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Monday, June 21, 2021

Carrington Mortgage Review 2021 | US News

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Carrington Mortgage Services offers a range of mortgage and refinancing options to borrowers nationwide. The company provides conventional and government-backed mortgages and has funded $22 billion in home loans since 2011. The parent company Carrington Holding Company was founded in 2007 in California, and offers a range of real estate services. Today, it has locations in Arizona, California, Connecticut, Florida, Indiana and Maryland.

  • Accepts applicants with low credit scores
  • Offers loan options with low down payments

  • Lender is not licensed in all states
  • Limited online capabilities

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

  • Conventional
  • Federal Housing Administration
  • Veterans Affairs
  • U.S. Department of Agriculture
  • Adjustable-rate mortgages
  • Home equity loans
  • Refinancing loans
  • First-time homebuyer program

Borrowers must meet the minimum FICO credit score requirement for the type of mortgage they want. You could be approved for VA, FHA and USDA loans, for example, with a FICO credit score as low as 500.

The minimum FICO score is 620 for other mortgage programs.

Carrington Mortgage Services does not disclose its lender fees, including origination or underwriting fees.

Carrington Mortgage Services has an A+ rating with the Better Business Bureau and is a BBB-accredited business.

The Consumer Financial Protection Bureau received 339 complaints in 2020 for Carrington Mortgage Services, which provided a timely response for all complaints.

The most common complaints involved:

  • Having trouble during the payment process
  • Struggling to pay the mortgage

Borrowers can begin the loan application process online. Mortgage applications can be completed over the phone or at a Carrington Mortgage Services office. Once you have a mortgage, you can set up an online account to manage payments.

  • People with less-than-perfect credit
  • People seeking low down payment home loans
  • People who want to refinance a mortgage

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