CashCall Mortgage Review 2020 – NerdWallet

Due to the coronavirus pandemic, getting a mortgage can be a bit difficult. Lenders face high demand for loans and staffing issues that can slow the process down. In addition, some lenders have increased their fees, adjusted their minimum required credit scores, or temporarily suspended certain loan products. If you can’t pay off your current home loan, check out our mortgage aid Resource. For the latest information on how to cope with financial stress during this pandemic, see NerdWallet’s COVID-19 financial guide.

CashCall Mortgage at a glance

CashCall Mortgage offers a relatively limited number of loan products, but offers a less common option: a high balance compliant loan. You will need to contact a loan officer before you can begin an application, and you cannot get personalized rates online.

Here’s a breakdown of CashCall Mortgage’s overall score:

  • Variety of Loan Types: 3 out of 5 stars

  • Variety of loan products: 2 out of 5 stars

  • Online convenience: 4 out of 5 stars

  • Prices and fees: 3 out of 5 stars

  • Transparency rate: 4 out of 5 stars

CashCall Mortgage Types and Products

CashCall Mortgage offers both conventional and VA mortgage options to homebuyers and refinancers, but does not appear to offer FHA loans, jumbo loans, or variable rate mortgages. Home equity loans and lines of credit are also missing from the menu. CashCall offers a high balance compliant loan. This can be a good alternative to a jumbo loan for those buying a more expensive home in certain selected areas of the country.

The online convenience of CashCall Mortgage

On the CashCall website, selecting the “Apply Now” button will take you to a form that initiates contact with a loan officer. Once this discussion has taken place, the lender says that you can submit and sign documents online, and follow the loan process digitally.

Mortgage rates and fees CashCall Mortgage

One of the most important considerations when choosing a mortgage lender is understanding the cost of the loan. In order to give consumers a general idea of ​​what a lender might charge, NerdWallet rates lenders on two factors regarding mortgage fees and rates:

  • A lender’s average setup fee compared to the median of all lenders filing under the Home Mortgage Disclosure Act. CashCall Mortgage scores 3 out of 5 stars for this factor.

  • The mortgage rates offered by a lender compared to the best available on comparable loans. CashCall Mortgage scores 3 out of 5 stars for this factor.

CashCall’s website advertises a flat fee of $ 995 for many of its products, but the fine print indicates that the flat fee is only available if those products are used to refinance.

Borrowers should consider the balance between lender fees and mortgage rates. While it may not always be the case, paying an upfront fee can lower the interest rate on your mortgage. Some lenders will charge a higher upfront fee to lower their advertised interest rate and make it more attractive. Some lenders just charge a higher upfront fee.

You can decide to buy reduction points – fees paid with your closing costs – to reduce your mortgage rate.

Deciding whether to pay a higher upfront fee depends on how long you plan to live in your home and how much money you need to ask for. closing costs when you sign the loan documents.

Transparency of CashCall mortgage rates

Links to sample rates for some loan products – along with information about fees and assumptions – are available on the CashCall Mortgage website. The lender also provides links to their fee information and assumptions – the type of borrower you need to be to get those rates. On the day of our audit, CashCall assumed a down payment of up to 40% and credit scores well over 700 for some loan products. The only way to get a personalized quote is to contact a CashCall loan specialist.

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