Carrington Mortgage Services Review 2021

Carrington Mortgage Services is a California-based mortgage company founded in 2007. The company both originates loans and services mortgages. Carrington is licensed to lend in 48 states and Washington D.C.

7/10 LendingTree’s mortgage lender rating

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating.

1.   Application online 
2.   Product info online 
3.   Rates listed online 
4.   Helpful articles about mortgages and homebuying 
5.   Standard product offerings (Conventional/FHA/VA/USDA)
6.   Special programs
7.   Info about how to qualify for products offered online 
8.   E-closing availability 
9.   Licensed in at least 35 states 
10.   After-hours and weekend access to loan officers

Carrington Mortgage pros and cons

Pros

  Low down payments available. Carrington Mortgage Services offers low-down-payment options including FHA loans and conventional loans with a 3% down payment.

  Flexible qualifying options. The Carrington Flexible Advantage program allows people who may not qualify for a traditional mortgage to get a loan. You can qualify with a credit score as low as 550, uneven income, and with things like bankruptcy and foreclosure in your recent past.

  Servicing in-house. Carrington Mortgage Services also services a large number of loans, so there’s a good chance your loan will stay with the company.

Cons

  You must contact a loan officer to move forward. You are not able to fill out a mortgage application right away. You’ll need to fill out Carrington Mortgage’s contact form and get in touch with a loan officer to get started.

  Rates not available online. Carrington Mortgage does not give you a sense of what its mortgage rates are on the website.

  Loan officers not available in all states. If you’re looking for in-person service, it may be difficult with Carrington Mortgage. Its loan officers are not on the ground in all states.

Carrington Mortgage borrowing requirements

Carrington Mortgage rates and fees

Carrington Mortgage Services doesn’t publish its rates or fees online. You’ll need to speak with a loan officer to get a sense of what you might qualify for and what types of closing costs you’ll run into.

Carrington Mortgage products

Purchase

Carrington Mortgage offers conventional loans with a credit score of 620 or above. The lender participates in Freddie Mac’s Home Possible Advantage program, which allows a down payment as low as 3%. Only terms of 30 or 15 years are available.

The lender’s FHA and VA loans are open to borrowers with credit scores as low as 500. These mortgages are available with 30- and 15-year terms.

USDA loans offer no down payment and flexible credit score requirements for qualified borrowers in rural areas.

Refinance

Carrington Mortgage offers conventional refinance loans, as well as the streamlined refinance program for FHA, VA and USDA loans. You can also take part in the Carrington Flexible Advantage program through a refinance.

Home equity

While Carrington Mortgage does not offer traditional home equity loans, you are able to tap your home equity through a cash-out refinance. Cash-out options are available on conventional, FHA and VA refinances, as well as the lender’s Flexible Advantage program.

Special programs

The Carrington Flexible Advantage program allows people with credit scores as low as 550 to qualify for a mortgage. Loan amounts are available up to $1.5 million, and cash-out refinances with as much as $250,000 taken out. You may still qualify with a bankruptcy, foreclosure, short sale or missed payments in your recent past. This program does not require mortgage insurance. People with higher credit scores may qualify for Flexible Advantage Plus or Prime Advantage, which offer higher loan amounts.

How does Carrington Mortgage compare to other lenders?