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Searchlight Lending

Searchlight Lending

FREEandCLEAR Rating
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★★★★
FREEandCLEAR
CERTIFIED LOW RATE LENDER
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FREEandCLEAR
MORTGAGE PROGRAM LEADER
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FREEandCLEAR
TECHNOLOGY ALL STAR
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Searchlight Lending Overview

Searchlight Lending is a mortgage broker with operations in two states. Searchlight Lending offers numerous mortgage programs including conventional, jumbo, non-owner occupied, FHA, reverse, construction, credit-challenged borrower, bridge loans and tenant-in-common (TIC) loan mortgages. Searchlight Lending specializes in non-traditional loan products. Searchlight Lending is a FREEandCLEAR Technology All Star and Mortgage Program Leader.

NMLS ID: 906159
Specialty:

Non-Traditional Loan Products

Online Application

Searchlight Lending offers an online mortgage application

Lender Type

Bank
Mortgage Bank
Mortgage Broker
Credit Union
Private Money Lender

Mortgage Programs

Searchlight Lending offers the following loan programs: Conventional, Jumbo, Interest Only, Non-Owner Occupied, FHA, Construction / C2P, Reverse Mortgage, Home Equity / HELOC, Credit-Challenged Borrowers, Bank Statement / Stated Income, Foreign National Borrowers, Private Money

Conventional
Jumbo
Interest Only
Non-Owner Occupied
FHA
VA
USDA
HUD Section 184
HomeReady
Home Possible
Other Low / No Down Payment
FHA 203(k)
HomeStyle Renovation
Construction / C2P
Reverse Mortgage
Home Equity / HELOC
Asset Depletion
Portfolio Loans
Credit-Challenged Borrowers
Self-Employed Borrowers
Bank Statement / Stated Income
Foreign National Borrowers
Land / Lot Loans
Manufactured Home Loans
Private Money
 

Other

Bridge Loans, Tenant-in-Common (TIC) Loans

Searchlight Lending Locations

Searchlight Lending is licensed in California, Florida

Lender licensed in state
Lender not licensed in state

Borrower Reviews

Gisele P
Mortgage Rate:
★☆☆☆☆
Closing Costs:
★☆☆☆☆
Customer Service:
★☆☆☆☆

Stay away from these people. Let me help you keep from making the same mistake I did. I had already been approved, fairly quickly- and for a sizeable amount- I might add, by another lender, but at a certain point decided to explore the option of an interest only loan. I saw an ad for Searchlight so called and spoke with Max. I explained to him my situation, why I was interested in this type of loan, what I had already been qualified for - even, I believe my current FICO score ( yes, I know they have to get it again on their own - but it's a good score). Even told him, I would be able, of course, to make a larger down payment with an interest only loan - one of my objectives. He gave me a preliminary idea of what the terms of the loan would be, and even made a point of telling me that since he was a discount mortgage, so I went ahead with the process. The terms sounded very good to me, so I started with their online application. I found the online application pretty weird, and not very user friendly, so I called and asked for help with it. I was passed on to his assistant, Elizabeth, which was okay with me, of course, if she could help. About a week and a half later, I was contacted by someone else, Chris this time, to get the documents in online - which I was pretty sure I had already done. I let Elizabeth know this, and she said she would review. I also put her in touch with my private banker, who is very conscientious, helpful and always on top of things, in case they needed anything else, since we seemed to be having a difficult time. Of course, I got an e-mail the next day saying all documents were in and had been accepted. (???!) Oh,and in the meantime, I heard from another person at the company, who's name I didn't know at all, who spoke to me in a pretty condescending way about why we needed all the documents...really??? The next day I was contacted saying they needed to pull my credit - again, a request that needed to be made through an online process on my part. Of course, again the online process did not work properly, and I had to contact Elizabeth again to find another way to give them access to my credit report. BTW, I had to pay for my credit pull up front. I understand that we pay for a credit pull, but I have applied at @ 5-6 mortgage companies in the past 15 years, and have never had one charge me for my credit pull up front. I sent occasional e-mails after that, checking on the status of the loan application, and finally 7 weeks after beginning this process, the assistant got back tome, telling me that the interest rate they would be offering was twice the current prevailing rate -not at all what Max said at the beginning of the process. Take my advice- there are people out there offering interest only loans (research, possibly at Nerd Wallet), but stay away from this company!

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Current Mortgage Rates in Ashburn, Virginia as of May 24, 2022
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.