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CashCall Mortgage Review: Low Rates and No Closing Costs

Review Updated
Kimberly Rotter, AFC®
Author: Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Accredited Financial Counselor®

Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
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Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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CashCall Mortgage is a bare-bones low-cost mortgage lender. Qualified applicants can get a home loan with no closing costs. You might think you'd pay a much higher mortgage interest rate to make up for the low out-of-pocket costs. But in fact, CashCall's rates are among the lowest out there. Read our full CashCall Mortgage review to find out if this is the best mortgage lender for you.

Ratings Methodology
CashCall Mortgage

CashCall Mortgage

Rating image, 3.0 out of 5 stars.
3.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

Well-qualified buyers are likely to be the best fit. We'd otherwise consider other mortgage lenders for the majority of borrowers, since the lender isn't available nationwide and has limited low-down-payment programs.

Min. Credit Score 580 (FHA) 660 (other mortgage products)

  • 580-620

Min. Down Payment 0% on VA Loans 5% on conventional Loans

  • 0% (VA), 3.5% (FHA), 5% (Conventional)

Key Features

  • Loans with no closing cost
  • Access to loan officers 24/7
  • Loans for non-traditional credit

Loan Types

  • Conventional
  • FHA
  • VA
  • Jumbo

Fixed Rate Terms

  • 30y, 15y

Adjustable Rate Terms

  • None available

Top Mortgage Lender

It's important to consider multiple mortgage lenders to find a good fit for you. We've listed one of our favorite lenders below so you can compare your options:

Lender Min. Down Payment Credit Score Next Steps
  • 0% - 3.5%
  • 580
Circle with letter I in it. 580 FHA 620 Conventional and VA 700 Jumbo
Apply Now for Better

Full CashCall Mortgage review

This mortgage lender is a good fit for: A well-qualified borrower who wants to save on fees.

Pros

  • Pays fees
  • Non-QM loans
  • Free rate lock
  • Transparent
  • HELOC option

Cons

  • Not nationwide
  • Limited low down payment options

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.

How to qualify

To get a mortgage from CashCall Mortgage, you'll need to be located in a state it serves.

For a conventional loan, you'll need:

  • A credit score of at least 620. To get the best mortgage rate, you may need a higher score. If your score is below 620 but at least 580, you could apply for an FHA loan.
  • A debt-to-income (DTI) ratio below 50%. Your debt-to-income ratio is the amount of your pre-tax income that goes to debt each month, including your new housing payment. If your DTI is higher than 50%, you could apply for an FHA loan. This may have more flexible requirements.

You'll also need to have enough money for the down payment. Most conventional loans at CashCall Mortgage require at least 5% down. The FHA loan requires 3.5% down. Some special loan programs, such as the bank statement loan or the investment property loan, may require a higher down payment.

You can use a mortgage calculator to figure out how much cash you'll need for the down payment and closing costs.

If you want one of CashCall Mortgage's Common Sense loans, you'll need the paperwork your loan program requires.

  • For the bank statement loan: You'll need to show 24 months of bank statements.
  • For the investment property loan: You'll need evidence of the amount of rent the property receives, such as a current lease agreement.

Requirements are a little different for VA loans. You don't need a down payment, but most borrowers pay a funding fee. If it's your first time using your VA loan benefit, you make no down payment, and you don't qualify for a fee waiver, you'll pay 2.15% of your loan amount. You may be able to roll the fee into your loan. Also, the DTI limit may be lower for a VA loan.

How are CashCall Mortgage's refinance rates?

CashCall Mortgage does not make any indication that it charges a different interest rate for refinance loans. Some lenders charge a little more for a refinance than a purchase. Rates at CashCall Mortgage are very competitive.

How are CashCall Mortgage's rates compared to the national average?

CashCall Mortgage's rates trend about the same as the national average. For CashCall's lowest rate, you'll need to buy mortgage discount points.

Mortgage discount points are prepaid interest. You can pay this fee up front to permanently lower your interest rate. The price of one point is equal to one percent of your loan amount. (So if your loan is $400,000, one point will cost you $4,000.) In exchange for that fee, you'll get an interest rate discount, usually between 0.125% and 0.25%.

The amount of the discount varies by lender and loan, and it can change any time.

CashCall Mortgage is right for you if:

You're well qualified and can price shop your home loan. If you've got an excellent credit score and can meet the down payment and DTI requirements, CashCall Mortgage could save you thousands of dollars in fees.

FAQs

  • CashCall's mortgage interest rates tend to run about the same as the national average.

  • Yes. CashCall Mortgage offers no cost and very low cost home loans to borrowers who qualify. If you meet the requirements, you could save thousands in fees at CashCall Mortgage.

  • Yes. CashCall Mortgage's low rates and fees are very competitive.

  • To qualify for a CashCall Mortgage, you need:

    • A 580 credit score
    • A 3.5% down payment

    If you are applying for a bank statement loan, you need 12 months' worth of statements. If you are applying for an investment property loan, you need to document the rent that the property receives. For a VA loan, have your certificate of eligibility ready.

  • CashCall Mortgage offers these types of mortgage loans:

    • Conventional loan
    • Fixed-rate mortgage
    • Jumbo loan
    • High balance loan in high cost areas
    • VA loan
    • VA IRRRL
    • Investor loan for rental property
    • Bank statement loan for self-employed borrowers
    • Interest-only loan
    • ITIN loan