ARMs are typically less predictable than fixed-rate loans because they can change with market fluctuations. It is worth noting that the interest rate cannot rise above a certain level that is specified in the loan’s terms. After that time, the interest rate can increase or decrease, though it generally goes up. If you plan to stay in the home for this length of time and want a consistent payment, a fixed-rate loan might be a good option for you.Īdjustable-rate mortgage (ARM): Adjustable-rate mortgages feature a lower interest rate during the first one, three, five, seven or 10 years of the loan. Loan periods for fixed-rate mortgages are typically between 15 and 30 years. Caliber Home Loans offers several home loan options, including:įixed-rate mortgage: The interest rate is set with this type of mortgage, meaning your monthly payment will remain consistent through the full loan period, unless you decide to refinance. When you’ve finished crunching numbers and considering your monthly home budget, it’s time to decide which mortgage option is best for you. What Kind of Mortgage Can I Get With Caliber Home Loans? The service is said to help streamline the application, approval and closing experience for loans by making the process more efficient overall. The company launched the Caliber Ultimate Home Buying Experience in December 2016. In July 2016, Caliber Home Loans acquired First Priority Financial, to expand its mortgage licensing to all 50 states. The company is jointly owned by Lone Star V and Lone Star Fund VI, which are affiliates of private equity firm Lone Star Funds. In 2013, two companies, Caliber Funding and Vericrest Financial, merged to form Caliber Home Loans. With around 6,000 employees, it’s a mid-size lender when compared to big banks like Wells Fargo which has more than 200,000 employees. Caliber Home Loans focuses solely on mortgages, differentiating it from large banks with multiple departments and more diversified ranges of financial service. It is a direct lender, seller and servicer. Caliber Home Loans is a full-service mortgage banking company, headquartered in Irving, Texas.
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