In a Nutshell
pros
- No closing costs
- Excellent resources
cons
- Difficult to qualify
- Long Timelines
CashCall Mortgage at a Glance
| Loan types | 10-, 15-, and 30-year fixed rate mortgages |
| Loan features | Up to $424,100 |
| Repayment Terms | Varies according to loan |
| Top Pro | No closing costs |
| Top Con | Can be difficult to qualify |
| Suitable for | Consumers with a good to excellent credit |
Overview
CashCall Mortgage was founded in 2003 and is headquartered in Orange, California. This online lender specializes in low interest mortgage loans and home refinancing for borrowers with good to excellent credit. CashCall undercuts the traditional brick-and-mortar banks, offering their customers with low interest rates, no application fees, and – no closing costs. Licensed in 41 states, CashCall offers millions of Americans discounted mortgages and refinancing. CashCall Mortgage has streamlined the mortgage application process, meaning their customers can quickly and easily apply online or over the phone for a fixed rate mortgage at a 10-, 15-, or 30- year term.
Suitable for?
CashCall Mortgage is an online lender of choice for those consumers that have a good to excellent credit scores. This lender’s no closing costs premium offer allows those who do not have the cash on hand to cover their closing costs the ability to easily become homeowners.
Loan Features
- CashCall specializes in low-interest mortgage loans with the premium feature of no application fees, deposits, or closing costs.
- Loans include 10-, 15-, and 30-year fixed rate mortgages and are loaned to borrowers with a minimum 740 FICO credit score. If your score is below that, you may still qualify, but a higher rate may apply.
- There is a $995 lender fee associated with some mortgage options.
- Because CashCall offers no closing costs, its interest rates are slightly higher than the national average.
The Application Process
If you’re interested in applying for a CashCall Mortgage loan, you’ll need to fill out a brief online form, and a representative will then contact you to begin the process. CashCall Mortgage’s online application form is quick and easy to complete. You then create a login account and a representative will then contact and help you complete the mortgage application process where you provide the necessary personal information – from bank statements to social security information.
Loan Types
Safe and Secure 10-, 15-, and 30- Year Fixed Rate Loans: CashCall Mortgage will work with you to decide on how to structure your loan so it fits your budget to become a stress-free homeowner.
FHA Loans: If you are looking to buy your first home, the FHA loan may be right for you. This type of loan allows first time home buyers to purchase with small down payments.
VA Loans: These loans are specific to service veterans and family members to purchase a home or refinance a current mortgage.
HARP Loans: The Home Affordable Refinance Program (HARP) loan is for those who have a home with declined property value. CashCall may be able to help lower your mortgage payment with a HARP loan.
Mortgage Rates
CashCall Mortgage offers several options for each of its fixed-rate loans, including a roll down and a $995 flat fee. As of May 16th, 2017, the rates on a 10-, 15- and 30-year fixed loan were:
- For 30-year fixed loans, the rates were 3.990% for a flat lender fee, 3.990% for a Roll Down, 3.875% for 0.250 points, and 3.750% for 1.000 points.
- For 15-year fixed loans, the rates were 3.250% for a flat fee, 3.250% for a Roll Down, 3.125% for 0.500 points and 3.000% for 1.000 points.
- For 10-year fixed loans, the rates were 3.125% for a flat fee, 3.125% for a Roll Down, 3.000% for 0.250 points and 2.875% for 0.5000 points.
When comparing CashCall Mortgage rates with the competition, the no closing costs premium offer often equates to a small rates hike. As the borrower, it’s up to you to decide what you want to pay for. You can work with a lender like CashCall who will cover your closing costs (appraisal fees, credit checks) but offers a higher rate, or go with another lender with lower rates and cover those closing costs yourself.
How Safe is It?
CashCall Mortgage considers customer privacy of utmost importance. The application process is done online, but if you would prefer completing it over the phone, customer service representatives can complete the application process with you offline. Depending on the type of product you have with CashCall, your personal information may be collected. This information can include:
- Social Security Number
- Income
- Account balances
- Payment history
- Credit history
- Credit scores
CashCall does offer opt-out options for customers who don’t want their information shared. You cannot opt out of the company sharing your non-personal information with their affiliates for transaction and experience information, but you can opt out of the affiliates using that information to market to you. So, rest assured that if you sign up with CashCall, you will not be inundated with bothersome marketing calls or emails.
Help & Support
CashCall Mortgage is not yet rated with the Better Business Bureau (which can be a red flag), but when digging into their customer reviews, the vast majority of both positive and negative reviews are based on not the loan itself, but the company’s customer service. The common theme appears to be that a customer’s experience comes down to the representative they were dealing with. Not all have the same level of knowledge or customer service skills to make a borrower’s experience a positive one.
Summary
CashCall Mortgage does not charge closing costs and its website has a variety of helpful mortgage tools and resources. Additionally, if you’re thinking about taking out a CashCall mortgage, remember that they’re primarily targeted toward individuals with good to excellent credit. As such, if you have anything lower, you might want to look elsewhere or risk being subjected to high interest rates.
Physical Address
One City Blvd West, Suite 200
92868 Orange
United States
