or a 5. The company's "customer service" department deserves a 1 at most.

2 years ago

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Marquita Alexandria, VA

Well my initial experience with Caliber was Great until I got the loan. Once I had the loan the customer service went down the drain. There is a serious lack of communication. I needed to complete a tax exemption paperwork. I received an email telling me the process (mail or fax documents). I chose to fax. After waiting a week to get an acknowledgement that the documents were received besides the fax transmission document, I decide to email them. I receive a secure message stating they can’t provide acknowledgment via secure email. I was informed to call a number. I call the number and they couldn’t help me. I was sent to several other individuals. Only to be told totally different information than I originally received. If you tell a customer to complete x, y, and z. Then expect the customer to complete just that. We don’t know if you don’t tell us to complete it.

3 years ago

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Angelic Lawrence Plano, IL

My Loan was sold to Caliber so I had no choice. My only complaint is that they don't making your payment online easy. They charge you $3.50 which is fine but if you don't click a box on last page they charge you late fees then if you want to pay with a debt card they don't take mastercard and their customer service is HORRIBLE. I figured out the click box after three months of late fees on my own and the customer service person didn't know and could care less when I kept calling

3 years ago

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Nadezhda Mezentseva Herndon, VA

slow to make changes, horrible customer service, rude, only good when there is no problems

4 years ago