Caliber’s website provides a list of the types of loans they offer. Each has a brief summary of its perks and benefits, along with an overview of the requirements for each loan program, such as minimum down payment, credit score, and property type. Educational resources and an FAQ section are also available addressing purchasing, refinancing, mortgage basics for first-time home buyers, and renovation loans.
Caliber does not provide any information on its website about what fees or interest rates you can expect to pay. A quick quote option is available on the website, but instead of providing information about rates or fees, it directs customers to contact a Caliber loan consultant by phone or complete a full loan application online.
We spoke with a loan consultant at Caliber and were told that this is because rates and fees can vary depending on the customer and loan scenario. Additionally, instead of recommending a traditional product, they can also explore non-traditional options to tailor a loan product that will work best for the customer. The downside is, you’ll need to go through the application process and a hard credit check to get Caliber rates or fees. Keep in mind a hard credit check can lower your credit score a few points.
Caliber Home Loans: Rates and Fees
Since Caliber only provides customized rate quotes based on a customer’s specific scenario, a hard pull is required to obtain a Loan Estimate with rate or fee information. However, we learned that underwriting and processing fees usually apply and can total approximately $1,500. Other industry-standard closing costs such as title, appraisal, and government fees could also apply, but the exact costs vary depending on the specific characteristics of the loan.
Customers can find minimum credit score requirements in the FAQ section of the website. A score of 675 is recommended to qualify for the more competitive rates, with conventional loans requiring at least a 620 https://installmentloansgroup.com/installment-loans-al/ credit score and FHA and VA government loans needing at least a 580.
Refinancing With Caliber Home Loans
Customers looking to refinance with Caliber can begin the process online or call and speak with one of their loan consultants. Caliber provides a checklist summarizing what general steps are involved with refinancing and states that in certain cases refinances could be completed in as little as 10 days.
Their overview of the refinance process includes working with one of their loan consultants to determine the best loan for your needs. However, because they only provide customized rate quotes, customers must agree to a hard credit pull to view any information about rates, fees, or discounts.
How to Shop Around to Get the Best Mortgage Rate
Mortgage lenders charge different interest rates and fees, so it’s always a good idea to check with multiple lenders. Obtaining a Loan Estimate will be tailored to your specific loan scenario and is the best way to get a list of fees charged by the lender. Since rates and fees can vary based on certain loan characteristics like property type, occupancy, and loan amount, it’s best to make sure that each loan estimate is based on the same loan parameters.
Interest rates can also vary each day, so comparing interest rates from different lenders on different days may not be the best way to determine which lender offers the best rate. You can also consider getting loan estimates from different types of lenders, such as credit unions, banks, and private mortgage lenders.
As with all of our mortgage lender reviews, our analysis is not influenced by any partnerships or advertising relationships. For more information about our scoring methodology, click here.