Carrington Mortgage Services Review – Forbes Advisor

Carrington Mortgage Services operates in 48 states and the District of Columbia, and its interest rates on 30-year fixed-rate conventional conforming loans are comparable to national averages.

Keep in mind that Carrington does not publish its mortgage rates due to daily market changes. Instead, borrowers can get estimated rates based on requested loan amount, down payment, income, zip code, and credit score.

Types of loan

Carrington offers mortgages to meet nearly every need, including loans for first-time buyers as well as options for borrowers with poor or fair credit. Here are the types of fixed rate loans available through Carrington:

Adjustable Rate Mortgages (ARMs) are also offered by Carrington, including five-, seven-, or 10-year options. Keep in mind that an adjustable rate is only available on an ineligible mortgage, that is, a loan issued to a borrower who does not meet the typical credit or income requirements of a mortgage. qualifying loan.

Minimum loan

Carrington does not have a minimum loan amount. This is good news because some lenders don’t offer small mortgages, which can make it harder to buy a cheaper home.

Maximum Loan

Loan limits vary by mortgage type and borrower qualifications. The maximum you can borrow through Carrington is $3.5 million. This maximum amount is available through the Carrington Prime Advantage loan, an unqualified mortgage that allows credit scores as low as 660 and loan-to-value (LTV) ratios up to 90%.

loan service

Unlike some mortgage companies, Carrington does not sell the loans it originated. So if you get a loan through Carrington, you can expect to make your payments in Carrington.

Carrington also manages loans from other originators. This means that if you take out a mortgage through another company, you could still make payments to Carrington.

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