Carrington Mortgage Services
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Carrington Mortgage Services review: Strong lender overall, especially if you have poor credit
Carrington Mortgage Services is available in every state but MA and ND. Carrington Mortgage Services; Alyssa Powell/Insider
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Carrington Mortgage Services
Details
Pros & Cons
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Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.The bottom line: Carrington Mortgage Services is our top choice for borrowers with low credit scores, thanks to its low minimum credit score requirements and willingness to work with those who have recent negative events on their credit reports. Borrowers can get an FHA or VA mortgage from Carrington with a score as low as 500. But this lender lacks transparency when it comes to rates.
Overall lender rating
| Feature | Insider rating (out of 5) |
| Loan types | 4 |
| Affordability | 5 |
| Customer satisfaction | 4.93 |
| Trustworthiness | 3 |
| Total | 4.23 |
Pros and cons
| Pros | Cons |
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Carrington Mortgage Services mortgage rates
Carrington Mortgage Services doesn't show mortgage rates on its website, making it difficult to sense whether it will give you a good deal before applying for preapproval.
Many lenders at least post sample rates online. For example, it may show today's average 30-year fixed rate, assuming a 20% down payment and 700 credit score.
Others will even let you customize your rate by entering your credit score, down payment amount, or zip code. This method gives you a good idea of what rate you'll get should you take the next step and apply for preapproval.
On the bright side, customer reviews on Zillow reveal that most borrowers' rates were "as expected" or "lower than expected." So you could get a good rate with Carrington.
Compare to other mortgage lenders
Carrington Mortgage Services vs. Fairway Independent Mortgage Corporation
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Availability All states but MA and ND | Availability All 50 states |
Types of loans Conforming, jumbo, FHA, USDA, VA, Carrington Flexible Advantage | Types of loans Conforming, jumbo, FHA, USDA, VA, reverse, renovation |
| Get started | Get started |
Fairway Independent Mortgage Corporation is the clear choice if you need a reverse mortgage or home renovation loan. It's also good if you live in Massachusetts or North Dakota, where you can't get a Carrington Mortgage.
Both companies accept alternative credit sources if you have a poor credit score. If you're refinancing and have bad credit, you may like Carrington for its Carrington Flexible Advantage Refinance Loan.
Carrington Mortgage Services vs. Guild Mortgage
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Availability All states but MA and ND | Availability All states but NJ and NY |
Types of loans Conforming, jumbo, FHA, USDA, VA, Carrington Flexible Advantage | Types of loans Conforming, jumbo, FHA, USDA, VA, reverse, renovation, manufactured |
| Get started | Get started |
Your choice between the two could come down to where you live. Carrington is better if you live in New Jersey or New York, and Guild Mortgage is better if you live in Massachusetts or North Dakota. Guild also has reverse mortgages, renovation loans, and manufactured home loans.
You may like Guild Mortgage's unique loan options. Its bridge loans are short-term loans for a down payment if you need to move but haven't sold your home yet. It also provides down payment assistance, loans or grants if you have a low-to-moderate income and need help financing a down payment.
Both lenders accept alternative credit in lieu of a credit score. If you're refinancing with bad credit, you may like the Carrington Flexible Advantage Refinance Loan.
How Carrington Mortgage Services works
Carrington Mortgage Services has offices in Arizona, California, Connecticut, Florida, Indiana, and Maryland. It offers mortgages to residents of every US state except Massachusetts and North Dakota.
Carrington gives the following types of home loans:
- Conforming
- Jumbo
- FHA
- VA
- USDA
- Fixed-rate
- Adjustable-rate
- Carrington Flexible Advantage mortgage, which allows credit scores down to 550 and recent negative credit events
Carrington does not offer reverse mortgages, construction loans, home equity loans, or HELOCs.
If you refinance, you can choose between a rate-and-term refinance or cash-out refinance. You may also streamline refinance your FHA, VA, or USDA loan. The Carrington Flexible Advantage Refinance Loan lets you refinance even if you wouldn't normally qualify for a mortgage.
Carrington could be a good option if you have a poor credit score, or none at all. This lender allows score as low as 500 on its government-backed loans, will work with borrowers who have recent negative credit events such as foreclosure or bankruptcy, and accepts non-traditional forms of credit on some of its loans.
Is Carrington Mortgage Services trustworthy?
The Better Business Bureau gives Carrington an A+ rating. The BBB looks at a company's responses to customer complaints, transparency about business practices, and honesty in advertising.
A great BBB grade doesn't guarantee you'll have a smooth relationship with a lender, though. You may also want to read online reviews or ask friends and family about their experiences with Carrington. On its Zillow lender profile, Carrington has a 4.93 out of 5-star rating, based on 901 customer reviews.
Carrington does have a recent public scandal. In November 2022, the Consumer Financial Protection Bureau announced it's taking action against Carrington for violating borrowers' CARES Act rights. The CFPB alleges that the lender misled borrowers seeking CARES Act forbearance and denied them key protections provided by the pandemic-era law.
Carrington Mortgage Services FAQ
Yes, Carrington Mortgage Services is a real mortgage lender. It is a Better Business Bureau-accredited company with an A+ rating. It's also an Equal Housing Opportunity lender, which means that the US Department of Housing and Urban Development holds it to certain standards regarding discrimination in lending.
Carrington makes it relatively easy to qualify for a mortgage. It offers several types of home loans, so you're likely to find one you're eligible for. It also accepts alternative forms of credit if you have a low credit score, or no score at all.
Carrington is a direct lender. This means it originates its own mortgages, as opposed to a mortgage broker, which connects you with multiple lenders to find the best fit.
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