CashCall pays many of your fees
There is no fee to apply at CashCall, nor is there an origination fee on most loans. Also, CashCall pays for your title, escrow, and appraisal fees. Together, these fees can easily amount to $1,500 to $3,000 or more when you get a loan from another lender, so this is a potentially significant savings.
CashCall 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 the monthly payment for a period of time
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 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.
CashCall 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 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.
What could be improved
CashCall offers great deals on home loans, but not everyone can take advantage. You can apply in most of the United States, but CashCall is not yet available in these states:
- New York
Limited options for people who need a low down payment mortgage
CashCall 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 5% or more. CashCall does not currently offer FHA loans or USDA loans.
No home equity loan or HELOC
CashCall does not offer a home equity loan or a home equity line of credit (HELOC). If you want to access your equity in the form of cash, you would need to pursue a cash-out refinance loan or look elsewhere.