CashCall Mortgage review
Transparent interest rates and a flat $995 origination fee for some loans.
CashCall Mortgage specializes in home refinances and is upfront about its fees and rates. But you can only start the application online, and have to call a representative to complete it. And user reviews show a poor phone experience, many reporting being passed between representatives.
|Loan types||Conventional, FHA, VA|
|Other minimum credits||
|Available States||Not available in: CT, DE, ME, MD, MA, NY, WY|
- Free 45-day rate lock
- Transparent rates
- Flat $995 origination fee
- No branches
- Limited loan options
Billing errors and poor communication are the main complaints. Some customers felt that it was difficult to get in contact with their loan agent. Others mentioned poor internal communication between CashCall employees.
What types of loans does CashCall Mortgage offer?
CashCall Mortgage has a limited loan selection, with just two major options and FHA refinance.
- Conventional loans. CashCall Mortgage has 10-, 15- and 30-year fixed-rate loan with rates ranging from 2.750% to 3.660%. Its conforming options for amounts up to $765,600 with rates between 3.375% to 3.806%.
- FHA refinance loans. CashCall offers two FHA loans for refinancing with rates ranging from 3.000% to 4.250%. The FHA Streamline reduces the interest rate on your current home loan, while the FHA Cash-Out Refinance lets you refinance your mortgage by taking out a larger loan than what you currently owe.
- VA loans. Qualified active-service military, surviving spouses and veterans can purchase and refinance a mortgage backed by the government. Rates range from 3.000% to 3.375%.
Other loans offered by CashCall Mortgage
Besides traditional loan choices, CashCall Mortgage also has a proprietary loan.
- Common Sense loans. CashCall’s program for homebuyers that struggle to qualify for conventional loans. Self-employed borrowers could benefit by submitting bank statements instead of tax returns. It’s rates aren’t listed on the site, but Common Sense loans offer fixed-rate terms or interest-only payments.
- Cash-out refinance loans. A cash-out refinance gives you a new home loan higher than what you owe on your mortgage. You get the difference between the two loan amounts in cash. Interest rates can be as low as 2.750%.
- No tax-return 30-year fixed loans. Self-employed borrowers that have other verifiable income, assets and collateral can apply for this loan without submitting a tax-return.
CashCall Mortgage fees
CashCall Mortgage charges a $995 flat origination fee for some of its home loans over $200,000 or $250,000, depending on the property’s location. Loans in New Jersey are ineligible for the flat $995 fee.
The fine print says the flat fee is only available for refinance loans. However, in a November 2019 call to CashCall a representative confirms its conventional mortgages are also eligible for the flat fee.
CashCall Mortgage pays these third-party closing costs:
- Escrow and 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 fee
- VA funding fees
- FHA mortgage insurance premium
- Other insurance fees
CashCall recommends getting preapproved for a loan online before you start your home search.
Conventional loans require a minimum FICO score of 620 and a loan-to-value (LTV ) of 97%. Its cash-out refinances also have a minimum 620 FICO score and an 80% LTV.
FHA and VA loans need a credit score of at least 600.
No Tax Return loans are for well-qualified borrowers. CashCall Mortgage would like to see a maximum loan-to-value (LTV) ratio of 60%, a 700 FICO score and a debt-to-income (DTI) ratio of less than 43%.
Here’s what you’ll need to get started.
- Name and contact information
- Government-issued ID
- Social Security number
- Most recent two years of W-2 statements
- Most recent two pay stubs
- List of assets and debts like bank and credit card statements
How to get a home loan with CashCall Mortgage
After calculating how much you can afford for a home – including saving for a down payment and approximate closing costs, follow these steps to get a home loan.
- Go to CashCall Mortgage’s website, and click Apply now on the home page..
- Indicate whether you want to Purchase a new home or Refinance your current mortgage.
- Detail the Property type – for example, single family, condo, planned unit development or two-to-four unit property.
- Choose the Property use – for example, primary residence, secondary home or investment property.
- Fill in the Estimated value of the property.
- Select your Estimated credit score.
- Detail your Employment and how you plan to prove your income — pay stubs, W-2, tax returns or bank statements.
- Fill in your contact information including address, email and phone number. You should hear from a loan officer within three business days.
Pros and cons of CashCall Mortgage
- Free 45-day rate lock. Once you get a quote, it won’t change for 45 days for FHA and conventional loans.
- Transparent rates. Rates are clearly listed on its site. It also shows how your credit score, loan-to-value ratio and loan amount impacts your interest rate.
- Flat $995 origination fee. For refinance options and conventional loans, CashCall charges a flat $995.
- No branches. You won’t get in-person help with your loan. Begin the application process online, but you’ll need to finish the process over the phone.
- Limited loan options. CashCall doesn’t offer Jumbo loans, home equity loans, lines of credit or renovation loans.
What is CashCall Mortgage?
CashCall Mortgage is a California-based mortgage lender. Impac Mortgage Holdings Inc. acquired the mortgage division of CashCall, Inc. in 2015. CashCall Mortgage now operates independently from its previous parent company, CashCall.
Frequently asked questions
Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
If you’re looking for rates that are clear and competitive and a flat-rate closing cost, CashCall Mortgage could be for you. But with no physical branches and limited online help, interactions with loan officers is restricted to the phone. And if you’re looking for a lender with more loan options, especially an array of government-backed and home equity options, opt for another lender.