Cash Call Mortgage Experiences

7 Replies

I have been hearing alot of commercials on the radio for Cash Call Mortgage.  Saying they don't concern themselves so much with FICO scores or tax returns. They also accept low down payments for investment properties. They state in their commercials they are more concerned with the cash flow of the property. Also closings are apparently much shorter than a traditional closing (18 days I believe was an example given).

Has anyone use this company to finance an investment property before? Any feedback is appreciated.

Will Zena

    @Will Zena

    I used Cash Call in southern california. They run a lot of radio commercials here too. I used for refinance and investment purchase. I would not say the lowest pricing, but competitive. If you want lowest, then search internet and most will have low overhead and only take A quality applicants who do not need hand holding. 

    Overall, know your debt ratios, have fico of 740 or higher, and proof/source of funds.

    Terry

    Originally posted by @Terry Lao :

    @Will Zena

    I used Cash Call in southern california. They run a lot of radio commercials here too. I used for refinance and investment purchase. I would not say the lowest pricing, but competitive. If you want lowest, then search internet and most will have low overhead and only take A quality applicants who do not need hand holding. 

    Overall, know your debt ratios, have fico of 740 or higher, and proof/source of funds.

    Terry

     Did you find them to be easier to deal with than a bank and lower closing costs?

    Will Zena

      @Will Zena

      Most loans originated bank, broker, or online company, will have the same underwriting guidelines. When close, they will more than likely sold to the secondary market. For example, you do a loan with Bank of America, then you will sign at closing a notice that you loan might be service by another company. That is just a nice way of saying, they sold you loan.

      Overall, if a company like Bank of America or Wells Fargo, has high overhead, rent for fancy building, employees, then they will need to pay more for doing same loan as internet company with low overhead.

      Easier to deal with? Probably the same. You have to know your loan, like A quality or not. I'm W2 with good income, fico of 800, and have down payment easily in bank. My tax returns are in order, employed for good length of time, and proof of funds with bank statements. My prior loans are with Cash Call and I know my loan officer. When i want to make a purchase, I tell her the details and she just brings up my old loan information and see what needs updating.

      Knowing my lender and they know me, is easily worth paying a few more hundred dollars than finding the absolute lowest rock bottom price loan and someone that I do not know.

      Also, I was in the mortgage business awhile back, so I don't need alot of hand holding.

      Terry

      Originally posted by @Terry Lao :

      @Will Zena

      Most loans originated bank, broker, or online company, will have the same underwriting guidelines. When close, they will more than likely sold to the secondary market. For example, you do a loan with Bank of America, then you will sign at closing a notice that you loan might be service by another company. That is just a nice way of saying, they sold you loan.

      Overall, if a company like Bank of America or Wells Fargo, has high overhead, rent for fancy building, employees, then they will need to pay more for doing same loan as internet company with low overhead.

      Easier to deal with? Probably the same. You have to know your loan, like A quality or not. I'm W2 with good income, fico of 800, and have down payment easily in bank. My tax returns are in order, employed for good length of time, and proof of funds with bank statements. My prior loans are with Cash Call and I know my loan officer. When i want to make a purchase, I tell her the details and she just brings up my old loan information and see what needs updating.

      Knowing my lender and they know me, is easily worth paying a few more hundred dollars than finding the absolute lowest rock bottom price loan and someone that I do not know.

      Also, I was in the mortgage business awhile back, so I don't need alot of hand holding.

      Terry

       Ok, I have been down the traditional lending road ofr my properties a couple times so I know what your saying.  Just in their commercials they state very low closing costs and 18 day close so I am wondering if that is all true. Also they say they are more concerned with the deal than your tax returns. It sounds like they are like my usual lenders.  Just some propaganda to get people to call which is fine and pretty common.

      Will Zena

        @Will Zena

        I think it is a case by case basis. If they say more concerned with deal than tax returns, then I think it is a non convention loan, and more like a private lender who can make their own requirements. 

        Like any commercial or newspaper advertisement, it is in the tiny details. You would have to call to find out. I know on cash call website, they have their rate sheet and adjustments. I can tell you from a former mortgage broker, most do not do that. If you can read a rate sheet, then you can determine the rate and points. Most lenders do not put rate sheets online, and thus verbal which can be all over the place.

        Terry

        @Will Zena

        Cash Call rate sheet as of 3-27-2018, from their website. 

        Terry

        @Terry Lao ok definitely going to check out their website. if i give them a call I will update this thread with what I am told. Thanks

        Will Zena

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