Acquired in 2015 by Impac Mortgage Holdings Inc., CashCall Mortgage is an online lender headquartered in Irvine, California. It provides lending options for borrowers in need of conventional or government-backed loans.
While CashCall’s competitive rates and online lending conveniences are a hit with tech-savvy borrowers, its limited packages have pulled its ratings down in previous years. In this CashCall Mortgage review, you’ll learn more about what loan products the company has to offer and whether they’re worth the trouble.
Before we get into the specifics of CashCall Mortgage, let’s first review the five factors that might influence your decision.
Below are a few standard mortgage loans that you’ll commonly find on the housing market:
Keep in mind that no two mortgage lenders are the same. Each will have a different interest rate, application process, loan terms, and more.
Applying for home loans isn’t as speedy as most people think. If you’re a first-time homeowner, it can take up to 45 days to close your mortgage. If you’re looking into non-traditional approval or need to save up for a down payment, it may take even longer.
If you are applying for a mortgage for the first time, work with a loan officer who can expedite the process. A dependable mortgage company will provide you with the resources you need from pre-approval to final closing.
If you can’t meet with a mortgage broker in person, many companies provide fully-online services. In some cases, you might be able to estimate your mortgage rates on a company’s website.
Interest rates vary depending on different factors. To better predict your mortgage rate, you must consider the following:
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Applying for a mortgage is a taxing procedure. Working with a company known for excellent customer service can help lessen the burden of paperwork and confusing processes.
We evaluate how well a company performs by looking at mortgage reviews. We also look at ratings on Google and other third-party agencies such as the Better Business Bureau (BBB), and we especially put a premium on BBB-accredited companies.
When researching a mortgage company yourself, look at social media reviews and whether they satisfactorily resolved any negative responses. Also, consider how accessible a lender is – are they reachable by hotline, email, or online chat? How quickly can you contact a business representative? The best lenders are always available to help.
CashCall Mortgage was founded in 2003 and has since become a part of Impac Mortgage Corp. It is ideal for borrowers in good financial health and seeking low-interest loans, with products available to borrowers from all 50 states.
CashCall is reputed for its high-balance conforming loans, though it also offers the following mortgage products:
If you are self-employed or don’t have traditional income documentation, CashCall also provides alternative methods of approval.
However, in terms of variety, CashCall Mortgage has a relatively limited loan selection. It lacks FHA, jumbo, adjustable-rate, and home equity loans. The company is also not BBB-accredited and has an average rating of 2 to 3 stars out of 5.
CashCall has a meager selection of home loans. Currently, it only offers the following loan types:
CashCall offers 10, 15, and 30-year fixed-rate loans – ideal for borrowers who prefer predictable mortgage financing. This loan is a sensible option for those looking to keep their homes for at least a decade.
Common Sense mortgages are unique to CashCall and help applicants previously rejected by other conventional lenders. Through a Common Sense loan, a borrower can qualify via alternative methods of determining income, such as bank statements or payslips. Real estate investors can use an investment property as income.
CashCall works directly with the VA to provide these affordable loans to military service members. Service veterans and spouses can also avail of this mortgage without a down payment or mortgage insurance.
CashCall is most famous for its 15 and 30-year high-balance conforming loans. However, unlike jumbo loans, high-balance mortgages are conforming and may have a lower interest rate. They are also more lenient regarding your credit score and DTI ratio.
You can refinance an existing loan with CashCall’s rate-and-term or cash-out options. If you have an existing VA loan, you can choose between a VA cash-out refinance or an interest rate reduction refinance loan (IRRRL).
CashCall Mortgage provides additional services such as an escrow account, where borrowers can hold property taxes and home insurance until paying them off.
CashCall Mortgage advertises its rates as competitive, with a flat fee of $995 for most of its products. However, this flat fee is only available for products used to refinance. If you are unsure whether this mortgage loan fee applies to your chosen product, you can contact a loan officer via CashCall’s hotline.
Compared to the median amount of lenders reporting under the Home Mortgage Disclosure Act, CashCall Mortgage provides only marginally better rates. If you want to lower your monthly mortgage payment, you can buy discount points upon closing.
Recently, CashCall experienced controversy regarding its mortgage loan rates. In September of 2018, the California high court found CashCall’s interest rates to be “unconscionable.” Evidence found that between 2004 and 2011, CashCall was charging rates between 96 and 136 percent. Since then, it has dissolved its consumer personal loans, continuing to offer home loans.
Before applying for a loan product, you can determine your loan rate using CashCall’s online calculators. You can also estimate the property price you can afford, how its value will increase over time, and the credit score you need to qualify.
CashCall Mortgage borrowers can go through the application process online or over the phone. If you need someone to walk you through the process, you can request a callback.
Upon application, you’ll have to provide identification. Below are some of the government-issued IDs that CashCall accepts:
Three days after receiving your application, CashCall Mortgage will give you a loan estimate. After accepting or negotiating your closing costs, you then move on to the underwriting process. Your loan agent must document your assets, income, and credit score for approval during this stage.
If you don’t have traditional forms of income documentation, CashCall lenders accept the following:
Your lender will then determine home appraisal fees to calculate your LTV ratio. If necessary, your lender might request additional information to finalize your applications. Recent reviews state that CashCall Mortgage is notorious for prolonging the underwriting process due to constant requests for further documentation.
Finally, you will be cleared to settle closing costs and given a disclosure form documenting your loan terms and mortgage rates. You can monitor your loan approval status throughout the underwriting process via CashCall’s in-house loan servicing department.
CashCall Mortgage approves a minimum credit score of 680, though it favors applicants with a score of at least 760. You can improve your credit rating by paying off existing debts, such as those on your credit cards.
Its debt-to-income maximum is 36%. However, it will accept a DTI ratio of up to 43% for applicants with excellent credit (above 760).
Depending on the type of loan product you apply for, CashCall requires a minimum down payment of 5% on your potential home.
CashCall Mortgage has received mixed reviews regarding its customer service.
On its website, agents are advertised as a message, email, or call away. However, several reviews have listed instances of unresponsiveness or unfactual information. People have cited the need to provide additional information as a recurring problem and noted that it significantly delayed the underwriting process.
On BBB, CashCall has a rating of 1 out of 5 stars and has resolved 9 complaints in the last three years. TrustPilot, on the other hand, rates the business 8.7/10 stars.
If you’re struggling to qualify for a conventional home loan, CashCall Mortgage may help you qualify with alternative documentation. Through CashCall, you can also easily secure a VA or refinance mortgage.
However, it’s lacking in variety of loan products and customer service. If you’ve read at least one review on the business, you might already be setting your sights on another more reputable lender.
Are you still on the hunt for the right home loan? If so, you can contact the experts at Wesley Mortgage, LLC or check out the rest of our blog for more information. We provide resources, tools, and information on mortgage products that will get you a step closer to your dream home.