Carrington Mortgage Review 2023 | US News

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Min. Down Payment
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Min. Credit Score
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Min. Credit Score

Carrington Mortgage Services offers a variety of home loans, including:

The Carrington Flexible Advantage loan has purchase, refinance and cash-out refinance options intended for buyers with:

Carrington Prime Advantage could be ideal if you have a high credit score yet do not qualify for a conventional or government-backed loan because of credit events from more than four years ago. This program accepts recent bankruptcies, foreclosures and late payments, as well as first-time buyers.

When you’re ready to start your loan application, you have three choices:

  • At Carrington’s homepage, click on Contact Us at the top and then Future Customers. At the Future Customers page, select the appropriate option, such as help with a new loan or question about your application.
  • Call a loan officer at 888-267-0584 from 7 a.m. to 6 p.m. Pacific Time Monday through Friday.
  • Find a loan officer, searching by name or state, in Carrington’s online directory.

You can prequalify for a loan with Carrington Mortgage Services depending on financial information such as your income and assets. The lender will provide loan options and help borrowers decide which one is the best fit.

Carrington Mortgage Services offers 15- and 30-year fixed-rate conventional and government-backed mortgages, along with 5/1, 7/1 and 10/1 adjustable-rate mortgages.

Ask the lender about terms for refinance loans. One example is an FHA refinance to a fixed rate and term of 30, 25, 20, 15 or 10 years.

Carrington does not disclose its origination or underwriting fees but has published a list of other fees, noting that amounts may vary depending on your loan and your location. The lender charges a:

  • Late fee of 5% of principal and interest, or as permitted by state law or the terms of the note.
  • Returned payment fee of $7 to $50, depending on your state.
  • Release fee of $17, or as permitted by state law, paid to a vendor to process and record the release of lien.

Carrington Mortgage Services sometimes offers closing cost credits to customers who have recently paid off a home loan. A variety of other discounts are also available, although these vary by program and borrower qualifications.

Carrington Mortgage Services will consider your financial information, including credit score, income and debt, when you apply for a loan. Loan limits are based on your location, your property and your loan.

Borrowers must meet the minimum credit score requirement for the type of mortgage they want. While your credit score may be as low as 500 for an FHA, VA or USDA loan, you will need a score of 620 for a conventional mortgage.

A higher score will get you Carrington’s best terms and interest rates. Carrington also considers information such as your income and debt.

Carrington Mortgage Services is licensed to originate mortgages in 48 states and Washington, D.C. It does not originate loans in Massachusetts or North Dakota. The lender is also licensed to service loans nationwide.

Carrington Mortgage Services has an A+ rating with the Better Business Bureau.

The Consumer Financial Protection Bureau received 340 mortgage-related complaints in 2020 for Carrington Mortgage Services. The most common complaints involved having trouble during the payment process and struggling to pay the mortgage. The company provided a timely response to all complaints and closed each with an explanation.

Carrington Mortgage Services is rated 4.4 out of 5 stars overall by U.S. News, with 4 stars for affordability, 4.4 stars for customer service and 4.5 stars for eligibility. The median overall rating for all mortgage lenders rated by U.S. News is 4.2.

You can reach out to Carrington Mortgage Services via phone or email. Existing customers can call 800-561-4567 from 8 a.m. to 8 p.m. Eastern Time Monday through Friday. Prospective applicants can talk with a loan officer at 888-267-0584 from 7 a.m. to 6 p.m. Pacific Time Monday through Friday. For help during the application process, call 844-563-0516 or contact your loan officer.

Customers who are dissatisfied with the resolution of an issue should contact Carrington’s Customer Advocacy Group at 866-874-5017 from 11 a.m. to 8 p.m. ET Monday through Friday or email advocates@carringtonms.com. Contact customercomplaints@carringtonms.com with complaints about applying for a loan.

You can begin your application online by providing some details – home purchase price, ZIP code, down payment, income, credit score and military status – to get loan recommendations and estimated payments. Four types of online loan calculators can help you plan for your mortgage payment.

You can apply online for a loan from Carrington with the help of a loan officer and upload documents. The lender also provides an online tool to search for a loan officer by name or state.

Once you have a mortgage, you can set up an online account to manage payments. You can also make payments, view your payment history and sign up for account notifications through Carrington’s mobile app, Carrington Quick Pay.

  • People who have low credit scores.
  • People who cannot make a large down payment.
  • People who want to choose from many loan options.

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