Caliber Home Loans Review 2024

New mortgage applications will now be handled by Caliber’s affiliate company, Newrez, which acquired Caliber in 2021.
Abby Badach Doyle
By
Last updated on January 10, 2024
Edited by
✅ Fact checked and reviewed
Johanna Arnone
Edited by
✅ Fact checked and reviewed

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Our Take

3.0

Home loans overall
NerdWallet rating
The Nerdy headline:

Starting in September 2023, new mortgage applications with Caliber will be handled by its affiliate company, Newrez. Caliber’s loan officers have moved over to Newrez, too. We haven’t evaluated how that will affect the mortgage application process going forward, but here’s our take on the Caliber experience before the transition.

Jump to:Full Review
Caliber
Caliber: NMLS#15622

Min. credit score
620
Min. down payment
3%
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros

  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.
  • Offers financial assistance, such as grants for down payments or closing costs, to first-time home buyers who qualify.
  • Supports military borrowers with extensive online resources and dedicated VA loan specialists.

Cons

  • No mortgage rates displayed online.
  • Room to improve overall digital experience: No online chat for customer service, and mobile app has poor ratings and reviews.
  • Doesn't offer home equity loans or lines of credit.
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Full Review

Editor’s note, Sept. 28, 2023: NerdWallet has learned that Caliber's affiliate company, Newrez, will manage all new loan applications going forward. Newrez acquired Caliber in 2021. Existing customers with Caliber as their mortgage servicer will not experience any changes. For the latest information on the Caliber/Newrez transition, visit the Caliber Home Loans website.

What borrowers say about Caliber mortgages

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

  • Caliber receives a score of 737 out of 1,000 in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 730. (Mortgage origination covers the initial application through closing day.) 

  • Caliber receives a score of 630 out of 1,000 in J.D. Power’s 2023 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 601. (A mortgage servicer handles loan payments.)

  • Caliber receives a customer rating of 4.96 out of 5 on Zillow, as of the date of publication. The rating reflects 6,705 customer reviews.

Caliber’s mortgage loan options

  • 4 of 5 stars

Caliber offers a broad selection of conventional and government-backed mortgages to buy or refinance a home, including fixed- and adjustable-rate options.

On the conventional loan side, Caliber's mortgage selection includes low-down-payment options like HomeReady, HomeOne and Home Possible loans, as well as the HomeStyle renovation mortgage. The lender also offers three unique loans in its proprietary “Smart” series: SmartSelf, for self-employed borrowers; SmartVest, for experienced real estate investors; and SmartEdge, for those unable to qualify for standard jumbo loans.

Caliber has a specially trained lending team to assist the military community and emphasizes personalized service for its VA loans.

What it’s like to apply for a Caliber mortgage

  • 3 of 5 stars

Caliber offers a fully online application, available after you complete and submit a contact form. No online chat is available, but a phone number is displayed if you need assistance along the way — you’ll connect with a licensed loan advisor at its parent company, Newrez.

A Caliber Home Loans app is available for Apple and Android devices to track your loan application and make payments. However, the average rating is 2 stars and recent reviews highlight users’ trouble logging in and making payments.

Caliber Home Loans’ rates and fees

  • 2.5 of 5 stars

  • Caliber earns 2 of 5 stars for average origination fee.

  • Caliber earns 3 of 5 stars for average mortgage interest rates.

NerdWallet analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates. We measure annual averages across all loan types, as reported by the lenders. Compared with other lenders, Caliber’s origination fee is on the high side, while its interest rates are average.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

Caliber Home Loans’ rate transparency

  • 1 of 5 stars

Mortgage interest rates, either general or customized, aren't available on the Caliber Home Loans website. To find out the rate you might qualify for, you'll have to contact the lender. This makes it difficult to compare Caliber Home Loans with other lenders when you're mortgage shopping.

Alternatives to Caliber Home Loans

Here are some comparable lenders we review that borrowers can consider.

Veterans United Home Loans specializes in VA loans. New American Funding offers flexible qualifying options for self-employed borrowers.

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Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).

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