DISCLAIMERS
Testimonial Disclaimer:
Compensation was not paid in exchange for any testimonial on this site. Individuals pictured may not be that of the endorsers and is for display purposes only.
Website Disclaimer:
The information provided by Torchlight Mortgage Corporation (“we,” “us” or “our”) on https://www.torchlightmortgage.com (the “Site”) is for general informational purposes only. All information on the Site is provided in good faith and we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site except when explicitly required by applicable governmental laws and regulations.
UNDER NO CIRCUMSTANCE SHALL WE HAVE ANY LIABILITY TO YOU FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF THE SITE OR RELIANCE ON ANY INFORMATION PROVIDED ON THE SITE. YOUR USE OF THE SITE AND YOUR RELIANCE ON ANY INFORMATION ON THE SITE IS SOLELY AT YOUR OWN RISK AND VOLUNTARY.
The Site may contain (or you may be sent through the Site) links to other websites or content belonging to or originating from third parties. Such external links are not investigated, monitored, or checked for accuracy, validity, reliability, availability or completeness by us. WE DO NOT WARRANT, ENDORSE, GUARANTEE, OR ASSUME RESPONSIBILITY FOR THE ACCURACY OR RELIABILITY OF ANY INFORMATION OFFERED BY THIRD-PARTY WEBSITES LINKED THROUGH THE SITE OR ANY WEBSITE OR FEATURE LINKED IN ANY BANNER OR OTHER ADVERTISING. WE WILL NOT BE A PARTY TO OR IN ANY WAY BE RESPONSIBLE FOR MONITORING ANY TRANSACTION BETWEEN YOU AND THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES.
Professional Specialty
The Site may contain (or you may be sent through the Site) links to other websites or content belonging to or originating from third parties. Such external links are not investigated, monitored, or checked for accuracy, adequacy, validity, reliability, availability or completeness by us. WE DO NOT WARRANT, ENDORSE, GUARANTEE, OR ASSUME RESPONSIBILITY FOR THE ACCURACY OR RELIABILITY OF ANY INFORMATION OFFERED BY THIRD-PARTY WEBSITES LINKED THROUGH THE SITE OR ANY WEBSITE OR FEATURE LINKED IN ANY BANNER OR OTHER ADVERTISING. WE WILL NOT BE A PARTY TO OR IN ANY WAY BE RESPONSIBLE FOR MONITORING ANY TRANSACTION BETWEEN YOU AND THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES.
Fair Lending
In accordance with the Equal Credit Opportunity Act and Fair Housing Amendments Act, we do not discriminate against any applicant on the basis of race; color; religion; creed; national origin; ancestry; sex; marital status; familial status (number and age of children); sexual orientation; age (provided that the applicant has the capacity to enter into a binding agreement); medical history; disability; physical condition; military status; because the applicant has in good faith exercised any right under the Consumer Credit Protection Act or the Service members Civil Relief Act (SCRA); that all or part of a consumer’s income derives from a public assistance program; or any other basis prohibited by law.
We are committed to fair lending practices. It is our policy to ensure products and services are available to all applicants on a consistent and fair basis, provided they meet standard guidelines for safe and sound lending. We do not originate loans that would be considered ‘High Cost Loans’ under the Federal Home Ownership & Equity Protection Act (HOEPA). We do not engage in and are emphatically against any predatory lending practices; if you feel you have been a party to predatory lending, please contact us or a government body as dictated by the Equal Credit Opportunity Act, Consumer Credit Protection Bureau, or any other body involved in mortgage lending compliance.
Licensing
Torchlight Mortgage Corporation is an Equal Housing Lender. We fully comply with the Equal Credit Opportunity Act (ECOA) and all other federal regulations. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC, 20580. All information we request is voluntary, and will be kept confidential.
Torchlight Mortgage Corporation
23406 Avenida De La Carlota
Laguna Hills, CA 92653
855-728-3100
email: hello@torchlightmortgage.com
NMLS #1979639
http://www.nmlsconsumeraccess.org
For more information on the ECOA, please visit:
https://www.consumer.ftc.gov/articles/0347-your-equal-credit-opportunity-rights
NMLS Unique Identifier Number: #1979639
Colorado Mortgage Company Registration Regulated by The Division of Real Estate; regulated by the Division of Real Estate
Florida Mortgage Broker License: #MBR4081
Idaho Mortgage Broker/Lender License: #MBL-2081979639
Oklahoma Mortgage Broker License: #MBO13324
Oregon Mortgage Lending License: #1979639
Rate Disclaimer
Maximum loan amounts determined by Federal Housing Finance Agency’s (FHFA) conforming loan limit for each California county. Disclosed rate assumes a 15 year fixed (180 payments) with a loan amount of $400,000 rate and term refinance loan on an owner-occupied single family residence in California. Minimum 740 FICO credit score, 50% loan to value with no subordinate debt. If these factors are not met, you may still qualify and additional pricing adjustments may apply. Subject to underwriting approval. Not all applicants will qualify. All applicants and/or their properties and/or their assets and/or their income and/or their credit history must qualify.
