CashCall Mortgage Review | the ascent
CashCall pays a large part of your fees
There are no fees to apply with CashCall, nor origination fees on most loans. Additionally, CashCall pays for your title, escrow, and appraisal fees. Together, these fees can easily add up to $1,500 to $3,000 or more when you get a loan from another lender, so that’s a potentially big savings.
CashCall offers what it calls common sense loan products, which are non-qualified mortgage loans (non-QM loans). These are designed for people who don’t meet traditional home loan requirements and include the following options:
- Investor loan: Based on the rental income you expect to receive on an investment property
- Bank statement loan: For self-employed borrowers who want to qualify on cash flow rather than tax returns
- Interest-only loan: For borrowers who need to minimize the monthly payment for a period of time
For these loans, you will pay a lender fee of $995, which is much lower than the fees many other lenders charge for similar loans.
Free Rate Lock
CashCall will lock in the rate on a purchase loan for 45 days at no cost to you. If mortgage interest rates increase before your loan closes, you won’t have to pay the higher rate.
CashCall does a great job of providing mortgage rates on their website. This is very handy if you are doing some initial research and are not yet ready to give your details to lenders. Additionally, CashCall shows different rates depending on how many Mortgage Discount Points you choose to purchase. This helps you balance your monthly payment amount, upfront expenses, and long-term costs.
What could be improved
CashCall offers great deals on home loans, but not everyone can take advantage of them. You can apply in most of the United States, but CashCall is not yet available in these states:
- New York
Limited options for people who need a low down payment mortgage
CashCall does not offer many choices for a borrower who needs a low down payment loan option. Borrowers who qualify for a VA loan can skip the down payment, but all others will have to come up with 5% or more. CashCall does not currently offer FHA or USDA loans.
No home equity loan or HELOC
CashCall does not offer home equity loans or home equity lines of credit (HELOC). If you want to access your equity in the form of cash, you will need to apply for a cash refinance loan or look elsewhere.