What is Carrington Mortgage Service?
Carrington mortgage services is an organization that provides non-bank mortgage services and is mainly based in California having headquarter in Anaheim. Carrington mortgage services is offering mortgage services to borrowers since 2007. The organization is mainly eminent for providing loans. Carrington mortgage services also offers many choices of loans to home buyers. The organization offers different loan options that can be borrowed by homebuyers according to their needs. Carrington provides their services to 20 states of the US; the only two exceptions are Massachusetts and North Dakota.
Online Services Provided by Carrington
Carrington mortgage services provide online services to their customers along with several physical stores that are situated nationwide. But it has been noted from various sources that the website of Carrington is not very impressive as it is hard to navigate and there is no search bar. Therefore the borrower cannot qualify for the loan online and the entire loan information is hidden.
So, it can be assumed that the borrower is forced to call the company as there is no proper information on the official website of Carrington mortgage services. And the tools and resources provided on the website are very basic and the borrower cannot find or compare mortgage rates in it. Although there is a contact number, reviews, and frequently asked questions and answers available on the website to assist the borrower.
Therefore prequalification in the online process is not an option in Carrington mortgage services, but the link of prequalification can be found on the website that can lead the borrower to fill out his or her personal information so that an agent of Carrington can call or email the borrower. Unlike other mortgage options available in the market Carrington does not provide a mobile site or application which can be helpful to the borrower to track the loan process. It can be said that apart from having a generation of experience the company seems behind other competitive lenders in regards to technology.
Qualifying factors in Carrington Mortgage Services
According to the President of Carrington, Mr Ray Brousseau their organization feels pride with the feelings that they fulfil the needs of homebuyers and dreams of a happy home of those who typically would not qualify for a mortgage. Some factors are really important for qualifying for the loans provided by Carrington mortgage services.
• One of the key factors in Carrington qualification is the FICO (Fair Isaac Corporation) credit score of the borrower. Carrington provides loans to those who have more than 550 credit score.
• Apart from the credit score, the borrower’s debt-to-income (DTI) ratio would be calculated by Carrington to measure his/her financial situation. By doing this the lender can figure out the idea regarding how much money would have the borrower after paying the monthly installment. Although Carrington has no fixed percentage regarding DTI, the best interest rate generally available to those who have 36% or less DTI.
• The down payment savings scheme would be decided depending on the type of loan the borrower is applying for. For example, USDA (US Department of Agriculture) and VA (Veterans Affairs) loans require 0% down payment savings.
If anyone is searching for a mortgage or home loans or refinancing options in the US, Carrington mortgage services can be on the best options as the organization offers a variety of refinancing and home buying loan programs that can fit the requirements of the borrower having an imperfect credit score or wants to pay interesting payment terms while repaying.