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HomeMortgageCake Mortgage Evaluate: A Piece of Cake From Begin to End?

Cake Mortgage Evaluate: A Piece of Cake From Begin to End?


In the present day we’ll try “Cake Mortgage Corp.,” which because the title implies needs to make the house mortgage course of a bit of, effectively, cake.

They imagine cake isn’t only for birthdays, however for all times, aka a full 30 years in your fixed-rate mortgage and past.

Regardless of being round for just a few years, Cake has already funded billions in house loans and accrued practically a thousand glorious critiques from their prospects.

The story behind the corporate is pushed by the founder’s disdain for predatory lending, which price his mom her house in the course of the Nice Recession.

Meaning you must expertise a clear, hassle-free mortgage course of and hopefully snag a low charge within the course of.

Cake Mortgage Quick Information

  • Direct-to-consumer mortgage lender
  • Affords house buy loans and mortgage refinances
  • Based in 2018, headquartered in Chatsworth, CA
  • Previously often known as Millennial Residence Lending
  • Licensed to do enterprise in 42 states and Washington D.C.
  • Funded greater than $3.5 billion in house loans since inception

Cake Mortgage Corp. is a direct-to-consumer mortgage lender primarily based out of Chatsworth, California, which is a suburb of Los Angeles.

The corporate received its begin in 2018, however has already funded greater than $3.5 billion in house loans.

Cake was launched by David Abelyan, a former prime producer at PennyMac who determined to department off on his personal after witnessing what he seen as “absurd charges” being charged to a veteran.

He initially began Millennial Residence Lending in September 2018 with only one different worker, and later rebranded as Cake Mortgage Corp. in November 2021.

In the present day, the corporate has greater than 150 workers and has funded greater than 11,000 house loans for its prospects.

In the meanwhile, they seem like licensed in 42 states and the District of Columbia. They don’t lend in Alaska, Hawaii, Missouri, Nevada, New York, Rhode Island, Utah, or Vermont.

Easy methods to Apply with Cake Mortgage

To get began, you may name them up straight or just go to their web site. It’s also possible to chat with a mortgage rep on-line.

From there, you may evaluate mortgage charges proper on their web site with out signing up or being topic to a credit score test.

Merely enter in some fundamental particulars and also you’ll see an enormous listing of rates of interest. There’s an “Apply Now” button subsequent to every charge.

Click on it and also you’ll be prompted to enroll to start your formal house mortgage software. They are saying the method takes about quarter-hour.

Their digital mortgage software means that you can fill out types electronically, eSign disclosures, and add supporting paperwork by way of a safe portal.

After you apply, you’ll obtain a solution from underwriting inside 24 hours generally, at which level you may order an appraisal and end processing your mortgage.

You’ll be capable of log in to the borrower portal all through the method to test standing and/or get in contact along with your lending workforce (CAKE Concierge).

Cake says the common time to shut a mortgage is about 24 days, which is fairly fast. And generally even sooner than that.

Mortgage Applications Accessible at Cake Mortgage

Whereas Cake Mortgage doesn’t listing all their mortgage packages on-line, I assume they stick principally to the fundamentals which are widespread for almost all of householders on the market.

This contains mortgages backed by Fannie Mae and Freddie Mac, often known as conforming house loans.

They don’t seem to supply jumbo loans, and it’s unclear if they provide government-backed loans resembling FHA loans and VA loans.

In the event you’re a house purchaser, you may benefit from their so-called “Cake Signature Buy,” which could embrace precise cake while you shut.

And potential house patrons can generate a “Cake Money pre-approval certificates” in about six minutes to indicate house sellers they imply enterprise.

In the event you’re an current house owner, you may apply for a “Cake Specific Refinance,” which is designed to be quick, straightforward, and principally digital.

Each charge and time period refinances and money out refinances can be found to householders, so if you wish to faucet fairness it’s an possibility.

With regard to particular mortgage packages, they appear to solely supply fixed-rate mortgages, although in all kinds of phrases.

From what I noticed, you will get a 10-year fastened, 15-year fastened, 20-year fastened, 30-year fastened, and even customized mortgage phrases in between.

Cake Mortgage Charges

One plus to utilizing Cake Mortgage is their transparency in the case of mortgage charges and costs.

You possibly can evaluate each day charges proper on their web site with out the necessity to share your valuable contact data.

Merely enter in just a few particulars and also you’ll see an enormous listing of mortgage charge and price combos to select from.

This offers you the choice to pay low cost factors if you wish to purchase down your charge, or benefit from a lender credit score when you don’t need to pay something out of pocket (no price refinance).

By way of lender charges, there isn’t an software price, however they seem to cost a $1,495 underwriting price, which as talked about will be offset by a lender credit score.

In the event you like what you see, you may click on “Apply Now” subsequent to the corresponding charge and start the mortgage software on-line.

All in all, their pricing seems to be aggressive to different on-line lenders, although all the time take the time to collect a number of quotes.

Cake Mortgage Opinions

On Google, Cake Mortgage has a superb 4.8-star score out of a doable 5 from about 900 critiques.

Many of the critiques talked about how briskly and simple the mortgage course of was, together with the low charges provided.

Over on the Higher Enterprise Bureau (BBB) web site they’ve the same sturdy 4.78/5 score from about 75 critiques.

The corporate can also be an accredited enterprise with the BBB and has been since 2020.

At Yelp, they’ve a barely decrease 4-star score from roughly 25 critiques, with just a few adverse ones within the combine.

By way of critiques, some prospects felt they needed to attain out to the corporate for assist, as a substitute of receiving proactive help, whereas others didn’t like their advertising and marketing efforts.

To sum issues up, Cake Mortgage is producing principally constructive critiques and has a really snazzy web site besides.

Their transparency with regard to mortgage charges and lender charges is an enormous plus, as is their digital mortgage know-how.

Assuming you additionally get paired with a responsive human being and have a reasonably easy mortgage situation, they may very well be possibility to contemplate if the worth is correct.

Cake Mortgage Professionals and Cons

The Good

  • Can apply for a house mortgage on-line in 10 minutes
  • Say they shut in a median of 24 days
  • Supply a paperless, digital software mortgage
  • Publicize their mortgage charges and costs on-line (no want to enroll)
  • Glorious buyer critiques from previous prospects
  • A+ BBB score, accredited enterprise since 2020
  • Simple-to-use web site with a mortgage calculator and mortgage glossary

The Maybe Not

  • Not licensed in all states
  • No bodily branches
  • Restricted product menu

(picture: Sue Thompson)

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