CashCall Mortgage Review
CashCall Mortgage offers low-interest home loans, including conventional, VA, and FHA loans, but doesn’t offer staples like adjustable-rate mortgages and jumbo loans. It may be a good choice for those who don’t have the cash to pay closing costs.
Many or all of the companies featured provide compensation to LendEDU. These commissions are how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear on our site.
Key Points:
- CashCall Mortgage offers basic loan products, including conventional, FHA, and VA mortgages.
- Some of its products come with no closing costs upfront, and it pays for appraisals, which is a money-saver for would-be homebuyers.
- You can get mortgages for 10, 15, or 30 years.
CashCall Mortgage
What we like:
Some options with no closing costs.
| Minimum Credit Score | 560 |
| Minimum Down Payment | Not disclosed |
| Loan Terms | 10, 15, or 30 years |
| Other Loan Types | FHA, VA, and refinancing loans. Credit requirements and terms may differ. |
Choosing the best mortgage lender for your circumstances can save you money. You’ll have many traditional and online mortgage lenders to choose from when picking a lender.
CashCall Mortgage is neither of those. It’s an Irvine, California-based mortgage lender specializing in low-interest loans, but it does business primarily over the phone.
This CashCall Mortgage review will give you the lowdown on everything you’ll need to know to decide whether this is the mortgage company for you.
In this review:
- CashCall Mortgage by the numbers
- Is CashCall legit?
- Pros and cons of CashCall Mortgage
- Eligibility and application requirements
- CashCall alternatives
CashCall Mortgage by the numbers
| Fixed-rate loans | FHA loans | VA loans | |
| Minimum credit score | 560 | 560 | 560 |
| Loan terms | 10, 15, or 30 years | 15 or 30 years | 15 or 30 years |
| Origination fees | $995 | $995 | $995 |
Is CashCall legit?
The first thing you may be wondering as you sift through CashCall Mortgage reviews is whether it’s a legitimate lender. The answer is yes—it’s a licensed mortgage lender, part of Impac Mortgage Corp.
There has been some confusion about this among customers because an unaffiliated personal loan company named CashCall has been in trouble for lending-law violations recently.
However, that has nothing to do with the mortgage lender we’re examining in this review.
Pros and cons of CashCall Mortgage
Pros
- 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.
Cons
- 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. hey are built into the loan, which will cost you more in the long term.
Eligibility and application requirements
You can qualify with fair credit
Eligibility can vary depending upon the type of loan you want. Fortunately, prospective homebuyers with only fair credit scores can qualify. However, for the lender’s refinancing products, this might not make sense.
Refinancing your mortgage is usually only a good idea if you have a higher credit score than when you took out your mortgage, so you can save money on your new loan.
However, a CashCall mortgage refinance could be used to extend your repayment term. This wouldn’t help you save over the long haul, but it could reduce your monthly payments now.
Check out our mortgage calculator to see how a better rate or a longer repayment term could help you save.
>> Read more: Best Mortgage Refinance Companies
CashCall may be good for self-employed buyers
If you’re self-employed and you’ve had trouble getting financed through other lenders, you may have better luck with CashCall.
It says it takes an alternative approach to reviewing a borrower’s income, which may help you qualify for a mortgage even if your paycheck varies from week to week.
How to apply for a CashCall Mortgage loan
To apply, you’ll have to do most of the work on the phone by calling 866-708-5626. This might be a deal-breaker for those who would rather do business in person or online.
Because CashCall doesn’t have any brick-and-mortar locations, you’ll either have to place the call yourself to CashCall or fill out a simple online form to solicit a sales call.
Other Info You’ll Need to Apply
You may be asked to provide several items during the course of your application and before closing. They may include:
- Social Security number
- Tax returns
- Bank statements
- Proof of income
- Any necessary information about the property
CashCall alternatives
Selecting a mortgage company is like picking a lifelong partner. You want to find a great fit, because you’ll potentially be together for up to three decades. You should get prequalified quotes from at least three of the best mortgage lenders to find the best rates you could qualify for.
And remember, the higher your credit score, the more options you’ll have and the better the rate you can land.
As you do the legwork to compare your homeownership options, work on improving your credit score. Pay your bills on time and knock out any credit card debt you are carrying, so mortgage lenders are willing to cut you a good deal.