Top perks
CashCall pays some of your fees
There is no fee to apply at CashCall Mortgage, nor is there an origination fee on most loans. Together, these fees can easily amount to $1,000 to $3,000 or more when you get a loan from another mortgage lender, so this is a potentially significant savings.
Non-QM loans
CashCall Mortgage 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 instead of tax returns
- Interest-only loan: For borrowers who need to minimize their monthly payments for a period of time
- ITIN loan: For borrowers in the U.S. who don't have a Social Security number.
For these loans, you'll pay a $995 lender fee, which is far lower than the fee many other lenders charge for similar loans.
Free rate lock
CashCall Mortgage will lock the rate on a purchase loan for 45 days at no cost to you. If mortgage interest rates go up before your loan closes, you won't have to pay the higher rate.
Transparent rates
CashCall Mortgage does a great job of providing mortgage rates on its website. That's really handy if you're doing initial research and you're not ready to give your contact information to lenders yet. Also, CashCall Mortgage shows various rates based on how many mortgage discount points you choose to buy. That helps you balance your monthly payment amount, upfront expenses, and long-term costs.
HELOC option
If you're happy with your current mortgage, you can consider a home equity line of credit. A HELOC is a good alternative to a cash-out refinance mortgage.
What could be improved
Not nationwide
CashCall Mortgage offers great deals on home loans, but not everyone can take advantage. You can apply in many states, but CashCall Mortgage is unavailable in these states:
- Arkansas
- Connecticut
- Delaware
- Hawaii
- Iowa
- Kansas
- Louisiana
- Maine
- Maryland
- Maryland
- Massachusetts
- Missouri
- Montana
- Nebraska
- New Mexico
- New York
- Rhode Island
- South Carolina
- South Dakota
- Vermont
- West Virginia
- Wisconsin
- Wyoming
Limited options for people who need a low down payment mortgage
CashCall Mortgage doesn't 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 everyone else will need to come up with a down payment. CashCall Mortgage does not currently offer USDA loans.