Caliber Home Loans Review 2022

Good for: first-time home buyers, veterans and those who may have credit challenges to overcome.

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Our Take

3.5

NerdWallet rating 

The bottom line:

Caliber offers a substantial array of both conventional and government-backed loans, but potential borrowers can't shop its mortgage rates online.

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 & Cons

Pros

  • Offers extensive educational resources for military borrowers.
  • Participates in some down payment assistance and first-time home buyer programs.

Cons

  • No mortgage rates displayed online.
  • Doesn't offer home equity loans or lines of credit.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

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Full Review

What borrowers say about Caliber Home Loans

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 an 850 out of 1,000 in J.D. Power’s 2021 Primary Mortgage Origination Satisfaction Study. The industry average for origination is 851. (Mortgage origination covers the initial application through closing day.) 

  • Caliber receives a 588 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 607. (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 score reflects more than 6,600 customer reviews.

Caliber Home Loans variety of loan types

  • 5 of 5 stars

Caliber offers a broad selection of home purchase and refinance loans, including fixed- and adjustable-rate mortgages.

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. The SmartEdge loan can also be used to buy or refinance a non-warrantable condo.

On the government loan side, Caliber offers mortgages from the Department of Veterans Affairs, U.S. Department of Agriculture, and the Federal Housing Administration, including FHA 203(k) renovation loans. 

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

Caliber Home Loans ease of application

  • 4 of 5 stars

Caliber offers an online portal to apply for a home loan, as well as a mobile app for Android and iPhone. You can upload documents, download loan disclosures and track the progress of your loan online or in the app. However, e-signature is not available.

Caliber is licensed in all 50 states and has a national network of loan consultants available by phone, email or text. If you live in a state where Caliber doesn’t have a physical presence, you can connect with a loan consultant remotely.

Caliber Home Loans rates and fees

  • 3 of 5 stars

  • Caliber earns 3 of 5 stars for average origination fee.

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

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, are not available on the Caliber Home Loans website. To find out the rate for which you might qualify, 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 a broad array of government-backed loans as well as programs for underserved communities.

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

Enter your ZIP code to get started on a personalized lender match.

 

More from NerdWallet

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).