Carrington Mortgage Services Review 2024

Carrington Mortgage Services overview

Carrington Mortgage Services has been offering home loans since 2007. The lender, owned by Carrington Holding Company, is licensed to operate in nearly every state and Guam. Its headquarters is in Anaheim, California, and there are additional brick-and-mortar locations throughout the U.S. 

The lender considers itself a “homeownership company” rather than a lender, as it services loans and offers title and escrow services, as well. It takes as little as 24 hours to obtain a preapproval (assuming you qualify), and the average closing time for a purchase runs 30 days to 45 days. Notably, the lender offers a product specifically designed for borrowers who might not qualify for a traditional home loan, the Flexible Advantage loan, which can help borrowers with credit scores as low as 550 purchase a home or refinance an existing mortgage. The program has another key differentiator, too: no mortgage insurance. However, this lender’s history of playing hardball with borrowers is a red flag.

Pros and cons of Carrington Mortgage Services

How Bankrate scored Carrington Mortgage Services

Affordability: 3.6/10

Carrington Mortgage Services doesn’t list mortgage rates for any of its loans online. To get more information on rates, you’ll need to speak with a loan officer. The lender’s fees include an origination fee between $1,395 and $1,895.

Availability: 10/10

Carrington Mortgage Services offers a wide range of loan products, including conventional, FHA, VA, USDA, fixed-rate, adjustable-rate and non-QM loans, as well as rate-and-term, cash-out and streamline refinancing. The lender works with borrowers nationwide (with the exception of those in Massachusetts and North Dakota). One key benefit that might make this lender appealing to a wider pool of borrowers: the lender’s Flexible Advantage program, which requires either a minimum 550 credit score for a maximum loan amount of $1.5 million; a minimum 620 credit score for a maximum loan amount of $2 million; or a minimum 660 credit score for a maximum loan amount of $3.5 million.

Borrower experience: 8.8/10

Carrington Mortgage Services was founded in 2007. The lender’s website features calculators to help you compare loans and estimate monthly payments. The rest of the online experience, though, is fairly limited. There’s no option for prequalification or preapproval, and to track down any additional information, you’ll have to share your data and wait for the lender to get in touch with you. If you have a loan with Carrington, you can pay your monthly bill via the lender’s website or app, but have to pay a $5 convenience fee to do so.

Special programs: Carrington’s Flexible Advantage loan

Carrington’s Flexible Advantage program is geared toward borrowers with lower credit scores. One loan program accepts applications from borrowers with credit scores as low as 550, well below the threshold for most other lenders. Carrington also has a Flexible Advantage program for self-employed borrowers; they can qualify with bank statements rather than W-2s. More details on these programs:

• Carrington Flexible Advantage. Borrowers with credit scores as low as 550 can borrow up to $1.5 million.
• Carrington Flexible Advantage Plus. The minimum credit score for this loan program is 620, and the maximum loan amount is $2 million.
• Carrington Prime Advantage. Borrowers with credit scores as low as 660 can borrow up to $3.5 million, even with a recent bankruptcy or foreclosure.

Refinancing with Carrington Mortgage Services

Carrington Mortgage Services offers both rate-and-term and cash-out refinancing options. The lender lets borrowers refinance conventional loans along with those through the VA, FHA and USDA programs. However, the rates and fees for these options aren’t available online. Instead, you’ll need to complete a form, and a loan officer will call you the following business day.

Learn more: How to choose the right kind of refinance

How to apply for a mortgage with Carrington Mortgage Services

This company offers a variety of mortgage types to fit all situations. You can apply for a mortgage with Carrington Mortgage Services in-person at a branch location, online or by phone at 800-561-4567. Its customer service hours are Monday through Friday, 8 a.m. to 8 p.m. ET. Here are some tips to prepare for the process:

1. Check your credit report. Because Carrington caters to borrowers with lower credit scores, it’s not as important to check your credit report as compared to other lenders. Carrington expects to see some blemishes. However, you will benefit from improving your credit score as much as possible before applying.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements. Because Carrington also offers non-qualified mortgages, or non-QM loans, you might need to provide bank statements, too.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.