Churchill Mortgage Review 2021 | NextAdvising with TIME

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Churchill Mortgage is an employee-owned mortgage lender that was founded in 1992. Today Churchill is headquartered in Brentwood, Tennessee, and offers a standard line of mortgage products in every state and Washington, DC

Borrowers can begin the loan process online, over the phone, in an office, or using the lender’s app, but they will need to work with a loan specialist before applying. Here’s what to know about Churchill Mortgage if you’re looking to buy a home or refinance an existing mortgage.

Pros and Cons of the Churchill Mortgage

Advantages

  • Offers loans for “invisible credit” borrowers

  • Borrowers can close within 20-30 days

  • Borrowers can lock in a rate for free during the home shopping process and after they submit a mortgage application.

The inconvenients

  • Does not list rates and fees online

  • Does not offer home equity loans or home equity lines of credit

  • You will need to speak to a loan specialist before applying

Churchill Mortgage: Types of Loans and Products

Churchill Mortgage offers a standard range of mortgage options for borrowers looking to buy a home or refinance an existing mortgage. From start to finish, taking out a loan with this lender takes around 20-30 days.

Here’s what’s on the lender’s menu right now:

Churchill’s “No Score” Loan can help borrowers who have paid off debts and have no credit score. Using manual underwriting, the lender will establish a credit history to help the borrower get approved. This special process may take a little longer than traditional underwriting, and you will need to submit housing payments for at least 12 months.

Several products are missing from the Churchill range. You won’t find reverse mortgages, home equity loans, HELOC loans, home improvement loans, and construction loans. This means that Churchill is not the best lender if you need to build or rehabilitate a house.

With its standard offerings, borrowers have a choice of fixed rate and variable rate (ARM) mortgages, and several mortgage refinancing options.

Churchill Mortgage Transparency

The Churchill Mortgage website has several homebuyer education guides and mortgage calculators to help you determine how much you can afford to buy a home, but the information is not always organized in a clear manner. . The website also does not advertise current mortgage rates, despite listing a few misleading links such as “Current Interest Rates” and “Rate Watch”.

But once you’re in contact with a loan officer, the application process is straightforward, and you’ll have help along the way. The lender offers several ways to connect, including a phone call, an app for iOS and Android devices, and branches across the United States.

Churchill mortgage: rates and fees

Churchill does not advertise mortgage rates on their website or provide a list of loan fees borrowers could pay on closing, so we spoke with a loan officer to get the information.

The minimum credit score at Churchill Mortgage is 620 regardless of the type of loan you apply for. This is a high benchmark compared to other lenders, who often lower the minimum credit score requirement to around 580 for government sponsored loans.

But you may have options if you’ve paid off your debts and don’t have a credit score. With the Churchill “No Score” loan, the lender can create a credit history for you using at least 12 months of home payments.

Borrowers will not pay prepayment penalties on Churchill loans, but will pay a loan fee of $ 1,225 at closing. The lender says homebuyers should be prepared to pay between 2% and 5% of the loan amount in closing costs and prepaid expenses.

The lender also offers a guaranteed rate program, in which applicants can lock in an interest rate for up to 90 days while purchasing a home. You can also lock in your rate for an additional 90 days after you submit a loan application. If rates drop after foreclosure, you get the lower rate.

Refinancing with Churchill Mortgage

Homeowners typically refinance their mortgage to change their loan term or interest rate, remove private mortgage insurance, or change the type of loan. When you refinance with Churchill, you have several loan options:

According to a loan officer, borrowers can get a reduction on their lender fees if they refinance an existing Churchill mortgage with the lender. Here are the other fees you can pay:

  • Discount points (optional)
  • Credit charges
  • Assessment fees
  • Escrow and title fees
  • Prepaid home insurance and property taxes

If you want to avoid these upfront fees, Churchill can build your closing costs into your loan.

The Churchill Mortgage vs. Other Mortgage Lenders

Churchill mortgage Wells fargo loan deposit
Minimum credit score 620 620 620 for conventional loans; 700 for jumbo loans; 580 for FHA loans; 620 for VA loans
Minimum deposit 0% to 5%, depending on the loan program 0% to 3.5% or more, depending on the mortgage program) 0% to 5%, depending on the loan program
Where does the lender operate? All 50 states and Washington, DC All 50 states and Washington, DC All 50 states and Washington, DC
Main types of loans Conventional, Jumbo, VA, FHA, USDA, Various Home Improvement Loans, Variable Rate, Fixed Rate, Refinance, Refinance With Withdrawal, Reverse Mortgages, Home Equity Loans, Home Equity Lines of Credit Conventional, jumbo, VA, FHA, USDA, variable rate, fixed rate, refinancing, cash-out refinancing, construction loans Conventional, jumbo, VA, FHA, renovation loans, adjustable rate, fixed rate, refinancing, cash-out refinancing

How To Shop For The Best Mortgage Rate

Mortgage rates are not standard across the board – they can change daily and vary widely with each lender. So it’s a good idea to shop around and compare deals so you know you are getting the best deal.

Start by comparing mortgage lenders and submit mortgage applications to at least three of them. These requests will each lead to serious investigation, but you can reduce the impact on your credit if you submit all of your requests within 45 days.

The lender will review your application, withdraw your credit, and provide you with a mortgage estimate. This standardized form can help you compare interest rates and lender fees on each loan. According to a survey by Freddie Mac, this simple step saved borrowers on average $ 3,000 over the life of the loan.

You may be able to save more if you also negotiate. Send the best offer to another lender and ask them to beat the interest rate or closing costs (or both). Having good credit can encourage lenders to compete for your business.

Final result

Churchill Mortgage is a good option for people with no credit history or borrowers looking for a standard home loan product. But if you have to build or rehabilitate a house, you will have to look elsewhere. Either way, it’s always a good idea to compare lenders and loan offers before applying for a home loan.

About Jermaine Chase

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