CashCall Mortgage review
This online lender offers competitive rates and charges a flat $995 origination fee on many loans, but customers report a poor phone experience.
- Choose this lender for low rates and flat fees.
- Choose another lender if you want in-person service.
- A good option for self-employed borrowers, investors and refinancers.
|Loan products offered||Conventional, Jumbo, VA, Refinance|
|Minimum credit score||Conventional: 620|
Cash-out refinance: 620
|Minimum down payment (Conventional)||3%|
|State availability||Not available in: CT, DE, ME, MD, MA, NY, WY|
Our take on CashCall
If you’re after competitive rates, discount points and upfront flat fees, CashCall Mortgage could fit the bill. The company charges a $995 flat origination fee on its Common Sense Loans, a program that considers alternative loan qualification criteria besides W-2s — which many other lenders don’t do.
But with no physical branches and limited online help, interactions with loan officers are restricted to the phone. And reaching a live person may take time. We called the company three times, and each time we were asked to leave a phone number for a callback.
That said, hundreds of customers have left favorable reviews of the company and individual loan officers. These satisfied customers mention professional and responsive service, and low rates and fees. However, other customers have complained of bad service and long wait times.
If you’re after low rates and fees, it may be worth speaking to a CashCall loan officer about your situation. Ask what documentation is required and how long you can expect to wait for loan approval and closing.
To find out if you’re eligible for a CashCall home loan, visit the company’s website. Basic eligibility for a mortgage loan includes:
- Residency in select states.
- Two years’ history of employment.
- A FICO credit score of 620 or higher for conventional loans.
- No history of bankruptcy in the past two years.
While the required documents vary by loan type, here’s a general list of what you’ll need to get started with a CashCall mortgage.
For employed persons:
- Name and contact information
- Government-issued ID
- Social Security number
- W-2 statements for the past two years
- Pay stubs for the past two months
- A list of assets and debts
Alternatively, self-employed persons can provide:
- 1099s for the past two years
- Other documentation, like bank statements or property cash flow
CashCall recommends getting preapproved for a home loan online before you start your home search.
Costs and fees
CashCall Mortgage normally charges a $995 flat origination fee on its conventional and VA loans, but as of April 2021, this fee is waived. Note that loans in New Jersey don’t qualify for the flat $995 fee and no-closing-cost loans are not available in Washington.
CashCall Mortgage pays the following third-party closing costs:*
- Escrow/closing fees
- Appraisal fees
- Flood certification fees
- Signing fees
- Title insurance and related fees
- Credit report fees
Borrowers are responsible for the following charges:
- Prepaid interest, including discount points
- Property taxes
- State mortgage taxes
- Lender payoff fees
- Survey fees
- Inspection fees
- VA funding fees
- Other insurance fees
*CashCall will only cover third-party costs if the loan amount meets certain minimums. In some states, the minimum is $200,000, and in others, it’s $250,000. If your loan amount is below the minimum required, you’ll be responsible for paying all charges associated with the mortgage.
How to apply for a mortgage with CashCall
To get started:
- Go to CashCall’s website and select Apply Now.
- Choose Home Purchase or Home Refinance.
- Select the type of property you’re looking to buy and how you’ll occupy it.
- Enter the estimated value of the property and choose your credit score range, employment status and how you’ll document your income.
- Enter your name, city, ZIP code, email and phone number.
- Complete the form and wait to hear from a loan representative about the next steps.
After completing the application, you’ll have the option to view your available rates. Keep in mind that these rates are subject to change based on verifying your information.
What types of mortgages can I get through CashCall Mortgage?
Other mortgage products offered by CashCall
CashCall also offers these specialized types of mortgages.
- Common Sense loans. For those who may not qualify for a traditional loan, this program considers alternative lending criteria, such as bank statements or property cash flow instead of tax returns. Offers a flat $995 origination fee, fixed-rate terms and interest-only payment options.
- VA High Balance. For military members and their families, this loan option has a $548,250 lending limit in 2021 and charges a 3.6% VA funding fee plus a $995 loan origination fee.
- VA IRRRL. For VA loan holders who wish to refinance to a lower rate. Charges a .5% VA funding fee and a $995 origination fee. There is also a VA High Balance IRRRL option, with lending limits up to $548,250 in 2021.
- Cash-out refinance loans. A cash-out refinance from CashCall allows you to replace your existing loan with a new loan that’s greater than what you currently owe. The difference between the two loan amounts is the cash-out.
- Mortgage refinancing. This type of home loan can help reduce your interest rate, lower your monthly mortgage payment and get rid of PMI.
CashCall reviews and complaints
As of Ausugt 2021, CashCall has a 1 out of 5 rating with the Better Business Bureau (BBB) from two customers. CashCall is not accredited with the BBB and has an A+ business rating with ten complaints registered in the past three years. While details are not available online, the BBB customer complaints indicate problems with loan products and billing processes.
On the other hand, the company has a 4.7 out of 5 rating on Google Reviews from 516 reviewers, with many praising the honesty, transparency and efficiency of loan officers who exceeded expectations. Other customers praised the company for its low rates and fees and fast turnaround times. Some positive reviews were from repeat customers who did multiple refinances with CashCall.
Pros and cons of CashCall
- Competitive rates. CashCall offers competitive rates on its loan products and advertises its rates online for easy comparison.
- No hard credit check prequalification. View your available rates online after filling out a form and answering a few questions. No hard credit check is required.
- Free 45-day rate lock. Once you get a quote, you can lock in your rate on your conventional or government-backed loan for 45 days without worrying about it going up.
- Not available in all states. While it has wide coverage in the US, CashCall mortgages are only available in select states.
- No branches. You won’t get in-person help with your loan. You begin the application process online, but you’ll need to finish the process over the phone.
- Limited loan types. CashCall doesn’t currently offer FHA, USDA, HELOCs, home equity or commercial loans, but the company plans on adding FHA loans to its offerings in the future.
What is CashCall?
Launched in 2003, CashCall Mortgage is an Orange, California-based mortgage lender that processes home loans entirely online, over the phone and fax. In 2015, Impac Mortgage Holdings Inc. acquired the mortgage division of CashCall and the company now operates independently from its previous parent company, CashCall.
Alternatives to CashCall mortgage
While CashCall’s selling point is low rates and fees, the company’s loan selection is limited. Unless you’re after a conventional, VA or jumbo loan, you won’t find what you need here.
For a greater array of mortgage options, including FHA, USDA, construction, home equity loans and HELOCs, lenders like Guaranteed Rate, Draper & Kramer Mortgage and North American Savings Bank have a wider selection of loans and may consider alternative documentation, too.
If you want to cut the lender origination fees out altogether, consider a fully digital lender such as Better or Beeline. Both offer no-origination-fee loans and allow you to apply online 24/7 for a quicker preapproval decision — so you can start house hunting straight away.
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