Monthly Payment and APR Disclosure
| Conforming 15-Year Fixed |
|
|
| Rate(%) |
Points |
APR(%) |
Monthly Payment per $1,000 |
| 1.875 |
0 |
1.875 |
$6.38 |
| 1.99 |
0 |
1.99 |
$6.43 |
| 2.125 |
0 |
2.125 |
$6.49 |
| 2.25 |
0 |
2.25 |
$6.55 |
| 2.375 |
0 |
2.375 |
$6.61 |
| 2.5 |
0 |
2.5 |
$6.67 |
| 2.625 |
0 |
2.625 |
$6.73 |
| 2.75 |
0 |
2.75 |
$6.79 |
| 2.875 |
0 |
2.875 |
$6.85 |
| 2 |
0.5 |
2.059 |
$3.70 |
| 1.75 |
0.5 |
1.861 |
$6.32 |
| 1.875 |
0.5 |
1.986 |
$6.38 |
| 1.99 |
0.5 |
2.102 |
$6.43 |
| 2.125 |
0.5 |
2.238 |
$6.49 |
| 1.75 |
1 |
1.93 |
$6.32 |
| 1.875 |
1 |
2.056 |
$6.38 |
| 1.99 |
1 |
2.172 |
$6.43 |
| 2.125 |
1 |
2.308 |
$6.49 |
| 2.25 |
1 |
2.434 |
$6.55 |
| 2.375 |
1 |
2.56 |
$6.61 |
| 2.5 |
1 |
2.686 |
$6.67 |
| 2.625 |
1 |
2.812 |
$6.73 |
| 2.75 |
1 |
2.938 |
$6.79 |
| 2.875 |
1 |
3.065 |
$6.85 |
| 1.75 |
1.5 |
1.998 |
$6.32 |
| 1.875 |
1.5 |
2.125 |
$6.38 |
| 1.99 |
1.5 |
2.241 |
$6.43 |
| 2.125 |
1.5 |
2.377 |
$6.49 |
| 2.25 |
1.5 |
2.504 |
$6.55 |
| 2.375 |
1.5 |
2.63 |
$6.61 |
| 2.5 |
1.5 |
2.756 |
$6.67 |
| 2.625 |
1.5 |
2.883 |
$6.73 |
| 2.75 |
1.5 |
3.009 |
$6.79 |
| 2.875 |
1.5 |
3.135 |
$6.85 |
| 1.75 |
1.75 |
2.033 |
$6.32 |
| 1.75 |
1.875 |
2.05 |
$6.32 |
| 1.875 |
1.875 |
2.176 |
$6.38 |
| 1.99 |
1.875 |
2.293 |
$6.43 |
| 2.125 |
1.875 |
2.429 |
$6.49 |
| 1.875 |
2 |
2.193 |
$6.38 |
| 1.99 |
2 |
2.31 |
$6.43 |
| 2.125 |
2 |
2.446 |
$6.49 |
| 2.25 |
2 |
2.573 |
$6.55 |
| 2.375 |
2 |
2.7 |
$6.61 |
| 2.5 |
2 |
2.826 |
$6.67 |
| 2.625 |
2 |
2.953 |
$6.73 |
| 2.75 |
2 |
3.079 |
$6.79 |
| 2.875 |
2 |
3.206 |
$6.85 |
| High Balance 15-Year Fixed |
|
| Rate(%) |
Points |
APR(%) |
Monthly Payment per $1,000 |
| 1.875 |
0 |
1.875 |
$6.38 |
| 1.99 |
0 |
1.99 |
$6.43 |
| 2.125 |
0 |
2.125 |
$6.49 |
| 2.25 |
0 |
2.25 |
$6.55 |
| 2.375 |
0 |
2.375 |
$6.61 |
| 2.5 |
0 |
2.5 |
$6.67 |
| 2.625 |
0 |
2.625 |
$6.73 |
| 2.75 |
0 |
2.75 |
$6.79 |
| 2.875 |
0 |
2.875 |
$6.85 |
| 1.875 |
1 |
2.042 |
$6.38 |
| 1.99 |
1 |
2.168 |
$6.43 |
| 2.125 |
1 |
2.294 |
$6.49 |
| 2.25 |
1 |
2.42 |
$6.55 |
| 2.375 |
1 |
2.546 |
$6.61 |
| 2.5 |
1 |
2.672 |
$6.67 |
| 2.625 |
1 |
2.798 |
$6.73 |
| 2.75 |
1 |
2.924 |
$6.79 |
| 2.875 |
1 |
3.05 |
$6.85 |
| 1.875 |
1.5 |
2.111 |
$6.38 |
| 1.99 |
1.5 |
2.237 |
$6.43 |
| 2.125 |
1.5 |
2.363 |
$6.49 |
| 2.25 |
1.5 |
2.49 |
$6.55 |
| 2.375 |
1.5 |
2.616 |
$6.61 |
| 2.5 |
1.5 |
2.742 |
$6.67 |
| 2.625 |
1.5 |
2.869 |
$6.73 |
| 2.75 |
1.5 |
2.995 |
$6.79 |
| 2.875 |
1.5 |
3.121 |
$6.85 |
| 1.875 |
2 |
2.18 |
$6.38 |
| 1.99 |
2 |
2.306 |
$6.43 |
| 2.125 |
2 |
2.433 |
$6.49 |
| 2.25 |
2 |
2.559 |
$6.55 |
| 2.375 |
2 |
2.686 |
$6.61 |
| 2.5 |
2 |
2.812 |
$6.67 |
| 2.625 |
2 |
2.939 |
$6.73 |
| 2.75 |
2 |
3.065 |
$6.79 |
| 2.875 |
2 |
3.192 |
$6.85 |
Monthly payment does not include amounts for taxes and insurance premiums. The actual payment obligation will be greater.
