Caliber Home Loans Review

ByChris MullerJul.15, 2021
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In a Nutshell

Caliber Home Loans has a wide range of mortgage products tailored to all types of home buyers. The company requires a 3% minimum down payment and a credit score of 620 or higher. Applicants have access to a wealth of online educational resources and can get loans anywhere in the U.S.


  • Local loan consultants nationwide
  • Low-down-payment mortgage options
  • Extensive educational offerings online


  • High rates and fees
  • No home equity loan or HELOC offerings
  • No banking or investing services

Caliber Home Loans at a Glance

Direct Lender or Marketplace? Direct lender
Loan types Purchase, Jumbo, Fixed, Refinance, USDA, FHA, VA
Repayment Terms 3 to 30 years
Minimum down payment 3%
Minimum credit score 620
Suitable for: Those searching for budget-friendly mortgages

Suitable For?

You should consider Caliber Home Loans if you’re looking to finance your home or have less than perfect credit. Since Caliber Home Loans operates as a direct lender, seller, and servicer, you can get all your mortgage services under one roof. Multiple mortgages with low-down-payment options are available in all 50 states.

Types of Loans/Products

Caliber Home Loans offers both conventional and government-backed mortgages for borrowers with credit scores above 620, with special offers for the military. Caliber Home Loans offers payments as low as 3% with loan terms from three to 30 years. Since interest rates change every two weeks, you can find the latest APR at SmartAsset.

The complete list of Caliber Home Loans products includes:

  • Adjustable-rate loans
  • Conventional loans
  • FHA loans
  • Mortgage refinance loans
  • USDA loans
  • VA loans

The Application Process

Caliber Home Loans utilizes an intuitive 20-to-30-minute application process to get you a quote quickly. Before you apply, gather documents providing your income, bank accounts, and Social Security number.

Click the “Begin Application” button to create an account. If you’re unsure about how much money you need for your loan, you can click the Education Resources at the bottom of the page. New users should select a loan consultant before answering questions about their desired mortgage. Caliber Home Loans also requires a credit check for loan consideration.

Rates and Fees –The Bare Basics 

Caliber Home Loans usually charges more in rates and fees than competitors for similar products. For instance, as of July 30, Caliber Homes Loans offers 3.30% and 2.68% for 30-year and 15-year fixed-rate mortgages. According to SmartAsset, the national average for the same products is 2.99% and 2.51%.

The company charges up to 20 different fees when closing your home loan. That includes up to $1,200 for an appraisal and up to $500 for a title search. Some charges, such as property preservation and bankruptcy, vary based on situation and state.

Repayment Terms

Repayment terms depend on the loan. Fixed-rate loans range from 10 to 30 years, while adjustable-rate mortgages have 3/1, 5/1, 7/1, 10/1, and 5/5 options. APRs vary based on the loan length, the Federal interest rate, your finances, and many other factors, but currently range from 2.5% to 4%.

Help & Support

Caliber Home Loans representatives are available Monday through Friday from 9:00 a.m. to 8:00 p.m. EST. You can reach the Customer Relations department at (888) 426-7002 or by email at


Caliber Home Loans makes the dream of homeownership a reality with straightforward applications and flexible products. The company’s crown jewel is the Freddie Mac HomeOne mortgage, which only requires a 3% down payment, whether you own a condo, single-family home, or co-op. While Caliber Home Loans' rates are higher than its competitors, its competitive services should merit consideration when shopping for a loan. 


How do I get rid of private mortgage insurance?

Caliber Home Loans requires a loan-to-value (LTV) ratio of 78% before getting rid of private mortgage insurance (PMI). A 78% LTV ratio means you own 22% equity in your home. You can avoid PMI altogether by making a sizable down payment.

What happens if I skip a mortgage payment?

Caliber Home Loans gives borrowers up to 15 calendar days to make a payment before incurring a late fee. Learn more about grace periods by checking the Closing Disclosure section of your mortgage conditions.

Does Caliber Home Loans accept credit card payments?

Caliber Home Loans does not accept credit cards as a form of payment. It accepts direct deposits, debit cards, cashier's checks, and mailed money orders.

Does Caliber Home Loans offer escrow with my mortgage?

Yes, you can take advantage of escrow payments. Caliber Home Loans pays your taxes and insurance, so you don’t have to. The process also guarantees that you do not incur liens against your home.

Physical Address 

Caliber Home Loans

1525 S Belt Line Rd

Coppell, TX 75019

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