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Caliber Home Loans Mortgage Review

Dena Standley | October 27, 2023

Dena Standley
Legal Expert, Paralegal
Dena Standley, BA

Dena Standley is a seasoned paralegal with more than 20 years of experience in legal research and writing, having received a certification as a Legal Assistant/Paralegal from Southern Technical College.

Edited by Hannah Locklear

Hannah Locklear
Editor at SoloSuit
Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

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:

  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans
  • Jumbo loans
  • 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.

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What is Caliber Home Loans, and how do they work?

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.

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