Summary: Caliber Home Loans helps many Americans achieve their dreams of owning a home. However, some consumers have a terrible experience with them and would not recommend their services. Today, we will give you more information and reviews about them to help you make an informed decision on whether to use their services or not.
Buying a home is considered an important milestone as you navigate through life. Before you start paying your mortgage, you must go through the application and approval process, which can be challenging. You must also use a competent mortgage company with a loan program to meet your needs.
Caliber Home Loans is a mortgage company consumers use to finance their homes. They offer multiple loan services, including the following:
New construction loans
To help you decide whether Caliber Home Loans is the company you should work with, let’s look at what the company is, how it does work, and what consumers say about it.
Caliber Home Loans Inc. (CHL) is a countrywide lender and loan company offering its services in all fifty states. It is headquartered in Coppell, Texas. The company began in 2008 after Vericrest Financial and Caliber Funding merged.
CHL offers government-backed, specialty, and conventional loans to Americans who qualify. Their loan application process takes less time (some within ten days) compared to other loan companies, which take months.
Qualification for a CHL loan is straightforward and favorable. For example, VA loans have no down payments and 100% financing available. The FHA loans have a 3.5% down payment requirement, and you can qualify with a less-than-perfect credit score.
How does Caliber Home Loans work?
Before you access its mortgage loan services, Caliber Loans checks your credit score, debt-to-income ratio, and the amount you'll need to submit as a down payment.
The first step is to open an online account with your own Caliber Home Loans login. If you encounter any challenges, a loan officer will be assigned to help you with the process. After you have an account, you are required to fill out a loan application form, scan or attach vital financial documents, and submit them within the app.
Afterward, you can keep track of the loan progress online. You'll receive an alert if you need to add more documentation or confirm any information. Once approved, you’ll move on to the closing process, where CHL will require you to pay closing costs and sign some paperwork.
Caliber Home Loans customer reviews
Caliber Home Loans has received relatively good to fair customer reviews from various online platforms regarding their services. The following is a list of how the company rates out of five stars from four reliable online platforms:
Despite receiving high ratings on some platforms, the Consumer Financial Protection Bureau has received thousands of complaints against Caliber Home Loans. CHL has disappointed many consumers who complained about poor customer service, extra charges, and inaccurate loan figures despite regular payments. Below is an example of a real complaint against CHL taken from its BBB profile:
“Newrez took over my Caliber Mortgage account in December of 2022. My payments are sent automatically and mailed on time. As of April 2023, I have had problems with Newrez, saying they are not receiving my payment or it was late. I cannot speak to anyone to resolve this issue, and I am constantly referred to an email that no one replies to. Caliber Homes is nothing more than a scam, in my opinion. I recently read the current reviews, and it's filled with complaints. This is not a good company. Please help me.”
Like the example above, many consumers are asked to pay a debt they have already cleared or pay a debt that doesn't belong to them. In response to such allegations, send the creditor a Debt Validation Letter asking them to give you a breakdown of the debt in question. Afterward, you can use that information and your records to win your lawsuit.
Here’s another example of a real complaint against Caliber Home Loans from the CFPB:
“I refinanced my mortgage in 2021. Prior to the first scheduled payment I made a full payment and the company set up my payment in a bi-weekly payment schedule which is automatically drawn from my checking account every two weeks. The payment is misapplied and I am sent late notices and charged a late fee. No payment has ever been late. This has occurred 3 times in the last year. I also send additional money to be applied to principle and this is also misapplied. I have had multiple phone call and the company fails to permanently correct the issues.”
So, even despite the Caliber Home Loans’ overall positive reviews, m any people who have taken out a loan with the company experience issues.
Resolve your debt with Caliber Home Loans
Most people have good intentions to pay off their mortgage, but things can go sideways, and you stop making payments due to financial hardship. Before you know it, CHL threatens to take you to court if you do not pay upfront. In such situations, you can use SoloSettle (powered by SoloSuit) to settle your debt for less than you owe. Watch the following informative video for more details.
You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.
SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.
Some creditors, banks, and lenders have an internal collections department. If they come after you for a debt, Solosuit can still help you respond and resolve the debt. Here’s a list of guides on how to resolve debt with different creditors.
Don’t have time to go to your local courthouse to check the status of your case? We’ve created a guide on how to check the status of your case in every state, complete with online search tools and court directories.
Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in all 50 states.
Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created a guide on how to settle your debt in all 50 states. Find out how to settle in your state with a simple click and explore other debt settlement resources below.
Not sure how to negotiate a debt settlement with a debt collector? We are creating guides to help you know how to start the settlement conversation and increase your chances of coming to an agreement with every debt collector.
If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.
Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.
Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.
And 50% of our customers' cases have been dismissed in the past.
"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather