CashCall, a mortgage lender based in California, has established a significant presence in the mortgage industry. Known for its wide range of loan products including conventional, FHA, VA, jumbo loans, and HELOCs, CashCall caters to borrowers across 41 states and the District of Columbia.
Since its acquisition by Impac Mortgage Holdings in 2015, CashCall has continued to operate under its original branding, offering diverse financing options particularly beneficial for self-employed individuals or those with commission-based earnings. This introduction sets the stage for a detailed review of CashCall, focusing on its offerings, customer experiences, and the overall value it provides to homebuyers and homeowners looking to finance their property purchases or refinance existing mortgages.
CashCall Pros and Cons
CashCall offers a unique position in the mortgage sector, balancing a broad spectrum of loan products with specific market focuses that cater to a diverse range of borrowers. Here are the primary advantages and disadvantages associated with their services:
Pros:
- Wide Availability: CashCall services 41 states plus the District of Columbia, making it accessible to a vast majority of borrowers in the U.S.​​.
- Daily Rate Updates: The company updates its mortgage rates daily for various products, ensuring transparency and allowing potential borrowers to make informed decisions based on the latest financial information​​.
- Diverse Loan Programs: CashCall caters to a wide array of borrowers, including those who are self-employed or earn through commissions, by offering conventional, FHA, VA, jumbo loans, and HELOCs. This inclusivity makes it easier for individuals with non-traditional income streams to secure financing​​.
- Special Programs for Self-Employed Borrowers: Through programs like the bank statement initiative, CashCall addresses the unique challenges faced by self-employed individuals, offering more flexible income verification processes​​.
Cons:
- Limited Loan Types: Despite its wide product range, CashCall does not offer adjustable-rate mortgages (ARMs) or specific programs targeted at first-time homebuyers, which may limit options for certain borrowers​​.
- No Physical Branches: The absence of physical locations might be a downside for customers preferring face-to-face interactions. This could affect the personal touch some borrowers seek during the mortgage application process​​.
- Regulatory Scrutiny: CashCall has faced investigations and legal actions due to practices related to its personal loan division, raising concerns about its overall business practices. While these issues are distinct from its mortgage services, they might influence the perception of trustworthiness and reliability among potential clients​​.
Understanding these pros and cons will enable potential borrowers to weigh their options carefully, considering both the benefits CashCall offers and the limitations that might affect their specific situation.
CashCall Products and Services
CashCall’s suite of products and services stands out for its diversity, catering to a broad spectrum of mortgage needs. Here’s an in-depth look at the various loan options they offer:
Conventional Loans
CashCall provides fixed-rate conventional mortgages with terms ranging from 10 to 30 years, accommodating borrowers looking for predictable payments over the life of their loan. High-balance loans are available, offering more significant borrowing amounts under certain conditions. However, adjustable-rate mortgages (ARMs) and conventional refinancing options are notably absent from their portfolio, which might limit flexibility for some applicants​​.
FHA Loans
Designed for low-to-moderate-income borrowers, CashCall’s FHA loans require a minimum credit score of 580 and a down payment as low as 3.5%. These loans are particularly appealing to first-time homebuyers or those who may not qualify for conventional financing due to stricter credit requirements​​.
VA Loans
CashCall extends its support to veterans and active military personnel through VA loans, which do not require a down payment and have a minimum credit score requirement of 620. These loans provide substantial benefits, including competitive interest rates and no private mortgage insurance (PMI) for those who qualify​​.
Jumbo Loans
For borrowers looking at high-value properties, CashCall offers jumbo loans up to $3 million. These loans cater to individuals purchasing luxury homes or properties in high-cost areas, requiring a higher credit score and a significant down payment​​​​.
Home Equity Lines of Credit (HELOCs)
CashCall provides HELOCs for borrowers with a minimum credit score of 700, offering a flexible way to access equity in a home for improvements, debt consolidation, or other financial needs​​.
Special Programs
In addition to the standard offerings, CashCall introduces programs tailored to specific borrower needs. This includes investment property loans for real estate investors and house-flippers, a bank statement program for self-employed borrowers to prove income without traditional tax documents, and a 1099 earner program catering to independent contractors or those with commission-based income​​.
