CashCall Mortgage offers basic loan products, including conventional, FHA, and VA mortgages. However, they don’t offer staples like adjustable-rate mortgages and jumbo 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.
About CashCall Mortgage
CashCall Mortgage was founded in 2003 in Orange, CA and acquired by Impac Mortgage Holdings, INC in 2015. Impac, through various subsidiaries, provides a variety of different loan products, including consumer residential mortgages.
While CashCall Mortgage is a separate company from CashCall, the personal loan provider, their reputation may have taken a hit from recent scandals reported by the L.A. Times.
CashCall Mortgage is still offering mortgages and appears to be trying to regain a positive image with customers.
This lender is very flexible about applicant documentation and offers a wide range of different mortgage options.
Borrowers with a variety of different credit scores may find a loan that fits their needs, although applicants with “excellent” credit generally receive the best terms.
Pros and Cons of CashCall Mortgage
CashCall offers mortgages to people with credit scores in the upper 500s, but it’s a good option for those with higher credit scores, too.
It gives you the option to forgo paying closing costs upfront, and it also pays upfront appraisal fees on a property.
CashCall Mortgage rates are competitive for those with solid credit histories.
It offers mortgages to the self-employed—that’s a nice perk because it’s harder for self-employed people with fluctuating incomes to land mortgages with other companies.
It also offers loans to real estate investors, which is good for people who are looking to flip houses or become a landlord with a rental property.
You’ll have to handle most of the process on the phone, not online or in person.
The site only has limited online resources. It’s not a robust website intended to be a tool for consumers.
It doesn’t offer jumbo loans or adjustable-rate mortgages like many other mortgage lenders do.
The closing costs don’t vanish when you don’t have to pay them upfront. they are built into the loan, which will cost you more in the long term.
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 loans 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
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.