Caliber Home Loans ranked among the top 10 highest-volume mortgage lenders in the US in the 2020 economic outlook. The company is known for its affordable lending rates and excellent customer service. On this page, we will provide you with some basic info about Caliber Loan, including its features, benefits, costs, and application process.
Caliber Home Loan Company
Caliber Home Loan was founded in 2012 by Scott Dorsey, who has worked in the mortgage industry for over 30 years. The company has grown into one of the largest residential lenders in the country. Currently, they employ over 1,000 people and have regional offices all over the country.
What is a Caliber Loan?
Customers can obtain mortgage loans from Caliber Home Loans, a private lender. There are several types of loans available, including new construction, USDA, VA, and FHA. All 50 states are served by the company, and it is committed to providing fair lending practices. These mortgages may be available to those with limited credit histories or low credit scores.
Caliber Home Loans Interest rate, costs and fees
| Caliber Home Loans | |
|---|---|
| Average 30-Year Interest Rate | 3.25% |
| Median Total Loan Costs | $4,150 |
| Median Origination Fee | $1,300 |
Different Types of Caliber Loans
This company provides loans for homebuyers and refinances. Their products include fixed-rate mortgages, adjustable-rate mortgages, and interest-only mortgages. As well as offering loans for new construction and second homes, the company also offers a variety of loan options.
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What are the requirements of a Caliber Home Loan?
Borrowers can choose from a variety of loan options with Caliber Home Loan. In comparison to other loans requiring strict credit scores, incomes, and down payments, this loan has quite lenient requirements. This loan requires an applicant to meet certain requirements, such as age, income, and employment status.
Caliber Loan has the following basic requirements:
- Citizenship in the United States is required
- A minimum credit score is required for applicants
- A minimum monthly and annual income is required
- At least 3% of the purchase price must be paid as a down payment, but not more than 5%
- Proof of employment and/or income for the past two or three years
What are the Benefits of a Caliber Loan?
A Caliber home loan allows borrowers to borrow more than usual. There is typically a lower interest rate and a flexible repayment schedule with this type of loan.
A Caliber home loan offers the following benefits:
- Repayment schedule that is flexible
- Rates are lower as a result
- The ability to borrow more money than usual
- Terms that are more flexible
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