Application and Customer Service
CashCall’s application process is streamlined for efficiency, offering online and phone options to suit borrower preferences. They emphasize customer service, providing various contact methods including email and live chat to assist applicants throughout the mortgage process​​.
Understanding CashCall’s products and services reveals a commitment to accommodating a wide array of borrower needs, despite some limitations in loan types. Their special programs, in particular, demonstrate a forward-thinking approach to mortgage lending, catering to the modern workforce and diverse financial situations.
CashCall Reviews
CashCall’s reputation among consumers is a mix of positive reviews and some controversies, reflecting the complexity of borrower experiences and the lender’s history. Here’s a breakdown of what customers have said and the lender’s standing on review platforms:
Positive Reviews
Many borrowers have praised CashCall for its straightforward application process, quick funding, and the flexibility it offers to those with non-traditional income sources. Customers have highlighted the lender’s efficiency in handling loans, especially appreciating the online and phone application options that simplify the process. For instance, borrowers have found the bank statement program particularly beneficial for self-employed individuals, offering an alternative way to prove income without traditional tax documents​​​​.
Negative Experiences
On the flip side, some reviews have pointed out challenges, such as the request for additional documentation during the loan application process and difficulties in reaching customer service or finding needed information. There have been instances where borrowers felt misled by marketing practices, especially concerning fees and loan costs that were not initially disclosed. Such experiences underline the importance of clear communication and transparency in lending practices​​.
Controversies and Regulatory Scrutiny
CashCall has faced legal and regulatory scrutiny, particularly concerning its personal loan division, which offered high-interest rates leading to investigations and lawsuits. Although these issues are separate from the mortgage services, they have impacted the brand’s overall reputation. It’s crucial for potential borrowers to be aware of this history when considering CashCall for their mortgage needs​​.
Ratings
The lender’s ratings on platforms like the BBB and Trustpilot offer a glimpse into consumer sentiment. While Trustpilot scores have been generally positive, reflecting customer satisfaction with the mortgage process, the BBB rating and complaints suggest areas where CashCall could improve, especially in terms of transparency and customer service​​​​.
In summary, CashCall’s reviews and ratings present a nuanced picture, with many satisfied customers alongside areas for potential improvement. Prospective borrowers should consider these insights alongside their financial needs and preferences to make informed decisions.
CashCall BBB and Trustpilot
CashCall’s standing with the Better Business Bureau (BBB) and its Trustpilot ratings offer insights into customer satisfaction and areas of concern. These platforms serve as valuable resources for potential borrowers to gauge the lender’s reliability and service quality.
BBB Rating and Complaints
CashCall’s BBB rating reflects the company’s interaction with its customers, particularly regarding complaint resolution. While the company is not without its complaints, the BBB rating can provide a snapshot of how CashCall addresses and resolves customer issues. The existence of complaints on the BBB’s platform is not uncommon for lenders of CashCall’s size but paying attention to the nature of these complaints and how they were resolved can offer prospective borrowers peace of mind or caution​​.
Trustpilot Ratings
On Trustpilot, CashCall has garnered positive feedback, showcasing a higher level of customer satisfaction. Trustpilot ratings often highlight specific strengths such as the ease of the loan process, customer service quality, and the lender’s ability to meet borrowers’ needs effectively. Positive reviews on Trustpilot can serve as a testament to CashCall’s commitment to fulfilling its customer service promises and offering a satisfactory borrowing experience​​​​.
However, potential borrowers should consider both the positive and negative reviews across these platforms to get a well-rounded understanding of CashCall’s services. While high Trustpilot ratings can indicate satisfied customers, the BBB rating and the nature of complaints there provide essential context for the lender’s customer service practices and transparency.
The mixed feedback underscores the importance of doing thorough research and reading reviews carefully. Prospective clients should weigh the pros and cons, paying close attention to any patterns of issues or particularly standout positive experiences, to make an informed decision about whether CashCall is the right mortgage lender for their needs.
