Cashcall's no closer refi

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ps99472

New member
Anyone have experience with Cashcall?  They're local, based in Anaheim..  that's about all I know.. do see their billboard on the 57 freeway..  we're looking to do the refi from 30 yrs to a 15 year...  Since our new home purchase plans were scrapped, we might as well try to pay off our current house..  zillow's mortgage service offers some refi's at 3.75% with 3.75% apr... but dont' know if the lenders are trustworthy.  cashcall's rate is currently 3.875% on their website.  appreciate any feedback...
 
Cashcall is DiTech light. Since their founder was pushed out of the mortgage biz for ethical issues, they opened Cashcall as asort of pay-day loan operation. That section of Cashcall has very low Better Business reviews. This doesn't mean that getting a refi from them will be the same experience, but where there is smoke there is often fire.

The DiTech model was to grab business with very low rates, deeply automate the process, and close with narrow margins. It works well for some borrowers. Not spoken to anyone who has closed a deal with them.

My .02c

Soylent Green Is People
 
Just talked to a lender off zillow..  15 yr refi 3.875% no fee (lender and third party), 40 day lock...  same as cashcall's except no tax impounds and an extra 10 days to close... 
 
Update, cashcall beat the previous deal by offereing 3.75% 15 yr refi, no fees as above.. no impounds.. will see if it's true..  probably close end of Oct.
 
update:  rates dropped, Cashcall able to lower to 3.625%..  same terms as before...  closing next week
 
Just signed docs tonight with notary.  Everything seems ok, still stressful even though this is my 4th refi.. always something new at each signing.  My wife and I like to actually READ the docs before signing, unfortunately we got stuck with a impatient notary who keeps saying sign first, read tonight, and we have three days to cancel..  Why do the majority of people don't read what they sign?
 
ps99472 said:
Why do the majority of people don't read what they sign?

Havent you learned anything during the mortgage crisis? If you read what you signed you cant claim ignorance/scammed by the bank, etc. and get bailed out by the government.

 
ps99472 said:
Just signed docs tonight with notary.  Everything seems ok, still stressful even though this is my 4th refi.. always something new at each signing.  My wife and I like to actually READ the docs before signing, unfortunately we got stuck with a impatient notary who keeps saying sign first, read tonight, and we have three days to cancel..  Why do the majority of people don't read what they sign?
Next thing you know, those notaries are gonna bring out those robo-signers to sign for you.  haha
 
or the notaries will just sign a few days after you mail it to them, as they do for the banks FC notices.

that's a good notorization, right?
 
update:  cashcall/lender funded yesterday...even though it should've been on the 18th...  will get the final closing statement today...  i should be getting back the full $300 padding along with the two days of prepaid interest I paid from the 18th since they didn't fund till the 20th...  of course escrow will have a different amount because somewhere, someone, made another error at the borrower's expense... 

if people are interested in 15 yr refi.. i think you can get a 3.5% now with no lender/third party fees..  you'll have to do some legwork though.. since most lenders won't give you the best deal right away..
 
ps99472 said:
update:  cashcall/lender funded yesterday...even though it should've been on the 18th...  will get the final closing statement today...  i should be getting back the full $300 padding along with the two days of prepaid interest I paid from the 18th since they didn't fund till the 20th...  of course escrow will have a different amount because somewhere, someone, made another error at the borrower's expense... 

if people are interested in 15 yr refi.. i think you can get a 3.5% now with no lender/third party fees..  you'll have to do some legwork though.. since most lenders won't give you the best deal right away..

Is that for 417 or less?
 
annabanana said:
ps99472 said:
update:  cashcall/lender funded yesterday...even though it should've been on the 18th...  will get the final closing statement today...  i should be getting back the full $300 padding along with the two days of prepaid interest I paid from the 18th since they didn't fund till the 20th...  of course escrow will have a different amount because somewhere, someone, made another error at the borrower's expense... 

if people are interested in 15 yr refi.. i think you can get a 3.5% now with no lender/third party fees..  you'll have to do some legwork though.. since most lenders won't give you the best deal right away..

Is that for 417 or less?

yes,  i'm thinking there are not that many 15 yr refi jumbos.. that would hurt..
 
I just completed my refi with cashcall..  I paid no upfront fees and no lender nor third party fees at closing..  I brought only prepaid interest at closing.  I'll be paying more per month (30 yr to 15 yr refi) but all the extra money I pay will go to principal.  I will save about $200 per month on interest.  There is no break even analysis..  no fees = nothing to break even on.  Cashcall is as they advertise:  cheap.  They are willing to match and beat other lenders if you can get a GFE.  I was going to go with another lender from Zillow at 3.875% 15yr no fees.. when I told Cashcall, they were able to beat it at 3.75% 15yr no fees.  One week before closing, interest rates dropped again (when japan lowered interest rates) and I emailed Cashcall to see if they can lower it even more.  Took some effort but in the end they were able to lower it to 3.625% at no additional cost to me.  All I did was email them a screenshot of Amerisave's online quote system and that's all it took to lower the rate.  I would use them again since they are willing to play the shop around game and get me the cheapest rate.  Doing a refi with no fees seems a no brainer.. if rates drop to 3% I'll do it again... 
 
last update:  was informed by cashcall today that my loan will be serviced by Citimortgage..  was able to log on to my account and made a principal payment already with no problems...  (make sure you make a principal payment in between closing and getting your first statement, you paid the pre-paid interest, make sure you get the principal payment in as well)
 
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