CREDIT APPROVAL CRITERIA
Any person has the right to make a loan inquiry and to file an application for a mortgage loan or home improvement loan with Torchlight Mortgage Corporation and to receive a written response to the application. An application may be submitted via phone, digital means such as our online application, face-to-face, or other mediums. This disclosure outlines the criteria used by Better Mortgage Corporation for the approval or denial of a loan application.
Creditworthiness
It is the policy of Torchlight Mortgage Corporation to consider the creditworthiness of each applicant. The factors used to determine creditworthiness include the following:
• The applicant’s ability to repay
• Past credit history
• Debt-to-income ratio
• Employment history
• Cash reserves
• Disposable income; both gross income and net income will be assessed
• Amount of revolving debt in relation to credit limits
• Collateral, specifically the subject property
• Character, evaluated on the basis of consistency of residency, employment, financial health and tendencies as represented by a FICO score and current and past accounts and payments, and a complete disclosure of all financial obligations
Market Value
Market value is the most likely price the subject property should bring in a competitive bidding environment through open market offers under all conditions for a fair sale, assuming the price is not affected by undue economic conditions or stimulus. Torchlight Mortgage Corporation will consider the market value of proposed property when evaluating loan applicant’s request.
Interest Rates
Interest rates are obtained from Torchlight Mortgage Corporation investors and/or Fannie Mae and/or Freddie Mac capital market lenders. Please contact a Torchlight Mortgage Corporation Licensed Loan Officer for current rates and available programs.
Terms
The loan programs and terms offered by Torchlight Mortgage Corporation are dictated by Fannie Mae guidelines and/or Freddie Mac and/or investor criteria and guidelines.
Appraisal
A written certified appraisal, Fannie Mae approved equivalent, or Freddie Mac equivalent, or property inspection waiver is required for all mortgage loans. The purpose of an appraisal is to determine whether the collateral is of sufficient value to cover the requested loan. A property inspection waiver may be available but is not guaranteed. All properties must qualify.
Verification of Funds
Torchlight Mortgage Corporation reserves the right to verify funds and assets that are indicated to be used for the reserves, earnest money deposit, down payment, and closing costs, if applicable.
Co-Borrower
The following guidelines will be used when evaluating a co-borrower on a mortgage loan:
• Past and present credit history
• Employment history
• Length of residence
• Debt-to-income ratio
• Assets and reserves
Additional Criteria
All loans originated within agency conforming and high-balance loan limits must conform to standard automated underwriting system eligibility requirements as well as any additional requirements or overlays imposed by the specific loan program. All loan applications for non-agency loan programs will be subject to all guidelines and requirements specific to the particular loan program. This may include any stipulations and requirements as necessary by Fannie Mae, Freddie Mac, and/or other lenders and/or private investors. Where recommended or required by an investor, an automated underwriting system submission will be considered alongside manual application of loan program guidelines. The decision to lend is based on the particular loan program guidelines and underwriting of pertinent documents supplied by the applicant or a third-party.
A homeowner’s insurance policy, naming said lender and/or Torchlight Mortgage Corporation as loss payee, is required for all mortgage loans. The amount of insurance must be sufficient to pay the mortgage balance off and to cover the value of the home. A title search will be performed on all loans prior to closing and Torchlight Mortgage Corporation must secure a commitment for title insurance prior to closing.
Mortgage Closing Costs
Torchlight Mortgage Corporation will provide an estimate of closing costs, known as a Loan Estimate, when sufficient information regarding your mortgage loan is available and in accordance with all applicable laws and regulations. Once an application is received with requisite information, a Loan Estimate will be provided within three (3) days.
V1.1-2021