CashCall Cost
Understanding the costs associated with CashCall’s mortgage services is crucial for prospective borrowers to make informed financial decisions. Here’s a concise overview of what to expect in terms of fees and rates:
Origination Fee
CashCall charges a flat origination fee of $995 for most of its mortgage products. This fee is relatively standard in the industry and covers the cost of processing the mortgage application, underwriting, and funding the loan. Borrowers need to factor in this fee when calculating the total cost of obtaining a mortgage with CashCall​​.
Rates and Discount Points
CashCall is known for its competitive mortgage rates, which are updated daily. However, the actual rate a borrower qualifies for can vary based on their credit score, loan amount, down payment, and other factors. Additionally, CashCall offers the option to pay discount points upfront to lower the interest rate over the term of the loan. This can be an attractive option for borrowers planning to stay in their home for a long time but requires paying more at closing​​.
No Cost Loan Options
Previously, CashCall advertised no-cost loan options, where certain closing costs were absorbed by the lender. While these deals appear to be less common now, the lender has transitioned to a model emphasizing a $995 flat fee that covers most third-party closing costs, excluding prepaid items, taxes, insurance, and certain other fees. Borrowers should carefully review their Loan Estimate and Closing Disclosure forms for a detailed breakdown of all costs involved​​.
Considerations
Borrowers should be vigilant about the interest rates offered and the possibility of locking in a rate. The total cost of a mortgage with CashCall can significantly impact the overall affordability of the loan. It’s advisable to shop around, compare offers from multiple lenders, and consider the long-term implications of upfront costs versus the interest rate over the life of the loan​​.
CashCall’s approach to mortgage lending, with its focus on transparency in rates and fees, offers potential benefits to well-informed borrowers. However, the importance of understanding all associated costs and how they fit into one’s financial plan cannot be overstated.
Conclusion
In wrapping up our comprehensive review of CashCall, it’s clear that this lender offers a robust selection of mortgage products catering to a wide array of borrower needs, from conventional and government-backed loans to HELOCs and jumbo loans. Their special programs for self-employed individuals and those with non-traditional income sources underscore their adaptability and commitment to serving diverse financial scenarios. However, potential borrowers should carefully consider CashCall’s pros and cons, including the absence of adjustable-rate mortgages and specific first-time homebuyer programs, as well as the lender’s history of regulatory scrutiny.
CashCall’s approach to mortgage lending — characterized by transparency in rates and fees, a straightforward application process, and a variety of contact methods for customer service — aligns with the needs of many modern borrowers. Yet, the importance of thorough research and comparison shopping cannot be overstated. By understanding the full spectrum of costs involved and the lender’s reputation, prospective borrowers can make informed decisions that align with their financial goals and circumstances.
Frequently Asked Questions
What credit score do I need for a CashCall mortgage?
CashCall offers mortgage products for a range of credit scores. For FHA loans, a minimum credit score of 580 is required, while conventional and VA loans typically require a minimum score of 620. However, terms can be more favorable for those with higher scores.
Can I apply for a CashCall mortgage if I am self-employed?
Yes, CashCall provides options for self-employed individuals, including a bank statement program that allows for alternative proof of income. This program is designed to accommodate the unique financial situations of self-employed borrowers.
Does CashCall offer any programs for first-time homebuyers?
CashCall does not have specific programs exclusively for first-time homebuyers. However, their FHA loans are often appealing to first-time buyers due to lower down payment requirements and more lenient credit score criteria.
What are the costs associated with refinancing through CashCall?
Refinancing with CashCall involves a flat origination fee of $995 for most products. Borrowers should also consider the impact of any discount points purchased to lower interest rates and any other applicable fees detailed in the loan estimate.
How does CashCall determine mortgage rates?
CashCall updates its mortgage rates daily, based on various factors including market conditions, the borrower’s credit score, the loan-to-value ratio, and the type of loan product selected. Borrowers can pay discount points upfront to secure lower interest rates over the term of the loan.
What is CashCall’s BBB rating, and how does it impact potential borrowers?
CashCall’s BBB (Better Business Bureau) profile provides a snapshot of the lender’s customer service quality and responsiveness to complaints. A BBB rating, based on factors like complaint history, business practices, and transparency, can significantly influence a borrower’s decision. Prospective clients are advised to review CashCall’s BBB rating and complaint details to gauge the lender’s reliability and customer service standards before proceeding with a mortgage application.