CashCall Review

 Loan types10-, 15-, and 30-year fixed rate mortgages
 Loan featuresUp to $424,100
 Repayment Terms   Varies according to loan
 Top ProNo closing costs
 Top ConCan be difficult to qualify
 Best forConsumers with a good to excellent credit

 

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CashCall Mortgage at a Glance

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 best of all – 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.

CashCall Mortgage specializes in low interest mortgage loans and home refinancing

Best for Whom?

CashCall Mortgage is an online lender of choice for those consumers that have a good to excellent credit scores. Their 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. 

Deep Dive into Pros and Cons

Pros

No closing costs: Can save borrowers thousands of dollars.

Excellent resources: CashCall Mortgage’s website hosts a library of interactive tools such as loan and investments calculators and property assessment tools to help borrowers learn the ins and outs of home ownership.

Cons

• Difficult to qualify: CashCall works with consumers that have good-excellent credit. If your credit score is below that, you may be looking at higher interest rates, or not qualifying at all.

• Long Timelines: Many customers have complained that they have experienced unreasonably long mortgage closing timelines which can potentially result in additional fees.

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.
  • Depending on the length of your mortgage, interest rates varies from 2.875% – 3.99%.
  • Mortgage APRs vary between 2.99% and 4.148%.
  • 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 with the standard name, address, state and email. 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 a bank statements, to social security information.

Mortgage Loan Types

Safe and Secure 10-, 15-, and 30- Year Fixed Rate Loans: Our Safe and Secure Fixed Rate loans offer terms of 10, 15, or 30 years. 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:

  • 30-year fixed loan 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 their competitors, their no closing costs premium offer often equates to a small hike in their rates. 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, their 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 those customers who wish to not have 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 their 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 their 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 experiences 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 their 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. Remember to remain skeptical while you shop around for your mortgage provider. While they may say that there are no fees or closing costs, nothing is for free. Do your homework and don’t be afraid to ask questions. 

Physical Address

One City Blvd West, Suite 200
92868 Orange
United States

 

 

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