Churchill Mortgage

Churchill Mortgage Reviews

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About Churchill Mortgage

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Churchill Mortgage is a popular option for borrowers with nontraditional credit, thanks to its no-credit loans completed with manual underwriting and partnership with Dave Ramsey. Its loans are available nearly nationwide. Find a loan officer or local branch in almost every state to complete the homebuying process in person.

    Pros & Cons

    Pros
    • Mortgage loan options for borrowers with no credit
    • Fully underwritten pre-approved loans available
    • Offers low down payment programs
    • Brick-and-mortar branches in many states
    • $10,000 seller guarantee if loan closes late
    Cons
    • No sample mortgage interest rates online
    • No home equity loans or home equity lines of credit
    • Not available in New York
    • Must talk with loan specialist before applying

    Our editor’s take

    Churchill mortgage is recommended for borrowers with no credit scores who value living debt-free. It may also be a good option for borrowers in a competitive housing market, as its pre-underwriting process makes for offers that can be considered against noncontingent and cash buyers. Combined with Churchill Mortgage’s $10,000 seller guarantee, sellers and buyers have greater peace of mind about closing on time.

    Homebuyers looking for a mostly digital experience with their mortgage loan process may not like that they have to speak with a Home Loan Specialist before submitting an application. You also won’t find any sample rates published on the company’s website, which can make it hard to quickly compare shops before reaching out to companies.

    How does Churchill Mortgage work?

    Taking out a Churchill Mortgage mortgage loan starts with completing an application online or at a local branch after talking with a home specialist. If you move forward, you can become a certified home buyer and receive a loan pre-underwriting instead of a standard loan pre-approval.

    In pre-underwritten loans, an underwriter reviews your loan to conditionally fully approve your mortgage financing. In standard pre-approvals, a mortgage lender verifies your financial information. However, your loan still has to go through underwriting to ensure you can get the financing you were pre-approved for.

    After the home inspection and appraisal, your lender will also ask for additional documentation to close the loan if they don’t already have it. Then, the underwriter gives you the final approval, processes your closing papers and schedules your closing. On closing day, you’ll finish signing all the paperwork and get your home’s keys.

    Churchill Mortgage also has a seller $10,000 seller guarantee that gives sellers $10,000 for loans not closing on time because of financing issues. This is on top of earnest money and is an incentive that can make your offer more attractive to the sellers.

    Churchill Mortgage products and services

    Churchill Mortgage offers mortgage and refinancing loans. The company’s most popular refinance options are a 15- or 30-year conventional fixed mortgage, but cashout, rate and term refinancing are also available.

    When it comes to mortgaging a new home, there are numerous choices with Churchill Mortgage:

    • Conventional loan: Any mortgage not insured by the government. Typically requires better credit to qualify.
    • FHA loan: Government-backed loan designed to help low-to-moderate income first-time homebuyers.
    • VA loan: Government-backed loan created for those who have served in the U.S. military or their spouses.
    • USDA loan: Government-backed loan managed by the Rural Housing Service created for low-to-moderate income rural homebuyers.
    • JUMBO loan (nonconforming loan): Privately-backed loan typically used when financing exceeds conventional (conforming) loan limits set by the government.
    • No score loan (conventional, FHA, VA, USDA): Uses alternative financial documentation to determine your ability to repay a loan, such as your 12-month payment history on eligible monthly bills. Churchill Mortgage may also require a homeownership education class.
    • Low down payment programs (Home Possible/Home Possible Advantage, HomeReady, FHA): Loans with greater flexibility in minimum down payment amounts, credit scores and more to help low-to-moderate income homebuyers purchase a home.

    Churchill Mortgage rates

    Churchill Mortgage intentionally doesn’t show interest rates online, claiming it can be misleading and confusing for clients. In general, mortgage interest rates are closely tied to the bond market and the 10-year Treasury note, but factors that impact your rate include your:

    • Credit score
    • Home location
    • House selling price and loan amount
    • Down payment
    • Interest rate type (adjustable or fixed)
    • Length of loan (15-year or 30-year)
    • Loan type (conventional, FHA, etc.)

    Churchill Mortgage fees

    Churchill Mortgage doesn’t state online what its mortgage fees are, but it does give a general guideline that homebuyers can expect closing costs to be between 2% and 5% of the loan amount.

    These percentages include various lender fees, service fees (appraisals, inspections), government fees (recording charges, prorated property tax) and other fees (homeowner’s association, private mortgage insurance—if not part of the monthly payment).

    Your closing costs are listed in your loan estimate and your closing disclosure. The company claims to be very transparent about any fees they charge.

    How does Churchill Mortgage compare?

    Churchill Mortgage’s mortgage loans have more flexibility and alternative options for nontraditional borrowers than many other lenders. Here’s a closer look at how else it compares with other popular lenders.

    View rates from leading lenders now.

    Check Rates

    Churchill Mortgage FAQ

    Does Dave Ramsey own Churchill Mortgage?

    No. Churchill Mortgage’s founder and CEO is Lawson H. (Mike) Hardwick III. But Churchill Mortgage is the only mortgage lender that Dave Ramsey and his team recommend.

    What credit score do you need for a Churchill Mortgage?

    You’ll need at least a 620 credit score for Churchill Mortgage’s conventional loan. As with most lenders, its FHA loans have a lower credit score requirement of 580. It also offers nontraditional mortgage loans for people with no credit scores because they don’t have a credit history.

    Is Churchill Mortgage a lender or a broker?

    Churchill Mortgage is a lender. It has helped over 100,000 customers since its start in 1992.

    Is Churchill Mortgage legit?

    Yes. Churchill Mortgage is a legitimate lender with over 30 years in business. It served 17,000 families last year and 100,000 customers since its inception. The company is affiliated with Dave Ramsey, a celebrity personal finance expert who stresses a debt-free lifestyle. If you’re looking for a new mortgage or refinancing loan, we recommend checking out Churchill Mortgage.

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    Churchill Mortgage Company Information

    Company Name:
    Churchill Mortgage
    Website:
    www.churchillmortgage.com