Lender That Pays Some Closing Costs

Lender That Pays Some Closing Costs

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Types of Loans Offered

Conforming, FHA, VA, jumbo, bank statement program, 1099 earner program, investment property

Types of Loans Offered

Conforming, FHA, VA, jumbo, bank statement program, 1099 earner program, investment property

pros

  • Will pay some of your third-party closing costs
  • Live chat makes it easy to connect with an expert
  • Has mortgage options for self-employed borrowers, independent contractors, and investors

Cons

  • Can’t see customized rates online
  • Doesn’t operate in eight states, including New York, Connecticut, Delaware, Maine, Maryland, Massachusetts, Wyoming, and Missouri
  • Doesn’t accept alternative credit data from borrowers who have no credit score or poor credit

more information

  • Charges an origination fee of $995
  • Minimum credit score and down payment displayed are for conforming mortgages
  • Lends in 42 states and Washington, DC

Overall lender rating

pros and cons

CashCall Mortgage interest rates and fees

You can view current interest rates on CashCall Mortgage’s website. The rates page displays sample rates for its conventional, VA, jumbo, investment property, bank statement, and


1099

earner mortgages, with examples of what your rate might be with different levels of points. Mortgage points allow you to pay a fee at closing in exchange for a lower interest rate.

If you want to get a customized rate quote from this lender, you’ll need to call or apply.

CashCall Mortgage charges a $995 origination fee on its mortgages. However, if you’re looking to save money on your overall closing costs, this might be a good lender for you; CashCall Mortgage says it pays some third-party closing costs on behalf of the buyer. If you get a mortgage with this lender, it will cover the following costs: escrow/closing fees, appraisal fees, flood certification fees, signing fees, title insurance and other title-related fees, and credit report fees.

CashCall Mortgage vs. better.com

Both CashCall Mortgage and better.com stand out for limiting the costs their borrowers have to pay. While CashCall Mortgage does charge an origination fee, it will pay some of your third-party closing costs. Better.com, on the other hand, charges no lender fees, but you will have to cover any third-party fees you’re charged.

CashCall Mortgage might be the better option if your income history makes it difficult for you to get a traditional mortgage, since it has mortgages that allow bank statements or 1099s in lieu of tax returns or W2s.

CashCall Mortgage vs. Guaranteed Rate

Guaranteed Rate accepts alternative credit data from borrowers who don’t have a


credit score

. Alternative credit data can include things like proof that you’ve paid your rent or utility bills on time. If you don’t have an established score, Guaranteed Rate would most likely be a better fit for you, since CashCall Mortgage requires its borrowers to have a score.

Both lenders charge a fee to get a mortgage with them. Guaranteed Rate’s fee is $1,440. CashCall Mortgage’s is a little more affordable at $995. CashCall Mortgage will also cover some of your third-party fees.

However, it’s important to consider the full package. Getting rate quotes from both lenders will help you determine which one will help you save more money overall.

How CashCall Mortgage works

CashCall Mortgage is an online lender that originates mortgages in 42 states and Washington, DC. It doesn’t lend in New York, Connecticut, Delaware, Maine, Maryland, Massachusetts, Wyoming, or Missouri.

This lender offers conformed, FHA, GOESand jumbo mortgagesplus a few different specialty mortgages for borrowers with unique situations.

These specialty offerings include:

  • An investment property mortgage that allows borrowers to qualify based on the cash flow of the property they’re purchasing.
  • A bank statement mortgage that qualifies self-employed borrowers with bank statements, rather than W2s or tax returns.
  • A 1099 earner mortgage for freelancers or independent contractors that uses 1099 statements to qualify the borrower instead of tax returns.

For all three of these specialty mortgages, borrowers need a minimum credit score of 600. Conforming mortgage borrowers need a score of at least 620.

To get a conforming mortgage with this lender, you’ll need a


down payment

of at least 5%. FHA borrowers can put as little as 3.5% down. All CashCall Mortgage borrowers will also pay an origination fee of $995, though the lender will cover some of your third-party closing costs.

If you have questions for this reader, you can call, email, or chat online. You can start an application online or over the phone.

Is CashCall Mortgage trustworthy?

CashCall Mortgage has a C+ rating from the Better Business Bureau. The BBB says the lender earned this rating for failing to respond to one complaint filed against it. BBB ratings are based on a company’s response to customer complaints, honesty in advertising, and transparency about its business practices.

A lender’s BBB rating isn’t always a perfect indicator of the experience you might have with that lender. On its trustpilot customer reviews page, CashCall Mortgage earned a 3.7 star rating.

CashCall Mortgage FAQ

Does CashCall Mortgage do refinance loans?

Yes, you can refinance your mortgage with CashCall Mortgage.

Where is CashCall Mortgage available?

CashCall is an online lender that offers mortgages in 42 states and Washington, DC. It doesn’t lend in New York, Connecticut, Delaware, Maine, Maryland, Massachusetts, Wyoming, or Missouri.

Does CashCall Mortgage offer FHA loans?

Though it doesn’t appear to currently advertise them online, CashCall Mortgage confirmed to Insider that it does offer FHA mortgages.

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