CashCall Mortgage Breaks the 4% Barrier: Offers Home Buyers a 15-Year Fixed Rate at 3.875% With no Upfront Fees

ANAHEIM, Calif., Oct. 9 /PRNewswire/ -- Finally, some good news for American families trying to find affordable mortgages. For the first time in decades, homebuyers can qualify for a fixed rate loan that's below 4%. CashCall Mortgage http://www.cashcall.com, one of this country's premiere consumer finance lenders, is the first and only lender to offer a 15-year, fixed rate mortgage at 3.875% (APR of 4.245%).

This extremely consumer-friendly rate comes at a perfect time for American families seeking affordable loans that can help save their homes. Through CashCall Mortgage, they can now qualify for loans up to $417,000 at an historically low rate. In general, CashCall's mortgage rates are consistently lower than those offered by the vast majority of US banks, including Wells Fargo and Bank of America. In addition, CashCall is making the process easier and less expensive for consumers by offering a free 30-day rate lock, guaranteed closing costs and no upfront fees of any kind.

CashCall's founder and president, J. Paul Reddam, has been in the mortgage business for more than 25 years and this is the first time he has seen a rate below 4%. "When I started running mortgage companies in the mid-1980s, the rate was 11 1/2%," Reddam explains. "When the rate finally came down under 10% everyone thought it was really something. Now, CashCall's rates are under 4%. This is astonishing and I am proud that we were the first to shatter the 4% barrier."

There's not a lot of fine print with these mortgages. They're simple, straightforward and consumer-friendly. The 3.875% mortgage is fully amortized with a 15-year fixed rate. CashCall, Inc. extends loans with rate and term refinances at 80% loan to value with impounds, and a minimum FICO score of 740. The loans are for families wanting to purchase or refinance a home, so the property must be owner occupied to qualify.*

"Our goal was to make mortgages less expensive and less of a hassle," says Reddam. "Being able to offer a 3.875% fixed rate loan without upfront fees is groundbreaking for CashCall and for our industry. Today, anyone who owns a home is in a good position to refinance. I expect millions of Americans will be running, not walking, to capitalize on this historically low rate."

Will other lenders follow CashCall's lead? That's hard to predict, particularly when so many banks are restricting new loans. For now, it's CashCall that has come to the rescue of American homeowners.

About CashCall

Founded in 2003, CashCall, Inc. has grown to become one of the nation's premier consumer finance lenders. Headquartered in Anaheim, California, the company employs over 250 lending professionals, each dedicated to providing exceptional customer service. A pioneer in the use of innovative computer technologies and forward-thinking management systems, CashCall has been able to simplify the loan process, greatly reduce costs and pass the substantial savings along to customers. Unlike so many of its competitors, CashCall does not charge application fees or cancellation fees. CashCall Mortgage, a division of CashCall, Inc., specializes in new mortgages and home refinancing.

*CashCall is an equal housing lender. Rates subject to change without notice. Not all applicants will qualify and certain restrictions apply. Loans will be made pursuant to Department of Corporations California Finance Lenders Law License No. 603-8780.

SOURCE CashCall