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CashCall Mortgage Review 2022
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.
CashCall is a national lender founded in 2003 and based in Irvine, Calif. The mortgage division is now separate from CashCall Inc. after being purchased by Impac Mortgage Corp. in 2015. CashCall Mortgage is licensed to lend in all 50 states, though the vast majority of its loans are originated in California.
Who is this lender for?
- First-time homebuyers
- People with a non-traditional credit history
- People with lower credit scores
- Investors looking to buy a rental property
- Service members and veterans seeking a VA loan
- People needing a larger-than-average loan
8.5/10 LendingTree’s mortgage lender rating
LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “standard product offerings” criterion if they offer at least two of the four standard loan programs (Conventional/FHA/VA/USDA). In some cases, additional information was provided by a lender representative.
= 1 pt = 0 pts
- Application online
- Product info online
- Rates listed online
- Helpful articles about mortgages and homebuying
- Standard product offerings (Conventional/FHA/VA/USDA)
- Special programs
- Info about how to qualify for products offered online
- E-closing availability
- Licensed in at least 35 states
- After-hours and weekend access to loan officers
CashCall Mortgage pros and cons
Pros
Loans available to people with non-traditional credit. CashCall Mortgage offers loans to people with credit scores as low as 560, significantly lower than other lenders. The company also has a special mortgage product designed for people with non-traditional credit histories.
No closing cost loans available. The lender advertises no-closing-cost loans and says it pays appraisal fees and other traditional costs.
24/7 access to loan officers. CashCall Mortgage operates a call center that is open around the clock, so you can call to apply for a loan at any time.
Cons
No FHA loans available. CashCall Mortgage doesn’t offer FHA loans, which can be a good option for people with lower credit scores and limited down payment funds.
No branches available. CashCall Mortgage is strictly a digital and call-center-based lender, so you won’t be able to meet with a loan officer in person.
No adjustable-rate mortgages available. While you can find an interest-only loan, you won’t be able to take out an adjustable-rate mortgage (ARM).
CashCall Mortgage borrowing requirements
| Minimum credit score | 560 |
|---|---|
| Minimum credit score | 560 |
| Minimum down payment | 0% (VA) |
| Available loan terms | 10-, 15 and 30-year terms |
| Available loan types | Conventional, VA, jumbo, interest-only |
CashCall mortgage rates and fees
CashCall Mortgage rates are published online, including for conventional fixed-rate mortgages, VA loans, VA refinance loans and jumbo loans. The lender also shows you potential rates after buying points.
Fees vary depending on the type of loan you choose, though CashCall Mortgage advertises that it has loans with no closing costs. For borrowers with non-traditional credit or income, CashCall Mortgage offers a fixed-rate loan with a flat $995 fee.
CashCall mortgage products
Purchase
Conventional loans. CashCall offers conventional, fixed-rate mortgages with 10-, 15- or 30-year repayment terms.
High-balance loans. Conforming loans for higher-priced housing markets are also available, for up to $822,375 in some areas.
VA loans. There are 15- and 30-year terms available for home loans backed by the U.S. Department of Veterans Affairs (VA).
Refinance
CashCall Mortgage offers both rate-and-term and cash-out refinances. Borrowers with a VA loan may qualify for a VA cash-out refinance or interest rate reduction refinance loan (IRRRL), in addition to CashCall’s conventional refinance products.
Home equity
CashCall doesn’t offer home equity loans or lines of credit.
Special programs
CashCall Mortgage offers interest-only loans and $995 flat fee loans for people with a credit score as low as 560 or a non-traditional credit history.
The lender also offers two specialized loan programs that don’t require standard income documents like tax returns or W-2s. The first is a bank statement program that permits you to qualify based on 12 months’ worth of bank statements. The second is an investment property program that allows you to use only the rent from the property you’re buying to qualify.
How does CashCall Mortgage compare to other lenders?
| CashCall Mortgage | Chase | Lower | |
|---|---|---|---|
| Minimum credit score | 560 | 620 | 580 VA, FHA and USDA |
| Minimum down payment | 0% (VA) | 5% (or 3% for borrowers with a 640 credit score) | 0% VA and USDA |
| Loan products and types | Conventional, VA, jumbo | Conventional, adjustable-rate, FHA, VA, jumbo | Conventional, FHA, VA, USDA, Jumbo, HELOCs |
| Special programs offered | Interest-only, $995 flat fee | First-time homebuyer grants, low-down-payment loans | “Free Refi for Life” program for repeat customers, down payment savings account, homeowners insurance comparison tool, real estate agent matching service |
| Lender Review | Chase | Lower |